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National Accounts of the Philippines

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1st Quarter 2014
PHILIPPINE ECONOMY POSTS 5.7 PERCENT GDP GROWTH
(Posted 29 May 2014)

GDP grew year-on-year by 5.7 percent in the first quarter of 2014. This is lower than the growth rates of 6.3 percent in the fourth quarter of 2013 and 7.7 percent in the first quarter of that year.

The first quarter growth was driven by the services sector which grew by 6.8 percent and then by the Industry sector which grew by 5.5 percent. [more]


Key Figures

Growth Rates of Gross National Income and Gross Domestic Product
1st Quarter 2013 and 2014 and Annual 2012-2013
(at constant 2000 prices)

     INDUSTRY 1st Quarter Annual
2012-13 2013-14 2011-12 2012-13
1. AGRI., HUNTING, FORESTRY AND FISHING 3.2 0.9 2.8 1.1
   a. Agriculture and forestry 2.6 1.7 3.6 1.2
   b. Fishing 5.8 -3.0 -0.4 0.7
2. INDUSTRY SECTOR 11.3 5.5 7.3 9.3
   a. Mining & Quarrying 2.1 12.8 2.2 1.2
   b. Manufacturing 9.5 6.8 5.4 10.3
   c. Construction 31.1 0.9 18.2 9.6
   d. Electricity, Gas and Water Supply 0.6 1.2 5.3 4.9
3. SERVICE SECTOR 6.5 6.8 7.4 7.2
   a. Transport, Storage & Communication  1.4 8.9 8.1 5.6
   b. Trade and Repair of Motor Vehicles,
Motorcycles, Personal and Household Goods
4.2 5.6 7.6 5.7
   c. Financial Intermediation 18.0 6.2 8.2 12.6
   d. R. Estate, Renting & Business Activities 5.8 9.2 6.4 8.7
   e. Public Administration & Defense; Compulsory
Social Security
5.3 6.3 5.7 3.8
   f. Other Services 7.6 5.3 7.6 7.1
         
GROSS DOMESTIC PRODUCT 7.7 5.7 6.8 7.2
GROSS NATIONAL INCOME 7.3 7.6 6.4 7.5

Source: Philippine Statistics Authority

Growth Rates of Gross National Income and Gross Domestic Product
by Expenditure Shares
1st Quarter 2013 and 2014 and Annual 2012-2013

(at constant 2000 prices)

TYPE OF EXPENDITURE 1st Quarter Annual
2012-13 2013-14 2011-12 2012-13
1. Household Final Consumption  Expenditure 5.5 5.8 6.6 5.7
2.  Government Final Consumption Expenditure 10.0 2.0 15.5 7.7
3. Capital Formation* 49.8 7.7 -5.3 29.9
   A. Fixed Capital 17.3 11.2 10.8 11.9
      1. Construction 33.9 -0.9 17.4 10.4
      2. Durable Equipment 10.4 21.6 7.0 15.5
      3. Breeding Stock &  Orchard Dev't 0.6 -4.1 1.4 -4.0
      4. Intellectual Property Products 7.4 22.9 17.5 16.4
4. Exports -10.6 12.6 8.5 -1.1
   A. Exports of Goods -8.9 14.2 10.3 0.1
   B. Exports of Services -16.4 6.8 2.1 -5.7
5. Less : Imports 2.8 8.0 4.9 5.4
   A. Imports of Goods 2.1 3.1 3.0 4.2
   B. Imports of Services 5.3 25.3 13.0 10.3
         
GROSS DOMESTIC PRODUCT 7.7 5.7 6.8 7.2
GROSS NATIONAL INCOME 7.3 7.6 6.4 7.5

* Capital formation includes fixed capital and changes in inventories
Source: Philippine Statistics Authority

 


Contact Information

For further information please contact the National Statistical Information Center at (632) 8952767, e-mail address info@nscb.gov.ph.

Focal Person

Mr. Raymundo J. Talento
Director
Economic Statistics Office
(632) 8952481
rj.talento@nscb.gov.ph

 

Updated: 29 May 2014

Gross Domestic Product refers to the value of all goods and services produced domestically; the sum of gross value added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the values of their outputs).

 

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is located at the Midland Buendia Bldg.,
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Tel. No. (632) 895-2767; Fax No. (632) 890-8456
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Updated 24 July 2014

Ver. 7.2014.154-07.5

1997-2014, Philippine Statistics Authority - National Statistical Coordination Board, Makati City, Philippines