30 GROSS NATIONAL INCOME (GNI) AND GROSS DOMESTIC PRODUCT (GDP) BY EXPENDITURE

at current prices
for periods indicated

Item 2021 2022 2023

Level (in million Philippine pesos)

I. Household Final Consumption Expenditure 14,608,547 16,724,759 18,611,763

II. Government Final Consumption Expenditure 3,024,017 3,306,161 3,449,822

III. Gross Capital Formation 4,103,547 5,439,655 5,695,592

A. Gross Fixed Capital Formation 4,324,545 5,139,743 5,741,426
B. Changes in Inventories -222,040 298,782 -47,292
C. Valuables 1,042 1,131 1,458

IV. Exports of Goods and Services 4,998,628 6,251,682 6,483,703

V. Less: Imports of Goods and Services 7,324,125 9,697,742 9,893,595

VI. Statistical Discrepancy 0 0 -57,859

Gross Domestic Product 19,410,614 22,024,515 24,289,426

Gross Domestic Product (in million US dollars)1 394,087 404,284 436,622

Net Primary Income from the Rest of the World 690,388 1,298,327 2,674,094

Gross National Income 20,101,002 23,322,842 26,963,520

Gross National Income (in million US dollars)1 408,104 428,117 484,691

Growth Rate (in percent)

I. Household Final Consumption Expenditure 8.4 14.5 11.3

II. Government Final Consumption Expenditure 10.4 9.3 4.3

III. Gross Capital Formation 31.1 32.6 4.7

Gross Fixed Capital Formation 13.1 18.9 11.7
Valuables 11.0 8.5 28.9

IV. Exports of Goods and Services 10.5 25.1 3.7

V. Less: Imports of Goods and Services 23.8 32.4 2.0

Gross Domestic Product 8.1 13.5 10.3

Net Primary Income from the Rest of the World -49.3 88.1 106.0

Gross National Income 4.1 16.0 15.6

Gross National Income (in million US dollars)1 4.9 4.9 13.2

1
Derived by dividing the peso value by the average Philippine peso per US dollar (PHP) for the corresponding period.

Notes:

1) The PSA released the Revised and Rebased to 2018 National Accounts of the Philippines (NAP) on 20 April 2020. The salient features of the revision and rebasing are as
follows: adoption of the 2008 System of National Accounts (SNA) recommendations and latest classification systems; inclusion of new industries and expenditure
commodities; and updating of the base year to 2018.
2) Details may not add up to totals due to rounding.

Source: Philippine Statistics Authority (PSA)

# Classification: GENERAL
 30 GROSS NATIONAL INCOME (GNI) AND GROSS DOMESTIC PRODUCT (GDP) BY EXPENDITURE (CONT'D)
at current prices
for periods indicated

Item 2021 2022 2023

Percent to GNI

I. Household Final Consumption Expenditure 72.7 71.7 69.0

II. Government Final Consumption Expenditure 15.0 14.2 12.8

III. Gross Capital Formation 20.4 23.3 21.1

A. Gross Fixed Capital Formation 21.5 22.0 21.3
B. Changes in Inventories -1.1 1.3 -0.2
C. Valuables . . .

IV. Exports of Goods and Services 24.9 26.8 24.0

V. Less: Imports of Goods and Services 36.4 41.6 36.7

VI. Statistical Discrepancy 0.0 0.0 -0.2

Gross Domestic Product 96.6 94.4 90.1

Net Primary Income from the Rest of the World 3.4 5.6 9.9

Gross National Income 100.0 100.0 100.0

Percent to GDP

I. Household Final Consumption Expenditure 75.3 75.9 76.6

II. Government Final Consumption Expenditure 15.6 15.0 14.2

III. Gross Capital Formation 21.1 24.7 23.4

A. Gross Fixed Capital Formation 22.3 23.3 23.6
B. Changes in Inventories -1.1 1.4 -0.2
C. Valuables . . .

IV. Exports of Goods and Services 25.8 28.4 26.7

V. Less: Imports of Goods and Services 37.7 44.0 40.7

VI. Statistical Discrepancy 0.0 0.0 -0.2

Gross Domestic Product 100.0 100.0 100.0

. Rounds off to zero

Notes:

1) The PSA released the Revised and Rebased to 2018 National Accounts of the Philippines (NAP) on 20 April 2020. The salient features of the revision and rebasing are as
follows: adoption of the 2008 System of National Accounts (SNA) recommendations and latest classification systems; inclusion of new industries and expenditure
commodities; and updating of the base year to 2018.
2) Details may not add up to totals due to rounding.

Source: PSA

# Classification: GENERAL