GROSS national income (GNI) was revised downward to 5.2% from 5.5% in 2019 after the adoption of the new 2018 base year, the Philippine Statistics Authority (PSA) said Friday.
The 5.5% reported in January had used 2000 prices.
GNI in the fourth quarter of 2019 was revised downwards to 5.8% from 6.2% previously.
GNI is the sum of the gross domestic product (GDP) — or the final goods and services the economy produced in a particular period — and the net income the country received from overseas.
The latest 2019 GNI growth estimate was the lowest since 2011’s 3.3%. Between 2001 and 2019, GNI growth averaged 5.5%.
Meanwhile, net primary income from other countries declined 2.2% last year — its first contraction since coming in at minus 1.1% in 2011.
It averaged 5.7% over the past 19 years, peaking at 26.7% in 2009.
CONTRIBUTION TO GDP
In the same report, the PSA noted that wholesale and retail trade and the repair of motor vehicles and motorcycles were the top contributors to GDP growth, averaging one percentage point (ppt) annually from 2001 to 2019.
Manufacturing and financial and insurance activities followed with an average of 0.9 ppt and 0.6 ppt, respectively.
On the expenditure side, household consumption was the biggest component, averaging 3.9 ppts.
The PSA updated its national accounts earlier this year by moving the base year from 2000 to 2018 to better reflect current economic activity.
The adoption of the 2018 base year takes in the expansion of industries such as information and communication; accommodation and food services; education; and human health and social work activities.
Previous base year changes involved the shift from 1955 to 1967, from 1967 to 1972, from 1972 to 1985, and from 1985 to 2000.
The PSA will release first-quarter GDP data Thursday using the 2018 base year.
A BusinessWorld poll of 11 economists yielded a median estimate of 2.9%, well below the 6.7% recorded in the fourth quarter and the year earlier 5.7%. — Marissa Mae M. Ramos
