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