Imports of goods and services in CAR has highest growth in 2022
All major expenditure items recorded positive growths in 2022. Among the major expenditure items, Imports of goods and services from rest of the world posted the highest growth with
88.1 percent in 2022 from the -15.0 percent in 2021. Imports of goods from the rest of the world and imports of services from the rest of the world accounted for 96.3 percent and 49.9 percent, respectively.
Gross capital formation, which includes valuables, changes in inventories, gross fixed capital formation in construction, durable equipment, breeding stocks and orchard development, and intellectual property products, accounted for the second highest growth with 71.2 percent. This was followed by Exports of goods and services to the rest of the world and Net exports to the rest of the Philippines with 10.3 percent and 4.0 percent, respectively.
Meanwhile, the growth of Household final consumption expenditure in the region decelerated from 8.0 percent in 2021 to 6.6 percent in 2022. The Government final consumption expenditure also decelerated from 5.5 percent in 2021 to 4.1 percent in 2022.
Gross capital formation is top contributor to GRDE growth
With the 8.7 percent GRDE growth rate in the region, the Gross capital formation had the largest contribution with 6.8 percentage points. This was followed by Household final consumption expenditure with 4.9 percentage points, and Government final consumption expenditure with 0.7 percentage points.
On the other hand, Net exports to the rest of the world and Net exports to the rest of the Philippines pulled down the growth by 3.2 percentage points and 0.5 percentage points, respectively.
Household final consumption expenditure’s percent share records almost three-fourths
In terms of the share of expenditure items to the regional economy, Household final consumption expenditure recorded the highest percent share with 72.9 percent. This was followed by Government final consumption expenditure with 15.8 percent share, Gross capital formation with 15.0 percent share, and Net exports to the rest of the world with 8.0 percent share.
Meanwhile, a negative percent share was recorded by Net exports to the rest of the Philippines with 11.6 percent.
Per capita Household final consumption expenditure increases by 5.8%
The per capita Household final consumption expenditure (HFCE) in the region was estimated at PhP 133,959 in 2022. This was 5.8 percent higher than the recorded PhP 126,595 in 2021. This means that on the average, an individual member of a household spent PhP 133,959 on final consumption of goods and services that includes purchase of consumer goods and services, barter transactions, goods and services in kind, and goods and services produced and consumed by the same individual.
VILLAFE P. ALIBUYOG
The Gross Regional Domestic Expenditure (GRDE) is defined as the expenditure of residents of the region in the domestic territory plus their expenditures in other regions including the rest of the world. The GRDE is intended to complement the current series of the Gross Regional Domestic Product (GRDP). The GRDE and its components are compiled and released annually. These are valued at current and constant 2018 prices.
The GRDE estimation, which is the same with the GRDP, is pegged to the national estimates. These are allocated to the regions using surveys and administrative-based data/indicators for its regional distribution.
Household final consumption expenditure (HFCE) consists of expenditures made by resident households of the region (regardless of where such expenditure occurs) for their own final consumption on goods or services. This also includes purchases of consumer goods, estimated value of barter transactions, own account production and consumption of goods or services (i.e., paid domestic staff, imputed rent).
Government final consumption expenditure (GFCE) consists of expenditure, including expenditure whose value must be estimated indirectly, incurred by the general government on both individual consumption goods and services and collective consumption services.
Gross capital formation (GCF) is measured by the total value of the gross fixed capital formation, changes in inventories and acquisitions less disposals of valuables for a unit or sector.
Gross fixed capital formation (GFCF) is defined as the acquisition of produced assets (including purchases of second-hand assets), including the production of such assets by producers for their own use, minus disposals.
Construction (CNS) as capital formation refers to gross value or the total costs/expenditure incurred from all new construction, additions and alterations, major repair, erection of prefabricated buildings or structures on the site, and construction of a temporary nature. The PSNA defines construction as GFCF on dwellings, buildings, other structures, and land improvements.
Durable equipment (DEQ) are machinery and equipment that are used repeatedly or continuously in production processes for more than a year. It includes outlays on improvements and alteration of capital goods that significantly increase their productivity and/or expected life.
Breeding stocks and orchard development (BSOD) are cultivated biological resources that cover animal resources yielding repeat products and tree, crop and plant resources yielding repeat products whose natural growth and regeneration are under the direct control, responsibility and management of institutional units.
Intellectual Property Products (IPP) include expenditures on research and experimental development (R&D), software and databases, mineral exploration, and entertainment, artistic and literary originals. They are collectively known as IPP since expenditures on these items or their value reflects the underlying intellectual property they embody.
Inventories are produced assets that consist of goods, which came into existence in the current period or an earlier period, and that are held for sale, use in production or other use at a later date. Changes in inventories (CIN) are measured by the value of the entries into inventories less the value of withdrawals and less the value of any recurrent losses of goods held in inventories during the accounting period.
Acquisitions less disposals of Valuables (VAL) are net acquisition of produced goods of considerable value that are not used primarily for purposes of production or consumption but are held as stores of value over time. Valuables are expected to appreciate or at least not to decline in real value, nor to deteriorate over time under normal conditions. It can be acquired by any institutional units.
Exports of goods (EOG) to the ROW consist of sales, barter, gifts or grants, of goods from residents to non-residents.
Imports of goods (IOG) from the ROW consist of purchases, barter, or receipts of gifts or grants, of goods by residents from non-residents.
Exports of services to the ROW are transactions/purchases of services by residents to non-residents.
Imports of Services from the ROW are transactions/purchases of services by non-residents to residents.
Net exports to the ROP is the difference between the sum of the Exports of goods and services to the ROP and sum of Imports of goods and services from the ROP.