Latest gross domestic product (GDP) data from the government statistics agency shows that the country’s estimated GDP at current prices for the fourth quarter of 2013 was P31 678.2 million compared to a revised level of P31 688.0 million registered in the third quarter of 2013.
The data further shows that the estimated GDP at constant 2006 prices for the fourth quarter of 2013 was P20167.4 million compared to P19 469.6 million registered in the third quarter of 2013, amounting to an increase of 3.6 percent.
Statistician General, Anna Majelantle says that there were revisions which were made to the GDP estimates published in December 2013. “The change was due to the updated source data and has electricity, coal, and manufacturing industries.”
The SB data shows that the country’s imports and exports were revised to be in line with balance of payments figures published by the Central Bank.
The statistical release also highlighted that the Real Gross Domestic Product (GDP) increased by 4.7 percent in the fourth quarter of 2013 compared to 4.6 percent accrued in the same quarter in 2012.
The slow growth is said to be attributed to water and electricity which recorded a negative growth of 205.5 percent; all other sectors recorded a positive growth of more than 3 percent over the period.
The growth of the mining sector was sluggish in the period under review, moving from 21.2 percent in the third quarter of 2013 to 9.8 percent in the subsequent quarter.
“At industry level, most of the increase was attributed to mining and trade, hotels and restaurants which increased by 9.8 and 8.8 percent respectively. The increase in real value added of the mining sector was due to a 12.1 percent increase in the diamond production,” reads the release.
Information contained in the release also pointed out that mining continues to be the largest contributor to GDP; in the fourth quarter of 2013, its contribution to GDP stands at 19.5 percent. There was a significant decrease in the value added by the water and electricity sector after a positive growth of 63.5 percent realized in the third quarter of the year under review.
The sector recorded a decrease of 205.5 percent in the fourth quarter of 2013 compared to a decrease of 60.5 percent recorded in the same quarter of the previous year.
“The decline is largely by the Electricity sector which has been contributing negatively to the economy since first quarter of 2012 due to a substantial increase in intermediate consumption”.
Published in March, the edition indicated that total final consumption expenditure recorded an increase of 2.7 percent in the fourth quarter of 2013, whereas in the same quarter of the previous year it increased by 12.9 percent.
“However, household final consumption increased by 1.8 percent in the fourth quarter of 2013 while government final consumption rose by 5.4 percent in the same quarter. Fixed capital formation recorded a decrease of 6.6 percent in the quarter under review compared to an increase of 24.8 percent in the same period in 2012,” reads the revised edition.
Also highlighted is the real exports of goods and services that went up by 14.7 percent in the fourth quarter of 2013 compared to an increase of 10.6 percent recorded in the same quarter of 2012, while imports of goods and services registered an increase of 12.5 percent in the fourth quarter of 2013 compared to 27.3 percent increase registered in the same quarter of 2012.