National Accounts of the Philippines - Sources of Revision

National Accounts of the Philippines

Untitled Document

 

1st Quarter 2015
Gross National Income & Gross Domestic Product

 

Sources of Revision

I. Expenditure Accounts

Q1  to Q4 
Growth Rates 
Expenditure Accounts
    As of Jan. 2015     As of May 2015   Change Reasons for revisions
2013-2014 2013-2014 2013-2014
1. Household Final  Consumption Expenditure
Current        
Q1 7.9 8.2 0.3 Updated  indicators for the HFCE
Q2 8.6 8.5 (0.1)
Q3 8.7 8.5 (0.2)
Q4 7.7 7.6 0.2
       
Constant      
Q1 5.9 6.1 0.3
Q2 5.7 5.7 0.0
Q3 5.0 4.9 (0.1)
Q4 5.1 5.0 (0.1)  
         
2. Government Final  Consumption Expenditure
Current        
Q1 4.9 4.9 0.0 Availability of 2013 COA Report and the 2015  Budget of Expenditures Sources of Financing (BESF) from the Department of Budget and Management (DBM)
Q2 3.2 3.2 0.0
Q3 0.7 0.7 0.0
Q4 12.8 12.4 (0.4)
       
Constant      
Q1 1.9 1.9 0.0
Q2 0.0 0.0 0.0
Q3 (2.6) (2.5) 0.0
Q4 9.8 9.4 (0.4)
         
3. Capital Formation
Current        
Q1 12.6 28.9 16.3  
Q2 13.7 21.7 8.0  
Q3 11.7 6.5 (5.1)  
Q4 3.0 5.9 2.9  
         
Constant        
Q1 9.5 12.9 3.4  
Q2 (1.0) 8.3 9.3  
Q3 2.8 (0.2) (2.9)  
Q4 (4.9) 3.0 7.9  
         
   A. Fixed Capital        
Current        
Q1 10.5 14.5 4.0  
Q2 7.6 12.0 4.4  
Q3 13.3 12.9 (0.4)  
Q4 7.1 4.9 (2.2)  
         
Constant        
Q1 11.0 1.7 (9.3)  
Q2 4.5 6.9 2.4  
Q3 10.5 10.7 0.2  
Q4 8.1 8.0 (0.2)  
         
     1. Construction
Current        
Q1 2.0 2.1 0.0  Availability of 90 days Quarterly Survey of Philippine Business and Industry (QSPBI) and  90 days Building Permit data.

Availability of 2013 Annual Financial Report  from COA and 2015 BESF from DBM
Q2 7.4 13.3 5.9
Q3 17.3 17.7 0.4
Q4 25.3 22.6 (2.7)
       
Constant      
Q1 (1.3) (1.0) 0.3
Q2 5.1 10.5 5.4
Q3 13.2 13.9 0.7
Q4 21.9 19.2 (2.7)
         
     2. Durable Equipment
Current        
Q1 28.1 40.4 12.3 Availability of re-run and revised Foreign Trade Statistics (FTS).
Q2 9.2 13.7 4.5
Q3 9.5 9.8 0.3
Q4 (13.6) (15.4) (1.8)
       
Constant      
Q1 22.7 4.0 (18.7)
Q2 3.5 3.8 0.3
Q3 8.1 7.7 (0.5)
Q4 (0.6) (0.1) 0.4
         
     3. Breeding Stocks & Orchard Dev't
Current       Updated volume and average farmgate price.
Q1 (2.4) (8.4) (5.9)
Q2 (3.2) (8.2) (5.0)
Q3 2.1 (9.4) (11.4)
Q4 2.4 (7.6) (10.0)
       
Constant      
Q1 (4.4) (4.4) 0.0
Q2 (2.1) (1.9) 0.2
Q3 (1.1) 1.9 3.0
Q4 2.3 2.3 0.0
         
     4. Intellectual Property Products
Current        
Q1 (13.2) (2.5) 10.8 Revised data on Mining and Quarrying

Revised data on imports of computer software and databases

Availability of Financial Statements (FS) of selected broadcast network
Q2 32.7 25.8 (6.9)
Q3 28.2 28.8 0.7
Q4 (10.3) 15.2 25.6
       
Constant      
Q1 (5.1) 13.0 18.1
Q2 38.6 28.8 (9.8)
Q3 34.7 35.7 1.0
Q4 (14.3) 6.8 21.1
         
     B. Changes  in  Inventories
Current        
Q1            (63,571)             (27,392)                  36,179  
Q2            (69,331)             (62,791)                    6,540  
Q3               3,349              16,077                  12,728  Updated data from DOEand COA.

Q4             32,801              90,805                  58,005  
         
Constant        
Q1            (30,634)               (7,234)                  23,400  
Q2            (48,917)             (32,661)                  16,256 Updated for agriculture, establishments 
Q3               2,745                8,434                    5,688   and government
Q4             28,897              60,682                  31,785  
         
4. Exports
Current        
Q1 18.7 15.9 (2.8)  
Q2 14.0 7.6 (6.4)  
Q3 10.2 14.0 3.8  
Q4 14.4 10.9 (3.5)  
         
Constant        
Q1 13.5 12.7 (0.8)  
Q2 10.5 7.9 (2.6)  
Q3 9.9 12.1 2.2  
Q4 15.5 12.8 (2.7)  
         
   A. Exports of Goods
Current        
Q1 20.6 19.3 (1.3)     
Q2 11.9 14.2 2.3 Revised Foreign Trade Statistics (FTS)
Q3 7.8 9.6 1.8 data. Updated deflator. Adoption of the 
Q4 12.7 12.0 (0.6) 2008 recommendations.
         
Constant        
Q1 14.2 14.6 0.5  
Q2 10.0 11.9 1.9  
Q3 9.7 10.6 1.0  
Q4 15.9 14.8 (1.0)  
         
   B. Exports of  Services
Current        
Q1 15.4 10.7 (4.7)  
Q2 17.5 (1.9) (19.5)  
Q3 15.8 25.9 10.1 Revised Balance of Payments (BOP)
Q4 17.9 8.5 (9.3) from the Bangko Sentral ng Pilipinas (BSP)
         
Constant        
Q1 11.1 6.6 (4.5)  
Q2 13.0 (5.9) (18.8)  
Q3 10.8 20.7 9.9  
Q4 14.1 5.0 (9.0)  
         
5. Imports
Current        
Q1 14.2 22.7 8.5  
Q2 7.4 8.5 1.1  
Q3 7.1 7.2 0.2  
Q4 2.4 3.3 1.0  
         
Constant        
Q1 10.1 16.3 6.2  
Q2 3.1 4.9 1.8  
Q3 5.1 4.7 (0.4)  
Q4 5.3 9.9 4.5  
         
   A. Imports of Goods
Current       Revised FTS data from Economic Sector  Statistics Services (ESS) and updated deflator.
Adoption of the 2008 SNA recommendations
Q1 11.9 22.8 10.9
Q2 1.6 6.4 4.8
Q3 7.4 8.2 0.7
Q4 0.7 0.8 0.0
       
Constant      
Q1 7.5 16.8 9.3
Q2 (2.5) 3.8 6.2
Q3 4.4 5.5 1.0
Q4 3.6 9.7 6.1
         
   B. Imports of  Services
Current       Revised BOP data from the BSP
Q1 22.6 22.4 (0.2)
Q2 32.2 17.1 (15.1)
Q3 5.5 3.6 (2.0)
Q4 7.7 11.3 3.6
       
Constant      
Q1 19.2 14.6 (4.5)
Q2 28.9 9.8 (19.0)
Q3 8.0 1.5 (6.5)
Q4 10.8 10.3 (0.4)
         
6. Net Primary Income from the Rest of the World (ROW)
Current        Revised data on deployment from POEA and revised  BOP data from BSP.
Q1 16.7 15.8 (0.9)
Q2 17.1 11.3 (5.7)
Q3 2.2 (0.2) (2.4)
Q4 4.8 2.9 (1.8)
       
Constant      
Q1 15.0 11.1 (3.9)
Q2 13.8 7.9 (5.9)
Q3 (0.9) (3.1) (2.2)
Q4 2.8 1.4 (3.2)
         

 

II. Production Accounts

Q1  to Q4 
Growth Rates Production Accounts
As of
Jan 2015
As of
May 2015
Change Reasons  for revisions
2013-2014 2013-2014 2013-2014
         
1. Agriculture, Hunting, Forestry & Fishing
Current       Updated data
Q1 11.0 11.7 0.7
Q2 13.9 13.9 0.0
Q3 5.8 5.8 0.0
Q4 10.3 9.4 -0.9
       
Constant      
Q1 0.9 0.6 -0.3
Q2 3.4 3.4 0.0
Q3 (2.2) (2.6) -0.4
Q4 4.8 4.2 -0.6
         
2. Industry
Current        
Q1 5.8 6.4 0.7  
Q2 9.6 11.1 1.5  
Q3 11.0 11.1 0.2  
Q4 12.4 12.4 0.0  
         
Constant        
Q1 5.3 5.4 0.1  
Q2 7.9 9.1 1.2  
Q3 7.6 7.8 0.3  
Q4 9.2 9.1 -0.1  
         
   a. Mining and Quarrying
Current        
Q1 19.3 19.3 0.0  
Q2 10.8 10.8 0.0  
Q3 2.6 0.6 -2.0  
Q4 (3.8) 3.0 6.8 Updated data from Mines & Geosciences
          Bureau (MGB)
Constant        
Q1 9.0 9.0 0.0  
Q2 2.1 2.1 0.0  
Q3 5.2 4.2 -1.0  
Q4 (3.2) 5.9 9.1  
         
   b. Manufacturing
Current        
Q1 6.3 7.2 0.9  
Q2 13.0 13.1 0.1  
Q3 10.3 10.5 0.2  
Q4 10.7 11.4 0.7 Updated QSPBI and MISSI data.
         
Constant        
Q1 6.9 7.0 0.1  
Q2 10.9 11.1 0.2  
Q3 7.3 7.5 0.2  
Q4 7.3 7.7 0.4  
         
   c. Construction
Current       Availability of 2012 Annual Financial Report from COA for local governmant and 2014 BESF from DBM. Availability of final BP data for December 2014.
Q1 4.1 4.1 0.1
Q2 4.8 11.0 6.2
Q3 17.6 18.2 0.5
Q4 25.0 22.4 -2.6
       
Constant      
Q1 0.2 1.0 0.8
Q2 1.2 7.2 5.9
Q3 11.9 13.1 1.1
Q4 20.5 17.9 -2.6  
         
   d. Electricity, Gas, Water Supply
Current        
Q1 1.9 2.5 0.7  
Q2 3.1 3.4 0.3  
Q3 5.4 5.3 0.0 Availability of DOE data on generation and
Q4 5.5 3.2 -2.2 beyond 90 days QSPBI.
      0.0  
Constant     0.0  
Q1 1.0 0.3 -0.7  
Q2 2.8 3.0 0.2  
Q3 2.9 3.0 0.0  
Q4 6.3 5.1 -1.2  
         
3. Services
Current        
Q1 10.0 10.3 0.3  
Q2 9.2 9.1 -0.2  
Q3 8.5 8.4 -0.1  
Q4 8.6 8.3 -0.2  
         
Constant        
Q1 6.8 6.8 0.0  
Q2 6.1 5.9 -0.3  
Q3 5.3 5.6 0.3  
Q4 6.0 5.6 -0.4  
         
   a. Transport, Communication & Storage
Current        
Q1 8.9 9.3 0.4  Updated QSPBI, Revised administrative data,
Q2 9.2 8.8 -0.4 Audited / Restated Financial Statements
Q3 6.6 6.4 -0.1  
Q4 7.1 6.1 -1.0  
         
Constant        
Q1 7.7 8.2 0.5  
Q2 7.0 6.9 -0.1  
Q3 5.3 5.2 -0.1  
Q4 6.3 4.5 -1.8  
         
   b. Trade & Repair of Motor Vehicles,
Motorcycles, Personal & Household Goods
Current        
Q1 9.4 10.2 0.8  
Q2 9.6 9.9 0.3  
Q3 9.8 9.0 -0.8  
Q4 7.8 5.4 -2.4  
        QSPBI Updatesand additional Financial
Constant           Statements
Q1 6.0 6.1 0.1  
Q2 6.3 6.5 0.2  
Q3 6.4 7.0 0.7  
Q4 5.3 3.4 -1.8  
         
   c. Financial Intermediation
Current        
Q1 10.0 10.0 0.0  
Q2 10.7 10.7 0.0  
Q3 13.5 13.5 0.0  
Q4 10.4 12.8 2.4  
         
Constant        
Q1 5.7 5.7 0.0  
Q2 6.1 6.1 0.0  
Q3 8.4 8.4 0.0  
Q4 6.6 8.9 2.3  
         
   d.  R. Estate Renting & Business Activities
Current       Updated indicators on IT & BPO services. Updated QSPBI data.
Q1 14.8 15.6 0.8
Q2 12.4 12.4 0.0
Q3 10.1 10.6 0.6
Q4 12.2 13.8 1.7
       
Constant      
Q1 9.5 10.2 0.7
Q2 8.6 8.5 -0.1
Q3 6.2 6.7 0.5
Q4 8.3 9.7 1.4
         
   e. Other Services
Current       Availability of Availability of 2012 Annual Financial Report from COA & adjusted 2014 BESF from DBM ; QSPBI updates; Audited / Restated Financial Statements.
Q1 7.5 6.8 -0.7
Q2 7.4 6.1 -1.3
Q3 6.5 6.8 0.3
Q4 4.8 4.8 0.0
       
Constant      
Q1 5.5 4.3 -1.2
Q2 5.0 3.1 -1.9
Q3 3.7 3.9 0.2
Q4 2.5 1.8 -0.7
         
   f. Public Administration & Defense;
Compulsory Social Security
Current       Availability of 2013 Annual Financial Report from COA and 2015 BESF from DBM
Q1 5.9 5.9 0.0
Q2 1.1 1.1 0.0
Q3 (3.3) (3.3) 0.0
Q4 10.5 11.0 0.5
       
Constant      
Q1 6.3 6.3 0.4
Q2 1.2 1.2 0.1
Q3 (2.9) (2.9) 0.3
Q4 10.9 11.4 0.9
         
GROSS DOMESTIC PRODUCT
Current        
Q1 8.7 9.2 0.4  
Q2 9.8 10.2 0.4  
Q3 8.9 8.9 0.0  
Q4 10.0 9.8 -0.2  
         
Constant        
Q1 5.6 5.7 0.0  
Q2 6.4 6.7 0.2  
Q3 5.3 5.5 0.2  
Q4 6.9 6.6 -0.3  
         
GROSS NATIONAL  INCOME
Current        
Q1 10.1 10.3 0.3  
Q2 11.0 10.4 -0.6  
Q3 7.7 7.2 -0.5  
Q4 9.2 8.6 -0.6  
         
Constant        
Q1 7.2 6.6 -0.6  
Q2 7.5 6.9 -0.7  
Q3 4.2 3.9 -0.3  
Q4 6.3 5.7 -0.5  
         

 

 

 

 

 

Posted: 28 May 2015


 

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Updated 28 January 2016

Ver. 7.2014.234-11.04

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