Table 30
Gross National Income (GNI) and Gross Domestic Product (GDP) by Expenditure1
at current prices; for periods indicated
Item 2022 2023r 2024r
Level (in million Philippine pesos)
I. Household Final Consumption Expenditure 16,725,045 18,604,458 20,137,692
II. Government Final Consumption Expenditure 3,313,862 3,457,699 3,836,985
III. Gross Capital Formation 5,437,870 5,690,869 6,263,729
A. Gross Fixed Capital Formation 5,142,714 5,746,390 6,233,543
B. Changes in Inventories 294,025 -57,020 28,740
C. Valuables 1,131 1,499 1,446
IV. Exports of Goods and Services 6,253,255 6,476,367 6,816,139
V. Less: Imports of Goods and Services 9,701,756 9,915,830 10,608,176
VI. Statistical Discrepancy 0 0 0
Gross Domestic Product 22,028,276 24,313,563 26,446,369
Gross Domestic Product (in million US dollars)2 404,353 437,056 461,618
Net Primary Income from the Rest of the World 1,294,379 2,664,590 3,445,971
Gross National Income 23,322,655 26,978,153 29,892,341
Gross National Income (in million US dollars)2 428,113 484,954 521,766
Growth Rate (in percent)
I. Household Final Consumption Expenditure 14.5 11.2 8.2
II. Government Final Consumption Expenditure 9.6 4.3 11.0
III. Gross Capital Formation 32.5 4.7 10.1
Gross Fixed Capital Formation 18.9 11.7 8.5
Valuables 8.5 32.6 -3.6
IV. Exports of Goods and Services 25.1 3.6 5.2
V. Less: Imports of Goods and Services 32.5 2.2 7.0
Gross Domestic Product 13.5 10.4 8.8
Net Primary Income from the Rest of the World 87.5 105.9 29.3
Gross National Income 16.0 15.7 10.8
Gross National Income (in million US dollars)2 4.9 13.3 7.6
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
Derived by dividing the peso value by the average Philippine peso per US dollar (PHP) for the corresponding period
Details may not add up to total due to rounding.
r
revised
Source: Philippine Statistics Authority
Classification: GENERAL Page 1 of 2
Table 30 (cont'd)
Gross National Income (GNI) and Gross Domestic Product (GDP) by Expenditure1
at current prices; for periods indicated
Item 2022 2023r 2024r
Percent to GNI
I. Household Final Consumption Expenditure 71.7 69.0 67.4
II. Government Final Consumption Expenditure 14.2 12.8 12.8
III. Gross Capital Formation 23.3 21.1 21.0
A. Gross Fixed Capital Formation 22.1 21.3 20.9
B. Changes in Inventories 1.3 -0.2 0.1
C. Valuables . . .
IV. Exports of Goods and Services 26.8 24.0 22.8
V. Less: Imports of Goods and Services 41.6 36.8 35.5
VI. Statistical Discrepancy 0.0 0.0 0.0
Gross Domestic Product 94.5 90.1 88.5
Net Primary Income from the Rest of the World 5.5 9.9 11.5
Gross National Income 100.0 100.0 100.0
Percent to GDP
I. Household Final Consumption Expenditure 75.9 76.5 76.1
II. Government Final Consumption Expenditure 15.0 14.2 14.5
III. Gross Capital Formation 24.7 23.4 23.7
A. Gross Fixed Capital Formation 23.3 23.6 23.6
B. Changes in Inventories 1.3 -0.2 0.1
C. Valuables . . .
IV. Exports of Goods and Services 28.4 26.6 25.8
V. Less: Imports of Goods and Services 44.0 40.8 40.1
VI. Statistical Discrepancy 0.0 0.0 0.0
Gross Domestic Product 100.0 100.0 100.0
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.
Details may not add up to total due to rounding.
r
revised
. rounds off to zero
Source: Philippine Statistics Authority
Classification: GENERAL Page 2 of 2
