Revisions in Q3 2011 GDP/GNI estimates

Based on the Revision Policy approved by the NSCB Executive Board through NSCB Resolution No. 8-97, and consistent with the international practice on the revision of National Accounts, we are reflecting the corrections and revisions in our previous estimates, based on the revisions and updates made by the data sources themselves, including those made by NSO, BSP, DOE, DBM, POEA, BAS, SRA, FMB, water utilities, and airline companies.

For the third quarter, the largest contributors to the upward revision of GDP were Construction and RERBA with 0.21 percentage point and 0.11 percentage point, respectively.   Other upward contributions on the production side came from:

1. Manufacturing with 0.09 percentage point;

2. Other Services with 0.08 percentage point;

3. Agriculture and Forestry  with 0.05 percentage point

4. Public Administration and Defense:  Compulsory Social Security with 0.02 percentage point; and,

5. Electricity, Gas and Water Supply and Mining & Quarrying with 0.01 percentage point each.

On the other hand, downward revisions came from:

1. Financial Intermediation with 0.14 percentage point;

2. Transport, Storage and Communication with 0.02 percentage point; and,

3. Fishing with 0.01 percentage point

Meanwhile, NPI contributed 0.21 percentage point to the upward revision of GNI.

 As a result of all the revisions for the third quarter, GDP growth was revised upward from 3.2 percent to 3.6 percent while GNI was similarly revised upward from 1.6 percent to 2.1 percent.  A more complete tabulation of our revisions is included in our publication.

I. Expenditure Accounts

II. Production Accounts