The document reports on the economic performance of the Philippines in the first quarter of 2015 according to the Philippine Statistics Authority. It finds that GDP growth was 5.2% in the first quarter, driven by growth in services, industry, and household consumption. Exports increased but imports grew faster, resulting in a negative contribution from net exports. Agriculture grew modestly at 0.6% while mining and manufacturing expanded. The report provides statistics on key industries, expenditures, imports, and exports, finding overall moderate economic growth in the first quarter of 2015.

1. Republic of the Philippines
Philippine Statistics Authority
Performance of the
Philippine Economy
28 May 2015
by
Dr. Lisa Grace S. Bersales
National Statistician and Civil Registrar General
First Quarter 2015

2. Republic of the Philippines
Philippine Statistics Authority
Economic Performance
(Growth rates, in percent)
2014 2015
GDP 5.6 5.2
GNI (GNP) 6.6 4.7
NPI (NFIA) 11.1 2.7
First Quarter

3. Republic of the Philippines
Philippine Statistics Authority
Seasonal Adjustment
(Growth rates, in percent)
2015
Q2 Q3 Q4 Q1
GDP 2.0 0.4 2.5 0.3
GNI (GNP) 1.7 -0.2 3.0 0.2
2014

4. Republic of the Philippines
Philippine Statistics Authority
Per Capita GDP, GNI, HFCE
(Growth rates, in percent)
2015
Q1 Q4 Q1
GDP 3.8 4.8 3.4
GNI (GNP) 4.8 4.0 3.0
HFCE (PCE) 4.3 3.2 3.6
2014

5. Republic of the Philippines
Philippine Statistics Authority
Major Industries
(Growth rates, in percent)
2015
Q1 Q4 Q1
Agriculture 0.6 4.2 1.6
Industry 5.4 9.1 5.5
Services 6.8 5.6 5.6
2014
*
*refers to Agriculture, Hunting, Forestry and Fishing (AHFF)

6. Republic of the Philippines
Philippine Statistics Authority
Seasonal Adjustment
Major Industries (Growth rates, in percent)
2015
Q2 Q3 Q4 Q1
AHFF 1.1 -3.3 5.9 -1.7
Industry 3.0 0.2 3.5 -1.0
Services 1.5 1.1 1.4 1.5
2014

7. Republic of the Philippines
Philippine Statistics Authority
Contributions to GDP Growth
(in percentage point)
Agriculture* 0.2
Industry 1.9
Services 3.1
GDP 5.2
Q1
2015
*refers to Agriculture, Hunting, Forestry and Fishing (AHFF)

8. Republic of the Philippines
Philippine Statistics Authority
Agriculture, Hunting, Forestry & Fishing
(Growth rates, in percent)
Q1 Q4 Q1
AHFF 0.6 4.2 1.6
Palay 3.3 6.8 1.4
Corn 1.3 27.3 4.0
Coconut / copra -6.7 -1.4 0.0
Sugarcane 3.4 -7.8 -2.9
Banana 1.9 3.3 4.0
Mango -0.1 -5.6 -7.5
Pineapple 5.7 1.6 1.7
Coffee -4.5 -3.1 -12.1
Cassava 11.5 4.1 9.2
Rubber 0.1 -2.0 -21.6
Other crops -1.0 0.2 5.0
Livestock 1.2 0.8 3.2
Poultry 1.0 3.0 5.4
Agri. Activities 0.6 4.0 5.1
Forestry 17.6 5.2 -3.9
Fishing -3.1 4.2 -2.6

9. Republic of the Philippines
Philippine Statistics Authority
Agriculture, Hunting, Forestry & Fishing
(Contribution to Growth, in percentage point)
Q1 2015
AHFF 2.10
Palay 0.30
Corn 0.30
Coconut including copra 0.00
Sugarcane -0.10
Banana 0.20
Mango -0.10
Pineapple 0.00
Coffee -0.10
Cassava 0.10
Rubber -0.10
Other crops 0.30
Livestock 0.40
Poultry 0.60
Agricultural activities 0.30
Forestry -0.03
Fishing -0.43

10. Republic of the Philippines
Philippine Statistics Authority
Industry
(Growth rates, in percent)
2015
Q1 Q4 Q1
Industry 5.4 9.1 5.5
Mining & Quarrying 9.0 5.9 7.1
Manufacturing 7.0 7.7 5.9
Construction 1.0 17.9 4.5
Elec. Gas & Water Supply 0.3 5.1 4.1
2014

11. Republic of the Philippines
Philippine Statistics Authority
Industry
(Contribution to Growth, in percentage point)
2015
Q1 Q4 Q1
Industry 5.5 8.9 5.5
Mining & Quarrying 0.3 0.1 0.3
Manufacturing 4.9 5.6 4.2
Construction 0.3 3.0 0.7
Elec. Gas & Water Supply 0.1 0.2 0.4
2014

12. Republic of the Philippines
Philippine Statistics Authority
Manufacturing
(Contribution to Growth, in percentage point)
Top Contributors to Growth of Manufacturing
Radio, television and communication equipment
and apparatus 1.8
Basic metal industries 1.2
Chemical and chemical products 1.1
Beverage industries 0.7
Publishing and printing 0.5
First Quarter 2015

13. Republic of the Philippines
Philippine Statistics Authority
Negative Contributors to Growth of Manufacturing
Furniture and fixtures -0.4
Office, accounting and computing machinery -0.3
Wearing apparel -0.2
Miscellaneous manufactures -0.2
Rubber and plastic products -0.03
First Quarter 2015
Manufacturing
(Contribution to Growth, in percentage point)

14. Republic of the Philippines
Philippine Statistics Authority Services
(Growth rates, in percent)
2015
Q1 Q4 Q1
Services 6.8 5.6 5.6
Transport,Stor., & Comm. 8.2 4.5 8.6
Trade 6.1 3.4 5.4
Financial Intermediation 5.7 8.9 4.3
Real Estate, Renting & Bus. Actvts. 10.2 9.7 6.4
Pub. Administration 6.3 11.4 0.2
Other Services 4.3 1.8 5.8
2014

15. Republic of the Philippines
Philippine Statistics Authority
Services
(Contribution to Growth, in percentage point)
Q1
2015
Services 5.6
Transportation, Storage, & Communication 1.2
Trade 1.5
Financial Intermediation 0.6
Real Estate, Renting and Business Activities 1.2
Public Administration 0.0*
Other Services 1.1
* Public Administration – 0.02 percentage points

16. Republic of the Philippines
Philippine Statistics Authority
Indicators
Supporting Growth for 1st Quarter 2015
INDICATOR GROWTH RATE
Employment rate * Up by 2.8%
Agriculture, Fishery and Forestry
Value of Production at constant prices
(in million pesos)
Up by 1.8%
Manufacturing
Volume of Production Index Up by 5.7%
Volume of Net Sales Index Up by 2.2%

17. Republic of the Philippines
Philippine Statistics Authority
Indicators
Supporting Growth for 1st Quarter 2015
Construction
Building Permits Up by 5.0%
Electricity, Gas and Water Supply
Electricity
Electricity Sales Up by 2.2%
Gross Generation Up by 3.5%
Water
Gross Billed Amount Up by 2.4%
Transportation, Storage and Communication
Telecommunication Companies (Revenue) Up by 3.6%
Selected Storage Companies (Revenue) Up by 19.0%
Financial Intermediation
Reserve Money Up by 17.0%
Outstanding Loans-Universal & Commercial Banks Up by 15.6%

18. Republic of the Philippines
Philippine Statistics Authority
Indicators
Supporting Growth for 1st Quarter 2015
Trade
Car Sales (Volume) - Passenger Car Up by 21.6%
and Commercial Vehicle
Real Estate
Selected Real Estate Companies (Revenue) Up by 12.7%
Outbound Travel Tax Collection Up by 7.0%
Tourist/Visitor Arrivals Up by 3.2%
CPI Inflation for Q1 2015(CPI 2006-based) Up by 2.4%

19. Republic of the Philippines
Philippine Statistics Authority
Expenditure
(Growth Rates, in percent)
2015
Q1 Q4 Q1
Household Consumption 6.1 5.0 5.4
Government Consumption 1.9 9.4 4.8
Investment 12.8 3.0 11.8
Fixed Capital Formation 1.7 8.0 10.1
Exports 12.7 12.8 1.0
Goods 14.6 14.8 1.2
Services 6.6 5.0 0.4
Imports 16.3 9.9 4.6
Goods 16.8 9.7 2.5
Services 14.6 10.3 11.9
2014

20. Republic of the Philippines
Philippine Statistics Authority
Expenditure
(Contribution to Growth, in percentage point)
Q1 2015
Household Consumption 3.7
Government Consumption 0.5
Investment 2.6
Fixed Capital Formation 2.3
Others 0.3
Net Exports -1.8

21. Republic of the Philippines
Philippine Statistics Authority
Construction
(Growth rates, in percent)
2014 2015
Q1 Q1
Construction -1.0 5.7
Public 17.5 -24.6
Private -5.1 14.2

22. Republic of the Philippines
Philippine Statistics Authority
C ont ribut ors t o Growt h
Cont r ibut ion t o
Gr owt h
Components/Devices
(Semiconductors)
5.0
Cathodes & Sections of
Cathodes, of Refined Copper
0.5
Coconut Oil 0.5
Top 3 Exports of Goods
(in percentage point)

23. Republic of the Philippines
Philippine Statistics Authority
Bottom 3 Exports of Goods
(in percentage point)
N egat ive C ont ribut ors
t o Growt h
Cont r ibut ion t o
Gr owt h
Bananas, including
Plantains, fresh or dried
-0.7
Control Instrumentation -0.6
Electronic Data Processing -0.5

24. Republic of the Philippines
Philippine Statistics Authority
Top 3 Imports of Goods
(in percentage point)
Cont ribut ors t o Growt h
Cont r ibut ion t o
Gr owt h
Mineral Fuelds 2.2
Components/Devices
(Semiconductors)
1.9
Base Metals 0.3

25. Republic of the Philippines
Philippine Statistics Authority
Bottom 3 Imports of Goods
(in percentage point)
Negat ive Cont ribut ors
t o Growt h
Cont r ibut ion t o
Gr owt h
Transport equiment -6.9
Dairy products -0.4
Feedstuff -0.3

26. Republic of the Philippines
Philippine Statistics Authority
Net Primary Income from ROW
2015
Q1 Q4 Q1
INFLOW
Compensation 12.6 0.4 2.0
Property Income 0.2 29.4 1.8
Total 12.3 1.0 2.0
OUTFLOW
Compensation - - -
Property Expense 21.8 -2.7 -3.3
Total 21.8 -2.7 -3.3
NET PRIMARY INCOME 11.1 1.4 2.7
2014

27. Republic of the Philippines
Philippine Statistics Authority
Mabuhay and Thank you!
www.psa.gov.ph