- In December 2021, the Philippines’ Gross National Product (GNP) was estimated to be 117.397 USD billion.
- This is an increase from the previous figure of 95.239 USD billion in September 2021.
- Philippines Gross National Product (GNP) data is updated quarterly, with 164 observations from Mar 1981 to Dec 2021, averaging 23.953 USD bn.
- The data ranged from a peak of 117.397 USD billion in December 2021 to a low of 6.715 USD billion in September 1985.
- CEIC Statistics reports Philippines Gross National Product (GNP) data, which is still operational in CEIC.
- The CEIC converts quarterly GNP into US dollars. In local currency, the Philippine Statistics Authority offers Gross National Product. For currency conversions, the Bangko Sentral ng Pilipinas uses the average market exchange rate. Prior to Q1 2000, the Gross National Product was calculated using outdated data classification.
What is the Philippines’ current GDP and GNP in 2021?
According to Trading Economics global macro models and analysts, GDP in the Philippines is predicted to reach 373.00 USD billion by the end of 2021. According to our econometric models, the Philippines GDP is expected to trend at 379.00 USD Billion in 2022.
What are the Philippines’ GNP and GDP?
GDP stands for the value of goods and services produced in the Philippines, whereas GNP stands for the value of goods and services produced by Filipinos. Examining the extent by which economic area and residency are defined is critical to comprehending these economic notions.
In the Philippines, how is GDP calculated?
Both exports and imports are factored into the GDP calculation. Thus, a country’s GDP is equal to the sum of consumer spending (C), business investment (I), and government spending (G), as well as net exports (X M), which are total exports minus total imports.
In the Philippines, how is GDP calculated?
The Philippines’ Gross Domestic Product (GDP) climbed by 6.3 percent in the fourth quarter of 2015. The gross domestic product (GDP) is a measure of a country’s entire economic output and performance. It represents the entire market value of all commodities and services produced by the economy at a given point in time. A healthy economy means more investments and greater employment rates; a healthier economy means more investments and higher employment rates.
The Philippines has had a good run in terms of GDP since 2010, with an average growth rate of 6.3 percent from 2010 to 2014.
A yearly GDP growth rate of 2.5-3.5 percent is ideal for increasing job creation and company profitability. For emerging countries like the Philippines, a significant deviation from the average growth rate aids in the economy’s progress and stabilization.
*From the Budget of Expenditures and Financing Sources for different years (20072014).
What is the GDP forecast for 2020?
Retail and wholesale trade industries led the increase in private inventory investment. The largest contributor to retail was inventory investment by automobile dealers. Increases in both products and services contributed to the increase in exports. Consumer products, industrial supplies and materials, and foods, feeds, and beverages were the biggest contributions to the growth in goods exports. Travel was the driving force behind the increase in service exports. The rise in PCE was mostly due to an increase in services, with health care, recreation, and transportation accounting for the majority of the increase. The increase in nonresidential fixed investment was mostly due to a rise in intellectual property items, which was partially offset by a drop in structures.
The reduction in federal spending was mostly due to lower defense spending on intermediate goods and services. State and local government spending fell as a result of lower consumption (driven by state and local government employee remuneration, particularly education) and gross investment (led by new educational structures). The rise in imports was mostly due to a rise in goods (led by non-food and non-automotive consumer goods, as well as capital goods).
After gaining 2.3 percent in the third quarter, real GDP increased by 6.9% in the fourth quarter. The fourth-quarter increase in real GDP was primarily due to an increase in exports, as well as increases in private inventory investment and PCE, as well as smaller decreases in residential fixed investment and federal government spending, which were partially offset by a decrease in state and local government spending. Imports have increased.
In the fourth quarter, current dollar GDP climbed 14.3% on an annual basis, or $790.1 billion, to $23.99 trillion. GDP climbed by 8.4%, or $461.3 billion, in the third quarter (table 1 and table 3).
In the fourth quarter, the price index for gross domestic purchases climbed 6.9%, compared to 5.6 percent in the third quarter (table 4). The PCE price index climbed by 6.5 percent, compared to a 5.3 percent gain in the previous quarter. The PCE price index grew 4.9 percent excluding food and energy expenses, compared to 4.6 percent overall.
Personal Income
In the fourth quarter, current-dollar personal income climbed by $106.3 billion, compared to $127.9 billion in the third quarter. Increases in compensation (driven by private earnings and salaries), personal income receipts on assets, and rental income partially offset a decline in personal current transfer receipts (particularly, government social assistance) (table 8). Following the end of pandemic-related unemployment programs, the fall in government social benefits was more than offset by a decrease in unemployment insurance.
In the fourth quarter, disposable personal income grew $14.1 billion, or 0.3 percent, compared to $36.7 billion, or 0.8 percent, in the third quarter. Real disposable personal income fell 5.8%, compared to a 4.3 percent drop in the previous quarter.
In the fourth quarter, personal savings totaled $1.34 trillion, compared to $1.72 trillion in the third quarter. In the fourth quarter, the personal saving rate (savings as a percentage of disposable personal income) was 7.4 percent, down from 9.5 percent in the third quarter.
GDP for 2021
In 2021, real GDP climbed 5.7 percent (from the 2020 annual level to the 2021 annual level), compared to a 3.4 percent fall in 2020. (table 1). In 2021, all major subcomponents of real GDP increased, led by PCE, nonresidential fixed investment, exports, residential fixed investment, and private inventory investment. Imports have risen (table 2).
PCE increased as both products and services increased in value. “Other” nondurable items (including games and toys as well as medications), apparel and footwear, and recreational goods and automobiles were the major contributors within goods. Food services and accommodations, as well as health care, were the most significant contributors to services. Increases in equipment (dominated by information processing equipment) and intellectual property items (driven by software as well as research and development) partially offset a reduction in structures in nonresidential fixed investment (widespread across most categories). The rise in exports was due to an increase in products (mostly non-automotive capital goods), which was somewhat offset by a drop in services (led by travel as well as royalties and license fees). The increase in residential fixed investment was primarily due to the development of new single-family homes. An increase in wholesale commerce led to an increase in private inventory investment (mainly in durable goods industries).
In 2021, current-dollar GDP expanded by 10.0 percent, or $2.10 trillion, to $22.99 trillion, compared to 2.2 percent, or $478.9 billion, in 2020. (tables 1 and 3).
In 2021, the price index for gross domestic purchases climbed by 3.9 percent, compared to 1.2 percent in 2020. (table 4). Similarly, the PCE price index grew 3.9 percent, compared to 1.2 percent in the previous quarter. The PCE price index climbed 3.3 percent excluding food and energy expenses, compared to 1.4 percent overall.
Real GDP rose 5.5 percent from the fourth quarter of 2020 to the fourth quarter of 2021 (table 6), compared to a 2.3 percent fall from the fourth quarter of 2019 to the fourth quarter of 2020.
From the fourth quarter of 2020 to the fourth quarter of 2021, the price index for gross domestic purchases grew 5.5 percent, compared to 1.4 percent from the fourth quarter of 2019 to the fourth quarter of 2020. The PCE price index climbed by 5.5 percent, compared to 1.2 percent for the year. The PCE price index increased 4.6 percent excluding food and energy, compared to 1.4 percent overall.
Source Data for the Advance Estimate
A Technical Note that is issued with the news release on BEA’s website contains information on the source data and major assumptions utilized in the advance estimate. Each version comes with a thorough “Key Source Data and Assumptions” file. Refer to the “Additional Details” section below for information on GDP updates.
How much is the current GNP?
The entire value of all finished goods and services generated by a country’s population in a particular financial year, regardless of their location, is referred to as the Gross National Product (GNP). GNP also accounts for the production generated by a country’s domestic and international enterprises.
Is GDP and GNP the same thing?
- Both the gross domestic product (GDP) and the gross national product (GNP) are widely used indicators of a country’s total economic output.
- The value of goods and services generated within a country’s borders, by citizens and non-citizens equally, is measured by GDP.
- The value of goods and services produced by a country’s population, both locally and internationally, is measured by GNP.
- The most often utilized metric by global economies is GDP. In 1991, the United States stopped using GNP and instead used GDP to compare itself to other economies.
What are the distinctions between GDP and GNP?
Although both GDP and GNP conceptually represent the entire market value of all products and services produced during a given period, they differ in how they define the economy’s scope. GDP is a metric that represents the value of products and services generated inside the country’s geographical limits by both Americans and people from other countries. Only U.S. inhabitants produce goods and services, both locally and internationally, as measured by GNP.
The switch from GNP to GDP reflected a more appropriate measure of aggregate production in the United States, especially for short-term economic monitoring and analysis. For a variety of reasons, shifting to this as the primary measure of production was beneficial. In the System of National Accounts, a set of worldwide principles for economic accounting, GDP was the fundamental measure of production. Many other countries had adopted GDP as their main indicator, making cross-national comparisons of economic activity more reliable. It also covered other economic indicators like employment and productivity in a consistent manner. Furthermore, problems with underlying source data for certain income estimates made measuring GNP difficult. GNP, on the other hand, is a significant and important aggregate, proving particularly valuable for assessments of income sources and uses.
What is an example of GNP?
The total worth of products and services produced only by domestic citizens is referred to as Gross National Product (GNP). It assesses the country’s GDP, plus any income received by domestic residents from foreign investments, but minus any income received by foreign residents from domestic investments.
To explain, we can think of GNP as what the people of a country produce both at home and abroad. Ford, for example, is an American corporation that manufactures and sells automobiles throughout Europe. Ford sold about 500,000 vehicles in 2019.