Philippines Q4 2013 GDP Growth Hurt by Typhoon Haiyan

In the fourth quarter of 2013, Philippines GDP slowed to an annual growth rate of 6.5 percent, down from a revised 6.9 percent in the previous three months and 7.1 percent a year earlier. Although Typhoon Haiyan hit the economy, robust household consumption made the GDP figures better than initial government estimates. Full 2013 GDP expanded 7.2 percent.
National Statistical Coordination Board | Joana Taborda | 1/30/2014 12:23:21 PM
On the expenditure side, all the main sectors slowed in the last three months of 2013. Household consumption eased to 5.6 percent from 6.2 percent in the previous quarter.

Government spending shrank 5.2 percent. The contraction can be attributed to lower expenditures for both personnel services and maintenance of the government.

Capital investment slowed to 5.7 percent, after growing 15.5 percent in the September quarter. While construction investment fell 0.5 percent, investment in durable equipment surged 15.5 percent.

The external sector also grew at a slower pace. Exports rose 6.4 percent on the year, down from 10.6 percent in the previous quarter, mainly hurt by lower shipments of goods. Imports increased 1.9 percent after recording a 14.6 percent growth in Q3.

On the production side, the industrial sector recorded the highest annual growth rate (8.4 percent yoy), boosted by manufacturing (12.3 percent yoy) and electricity, gas and water supply (2.5 percent). Mining production fell 10.4 percent and construction dropped 0.8 percent on the year. Agriculture rose a meager 1.1 percent yoy and the services sector increased 6.5 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP rose 1.5 percent, up from 1.3 percent in the previous three-month period.

Philippines Q4 2013 GDP Growth Hurt by Typhoon Haiyan