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National Accounts of the Philippines

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3rd Quarter 2014
PHILIPPINE ECONOMY POSTS 5.3 PERCENT GDP GROWTH
(Posted 27 November 2014)

GDP grew year-on-year by 5.3 percent in the third quarter of 2014. This is lower than the growth rates of 6.4 percent in the second quarter of 2014 and 7.0 percent in the third quarter of 2013.

The Services Sector decelerated to 5.4 percent but remained the main driver of GDP growth for the quarter.  It is noted that the growth in Services sector has been on the downward trend since Q1 of 2014.  Similarly, the Industry Sector slowed down to 7.6 percent, slightly lower than the previous year’s and previous quarter’s growth of 7.7 percent and 7.9 percent, respectively.  The entire Agriculture sector declined by 2.7 percent, the lowest since Q4 2009. [more]


Key Figures

Growth Rates of Gross National Income and Gross Domestic Product
3rd Quarter 2013 and 2014 and Annual 2012-2013
(at constant 2000 prices)

     INDUSTRY 3rd Quarter Annual
2012-13 2013-14 2011-12 2012-13
1. AGRI., HUNTING, FORESTRY AND FISHING 0.3 -2.7 2.0 1.2
   a. Agriculture and forestry 0.3 -3.3 2.9 0.7
   b. Fishing 0.5 -0.4 -2.0 3.1
2. INDUSTRY SECTOR 7.7 7.6 6.4 9.9
   a. Mining & Quarrying 5.0 7.8 2.0 2.0
   b. Manufacturing 8.9 7.2 5.4 9.6
   c. Construction 3.4 11.9 12.6 16.0
   d. Electricity, Gas and Water Supply 8.4 3.3 5.5 5.5
3. SERVICE SECTOR 7.7 5.4 7.7 7.4
   a. Transport, Storage & Communication  6.3 5.3 9.4 4.7
   b. Trade and Repair of Motor Vehicles,
Motorcycles, Personal and Household Goods
5.6 6.1 8.0 5.4
   c. Financial Intermediation 12.1 7.7 8.0 13.3
   d. R. Estate, Renting & Business Activities 11.6 6.2 6.7 9.1
   e. Public Administration & Defense; Compulsory Social Security 6.0 -2.9 4.8 5.7
   f. Other Services 6.3 5.2 8.3 7.4
         
GROSS DOMESTIC PRODUCT 7.0 5.3 6.7 7.5
GROSS NATIONAL INCOME 9.0 4.8 6.4 7.6

Source: Philippine Statistics Authority

Growth Rates of Gross National Income and Gross Domestic Product
by Expenditure Shares
3rd Quarter 2013 and 2014 and Annual 2012-2013

(at constant 2000 prices)

TYPE OF EXPENDITURE 3rd Quarter Annual
2012-13 2013-14 2011-12 2012-13
1. Household Final Consumption  Expenditure 6.2 5.2 6.8 5.6
2.  Government Final Consumption Expenditure 7.0 -2.6 16.3 9.8
3. Capital Formation* 21.6 3.6 -9.5 33.7
   A. Fixed Capital 9.5 10.1 7.8 13.4
      1. Construction 3.9 12.3 11.2 16.9
      2. Durable Equipment 15.4 8.1 6.0 12.9
      3. Breeding Stock &  Orchard Dev't -0.9 -1.2 1.6 -0.4
      4. Intellectual Property Products 13.1 35.1 12.6 11.3
4. Exports 12.4 9.8 8.1 -2.2
   A. Exports of Goods 13.7 9.8 10.0 -1.4
   B. Exports of Services 6.4 9.9 1.0 -5.4
5. Less : Imports 17.3 5.8 4.2 5.1
   A. Imports of Goods 16.7 3.4 2.0 4.1
   B. Imports of Services 19.9 15.9 15.1 9.4
         
GROSS DOMESTIC PRODUCT 7.0 5.3 6.7 7.5
GROSS NATIONAL INCOME 9.0 4.8 6.4 7.6

* 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: 27 November 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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Updated 16 December 2014

Ver. 7.2014.180-12.03

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