National Accounts of the Philippines - Highlights

Philippine Economy posts 7.0 percent GDP growth in Q3 2013

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1st Quarter 2015

Philippine Economy posts 5.2 percent GDP growth
(Posted 28 May 2015)


HIGHLIGHTS

  • The domestic economy grew year on year by 5.2 percent in the first quarter of 2015 from 5.6 percent in the same quarter of the previous year.  The first quarter growth was driven by the Services sector with the positive growth exhibited by Transport, Storage & Communication, Real Estate, Renting & Business Activities, Other Services, Trade and supported by the growth of Manufacturing.

  • On the demand side, growth in the first quarter of 2015 came from increased consumer spending reinforced by Fixed Capital, particularly Durable Equipment, and government spending.

  • Net Primary Income from the Rest of the World grew year on year by 2.7 percent from 11.1 percent in the first quarter of 2014.  Gross National Income (GNI) grew by 4.7 percent from 6.6 percent in the first quarter of 2014.

  • On a seasonally adjusted basis, GDP slowed down to 0.3 percent in the first quarter of 2015.  Likewise, GNI decelerated to a 0.2 percent level. The seasonally adjusted growth of the entire Agriculture sector contracted to 1.7 percent from a growth of 5.9 percent in the previous quarter.  Similarly, Industry suffered a reversal in growth from 3.5 percent to negative 1.0 percent.  On the other hand, Services sustained its growth at 1.5 percent in the first quarter of 2015 from 1.4 percent in the last quarter of 2014.

  • With the country’s projected population reaching 100.9 million in the first quarter of 2015, per capita GDP grew by 3.4 percent from 3.8 percent while per capita GNI and per capita Household Final Consumption Expenditure (HFCE) grew by 3.0 percent and 3.6 percent from 4.8 percent and 4.3 percent, respectively.

 



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Updated 28 January 2016

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