NATIONAL ACCOUNTS STATISTICS

Transcription

1 SDT: KINGDOM OF TONGA NATIONAL ACCOUNTS STATISTICS 2010 October 2010 Statistics Department P.O. Box 149, Nuku alofa Government of Tonga Telephone: (676) / Fax : (676) dept@stats.gov.to Website : Price: T$

2 PREFACE This Bulletin is the 6 th in the series to be published by the Statistics Department, followed the 5 th published in June Last year bulletin published the annual Gross Domestic Product (GDP) for the years , while this one shows the annual figures for the last 9 years, to These GDP estimates are revised annually when new information becomes available to the Department or when production figures are firmed up for some industries. The GDP estimates in this Bulletin used the base period of for constant prices, based on the results of Household Income and Expenditure Survey (HIES) conducted by the Statistics Department during the years 2000 and This base year is needed to update, thus the department conducted the HIES 2009 last year with a target to update the base-period of the Consumer Price Index (CPI) and real GDP, and to revise the benchmarks for GDP estimates. During the preparation of this GDP estimates, the processing of the HIES 2009 was yet to complete. However, it is expected the GDP estimates for next year will be with the new base-year. The PFTAC office in Suva continued their support to economic statistics prior to the annual visit of the IMF mission and the preparation of the annual budget statement. Hence, Mr. Michael Andrew arrived in February for 2 weeks to start these GDP estimates with the available data by that time. Then, Mr. Zia Abbasi finalized these estimates with additional information in March during his 2 weeks mission for the Balance of Payments (BOP) statistics of the department. Therefore, these GDP estimates were available by that time for the IMF mission, the preparation of the annual budget statement 2010 and other users on request. However, the department regretted for the delaying the publishing of this Bulletin. Therefore, this Bulletin brings to fruition a concerted effort rendered by Mr. Michael Andrew and Mr. Zia Abbasi of the PFTAC (noted above) and staff members of the National Accounts Division of the Department. The Department gratefully acknowledges their services, as well as contributions made by other staff members of the department in supplying the most up-to dated figures for these GDP estimates. Their tireless efforts and long hours of hard labour have resulted in these revised GDP estimates. The Department would welcome any suggestions for the future improvement of the contents of this Bulletin. Please contact the Chief of the National Accounts Division, Statistics Department at this address: P.O. Box 149, Nuku alofa, Tonga or Telephone (676) , Fax (676) or dept@stats.gov.to for any queries. Mr. Ata ata M. Finau Government Statistician 2

3 TABLE OF CONTENTS PREFACE 2 ABBREVIATIONS 5 INTRODUCTION General 6 Base-Year Prices, PART 1: STATISTICAL ANALYSIS A. HIGHLIGHTS 7 Gross Domestic Product (GDP) 7 GDP Per Capita 8 Key National Accounts Aggregates 9 B. ANALYSIS OF MAIN AGGREGATES Goods and Services Account 11 PART 2: GDP by Industry 12 PART 3: GDP by Expenditure Component 16 Revisions to GDP 19 Statistical Discrepancy 20 APPENDIXES: LIST OF TABLES 21 3

4 APPENDIXES: LIST OF TABLES Table 1: Summary Table 2: Goods and Services Account at Current Prices (T$ millions) Table 3: Goods and Services Account at Constant Prices (T$ millions) Table 4: GDP at Current Prices by Industry (T$ millions) Table 5: GDP at Constant Prices by Industry (T$ millions) Table 6: GDP (P) Implicit Price Deflators Table 7: GDP at Current Prices by Industry (Annual Change) Table 8: GDP at Constant Prices by Industry (Annual Change) Table 9: GDP (P) Implicit Price Deflators (Annual Change) Table 10: Contribution by Industry to GDP at Current Prices Table 11: Contribution by Industry to GDP at Constant Prices Table 12: Gross Output at Current Prices by Industry (T$ millions) Table 13: Gross Output at Constant Prices by Industry (T$ millions) Table 14: Gross Output Implicit Price Deflators Table 15: GDP at Current Prices by Expenditure Share (T$ millions) Table 16: GDP at Constant Prices by Expenditure Share (T$ millions) Table 17: GDP (E) Implicit Price Deflators Table 18: GDP at Current Prices by Expenditure Share (Annual Change) Table 19: GDP at Constant Prices by Expenditure Share (Annual Change) Table 20: GDP (E) Implicit Price Deflators (Annual Change) Table 21: Contribution of Expenditure Aggregates to GDP at Current Prices Table 22: Contribution of Expenditure Aggregates to GDP at Constant Prices Table 23: Key National Accounts Aggregates at Current Prices (T$ millions) Table 24: Key National Accounts Aggregates at Current Prices (Annual Change) Table 25: Revisions to GDP at Current Prices (T$ 000) Table 26: Revisions to GDP at Constant Prices (T$ 000) 4

5 ABBREVIATIONS BEC Broad Economic Category BOP Balance of Payments c.i.f. Cost including insurance and freight CPI - Consumer Price Index ES Establishment Survey FCE Final Consumption Expenditure fob Free on Board GFCE Government FCE GFCF Gross Fixed Capital Formation GDI Gross Disposable Income GDP - Gross Domestic Product GDP (E) GDP by Expenditure GDP (P) GDP by Production GFCF Gross Fixed Capital Formation GNI Gross National Income GNP Gross National Product GVA Gross Value-Added HIES - Household Income and Expenditure Survey HFCE Household FCE IMF - International Monetary Fund LFS - Labour Force Survey NFIA Net Factor Income from Abroad NPISH Non Profit Institution Serving PFTAC - Pacific Financial Technical Assistance Centre (IMF) in Suva SD Statistics Department SPC - Secretariat of the Pacific Community SNA 93 System of National Accounts 1993 VA Value-Added 5

6 Introduction 1.1 General This report provides the provisional estimates of Gross Domestic Products (GDP) by industry for the fiscal year and notes on updating the real GDP to prices. The estimates also showing the annual GDP (with growth rates, contribution to GDP, and implicit price deflator) by industry and expenditure for the previous fiscal years to 08. It also shows the Gross Output and intermediate consumption by industries. Some important charts are also included in this bulletin. The National Account Division conducted a survey of selected large businesses in November each year, with the purpose to collect more up-to-date data for the GDP estimates. Additional information for previous years has been received since the estimates were last compiled, then the estimates for those years of some industries have been revised accordingly. The external account (Balance of Payments) for the fiscal years to was also used to derive other national accounts aggregates, such as the external trade components in the Expenditure GDP and the derivation of Gross National Income (GNI). The Expenditure on GDP and Key National Accounts Aggregates for the same years are also provided. The National Accounts, vis-à-vis GDP estimates, has a long history here in Tonga back to before the statistics section of the Ministry of Finance became a department in July That GDP estimate was conducted by an expert from the Commonwealth Secretariat in London. Then continued by the department with assistance from other consultants up to the last one by Michael Andrew and Zia Abbasi of the PFTAC in February and March this year respectively. They reviewed the methodology and data sources for , thus worked backward to as shown in this bulletin. As a result, the department has to keep a long series (unpublished) of GDP from to Base-Year Prices, = 100 This report is the third to be published by the department, showing the GDP estimates by the base-year of prices. The last GDP estimate of the Kingdom for the budget statement, which used the previous base year and benchmarks of prices, was produced in March 2002 (unpublished) for the years to Since the base year was considered out-of-date, a decision was made to update the base year to prices. The purpose of GDP revaluation by base-year prices (real GDP) is to eliminate the effects of price changes/inflation in time series of GDP, so that changes in the series represent the changes in the physical volume of goods and services. The Inter-temporal comparison of GDP or other related figures is required to be measured at the real prices. 6

7 PART I: STATISTICAL ANALYSIS The latest national accounts estimates for to are analyzed in this section of the bulletin. Estimates for 08 and are provisional, and estimates for other years have been revised. The analysis focuses on real growth in constant prices, unless stated otherwise. The detailed estimates are presented in the statistical tables in Part II and a summary of the sources and methods used to compile these estimates is provided in Part III. A. HIGHLIGHTS Gross Domestic Product (GDP) The Tongan economy has fluctuated during the past 6 years as shown in table 8, however, for the last 3 years, it expanded in 08 by 2.0 percent in real terms after a contraction of 1.2 percent in the previous year, then contracted again by 0.4 percent in Real GDP growth has averaged 0.9 percent per annum over the past 8 years. The estimated GDP for in constant prices was T$ million, down from T$379.8 million in 08. The estimated nominal GDP for was T$648.6 million, down again from T$659.2 million in 08. Nominal GDP growth has averaged 8.1 percent per annum over the past 8 years. Chart 1: GDP Growth Rates in Current and Constant Prices In constant prices, market GVA decreased by 0.5 percent in real terms from T$ million in 08 to T$ million in , and accounted for 60.3 percent of GDP. However, the non-market GVA grew by 0.8 percent, from T$ million in 8 to T$ million in , accounting for 27.1 percent of GDP. Imputed bank charges increased 7

8 by 8.5 percent, accounting for 2.3 percent of GDP, while indirect taxes less subsidies decreased by 1.0 percent, accounting for 13.0 percent of GDP. Chart 2: GDP(P) Aggregates in Constant Prices GDP Per Capita Estimated annual GDP per capita in in current prices was T$ 6,306, down 2.0 percent compared to T$ 6,435 in 08. This compares to an average annual increase of 7.9 percent since In real terms, annual GDP per capita in was estimated to T$3,684, a decrease of 0.2 percent compared to T$ 3,707 in 08. Real growth in GDP per capita has averaged around 0.8 percent per annum since Population growth during the same period has averaged 0.4 percent growth per annum. 8

9 Chart 3: GDP per Capita in Constant 2000 Prices Key National Accounts Aggregates Estimates for gross national income (GNI) and gross disposable income (GDI) have been revised for all years, and new experimental estimates for saving, changes in net worth due to saving and capital transfers, and net lending/borrowing have been compiled and included in this bulletin. Nominal GDP decreased by 1.6 percent to an estimated of T$ million in , compared to a decrease of 1.1 percent in GNI to T$ million and a decrease of 3.4 percent in GDI to T$ million. Thus, savings (gross) dropped from T$80.9 million in 08 to T$35.4 million in However despite this drop in saving, due to a significant decrease in gross disposable income and an increase of final consumption expenditure, net borrowing increased from T$ 45.7 million in 08 to T$ 50.4 million in

10 Chart 4: Key Aggregates in Current Prices 10

11 B. ANALYSIS OF MAIN AGGREGATES Goods and Services Account Chart 5: Main Goods and Service Account Aggregates in Constant Prices The fiscal year was not a good year for the Goods and Services Account, such that all its components declined. Estimates for gross output and intermediate consumption have been produced and included in this bulletin for the second time. Gross output decreased by 0.2 percent in constant prices to T$ million in , similarly intermediate consumption decreased by 0.4 percent to T$ million during the year. Final consumption expenditure also fell by 0.9 percent to T$ million, while gross fixed capital formation also fell deeper by 4.2 percent to T$ 93.0 million for the year. Imports of goods and services fell by 5.3 percent to T$ million, while exports of goods and services decreased by 0.7 percent down to T$ 59.3 million. 11

12 Part 2: GDP by Industry The agriculture sector decreased by 1.3 percent in real terms in , mainly due to decreased crop production and fishing, following a more modest increase of 0.6 percent in 08. The contribution of the agriculture sector to GDP decreased from 17.5 percent in 08 to 17.3 percent in The industry sector grew by 3.0 percent in , mainly due to increased manufacturing activity particularly the household sector, following an increase of 1.8 percent during the previous year. The contribution of the industry sector to GDP was 17.5 percent in , up from 16.8 percent in the previous year. The services sector decreased by 0.7 percent in , due mainly to increased growth in the trade, hotels, communications, and finance industries, following an increase of 2.2 percent in 08. The contribution of the services sector to GDP decreased to 54.6 percent from 54.8 percent in 08. Imputed bank charges increased 8.5 percent, accounting for 2.4 percent of GDP, while indirect taxes less subsidies decreased 0.5 percent, accounting for 13.0 percent of GDP. Chart 6: GDP by Main Economic Activity in Constant Prices Agriculture industry GVA in increased by 0.7 percent in constant prices, compared to a revised increase of 2.4 percent growth for the previous year. Forestry GVA increased 0.6 percent, compared to a 0.7 growth in the previous year. These growths were offset by the contraction of 7.5 percent in fishing industry, following a contraction of 4.4 percent in the previous year. 12

13 Chart 7: Agriculture Sector GVA in Constant Prices In real terms, mining and quarrying GVA decreased 0.5 percent in , following a revised 9.0 percent growth in 08. Manufacturing GVA decreased by 4.5 percent, following a revised growth of 3.1 percent in 08. Electricity and water supply GVA increased 7.7 percent during the year following a revised growth of 19.3 percent in 08. Construction GVA increased 7.30 percent in , compared to a revised increase of 4.5 percent in the previous year. 13

14 Chart 8: Industry Sector GVA in Constant Prices Chart 9.1: Services Sector GVA in Constant Prices In real terms, trade GVA grew by 0.8 percent in , following revised increase of 6.5 percent in 08. Hotels and restaurants GVA increased 3.9 percent during the year, compared to growth of 8.7 percent the previous year. GVA for the transport and storage industry decreased by 5.8 percent, following a revised huge contraction of 15.6 percent in the previous year. Growth 14

15 in the communications industry GVA slowed to 1.2 percent following a revised contraction of 3.0 percent in 08. Financial intermediation GVA decreased by 3.5 percent in following an increase of 3.4 percent in 08, while real estate, renting and business services GVA contracted by 3.3 percent compared to a revised increase of 1.2 percent the previous year. Chart 9.2: Services Sector GVA in Constant Prices In , GVA for public administration and services grew 1.5 percent in constant prices, following a revised 4.6 percent growth in the previous year. Education services GVA dropped by 13.5 percent in compared to a revised decrease of 4.7 percent in the previous year. Health and social work contracted 7.9 percent compared to a revised 4.8 percent growth in 08. Recreational, cultural and sporting services expanded 10.0 percent compared to a 7.3 percent growth in 08. Other community and personal services GVA contracted by 5.6 percent compared to a revised decrease 2.3 percent in the previous year. Ownership of dwellings GVA increased 1.5 percent in compared to 1.9 percent in the previous year, reflecting a slow-down in new home ownership. 15

16 Part 3: GDP by Expenditure Component Annual growth in the Tongan economy is measured using the production approach, GDP by industry, as it is a more reliable measure than the expenditure approach, GDP by expenditure share. However, GDP(E) estimates are a useful cross-check to confirm that GDP(P) estimates are reliable. In constant prices, GDP(E) estimates for 08 and were T$ million and T$ million respectively, compared to the revised GDP(P) estimates of T$ million and T$ million for the same years. Hence, the growth rates and the overall level of GDP for both measures are quite similar. Chart 10: Expenditure Aggregates in Constant Prices In real terms, all components of the expenditure GDP were estimated to decline from 08 to As such, final consumption expenditure (FCE) decreased by 0.9 percent from the revised T$ million in 08 to T$ million in Gross fixed capital formation (GFCF) downed by 4.2 percent to T$ 93 million in from the revised T$97.1 million in 08. A change in inventories was estimated to decrease from the revised T$4.8 million in 08 to only T$0.2 million in Exports of goods and services decreased by 0.7 percent to T$ 59.3 million in from the revised T$59.7 million in 08. Then, imports of goods and services decreased by 5.4 percent from the revised T$202.9 million in 08 to T$ million in

17 Chart 11: Final Consumption Expenditure Aggregates in Constant Prices FCE for households (HFCE) decreased only slightly, by 0.4 percent, in compared to a revised decrease of 0.5 percent in the previous year. NPISH FCE dropped by 13.9 percent to T$20.1 million in from T$23.4 million in the previous year. In contrast, Government FCE (GFCE) increased in by 1.5 percent and 5.6 percent in the previous year. Chart 12: Gross Fixed Capital Formation in Constant Prices 17

18 Construction GFCF increased 0.3 percent in following a decrease of 1.8 percent in 08. Durable equipment GFCF down by 9.3 in after a huge increase in 08 by 98.3 percent. Chart 13: External Trade in Goods and Services in Constant Prices In constant prices, goods exports continued decreasing by 8.9 percent in after a revised fall of 15.4 percent in 08. Services exports recovered by 3.5 percent growth in after a fall of 4.8 percent in the previous year. Goods imports fell by 4.9 percent in after a 20 percent increase in 08, and 3.4 percent increase in the previous year, due mainly to significant capital goods imports. Services imports continued decreasing for the 4 th consecutive year by 6.6 percent, after a 12.7 percent decrease in the previous year. 18

19 Revisions to GDP Chart 14: Revisions to GDP in Current and Constant Prices For the second year of using the changes in compilation methodology of GDP estimates, a number of minor revisions have been made to GDP aggregates back to , due to additional coverage and revised data from government agencies, line ministries and other organizations. The revisions to the previous estimates have resulted in the overall level of GDP at current prices increasing by an average of 0.8 percent, with revised levels increasing by a high of 2.9 percent in 06 to a low of -0.1 percent in 04 and 05. GDP in constant prices have been revised upwards by an average of 0.4 percent, with revised levels increasing by a high of 1.0 percent in 07 to a low of zero percent in The revisions have also resulted in changes to nominal and real growth rates. The reasons for the revisions include: Improvements in coverage to incorporate informal sector activity relating to quarrying, and manufacturing of handicrafts; and formal sector coverage of construction, land transport and financial auxiliaries; Correcting the very low estimates for imputed rents GVA for owner occupied dwellings by replacing the benchmark estimate with actual imputed rents reported in the HIES , less costs of repairs, maintenance and other expenses normally paid by landlords; Inclusion of independent estimates for Real estate, renting and business services, Education, Health and social work, Recreational, cultural and sporting activities, and Other community and personal services; Re-benchmarking the estimates to the ES and HIES benchmark data; and 19

20 Discontinuing the use of subjective indexes and ensuring all aggregates are estimated using actual reported data, value or volume indicators, and/or linked to related aggregates (e.g. quarrying and construction). The improved coverage and revised imputed rents GVA discussed above were the main contributors to the increase in GDP level estimates. Statistical Discrepancy The statistical discrepancy for the goods and services account is well within the target of +/- 1.0 percent, except the in nominal term was 2.1 percent. For nominal resources and uses estimates, the discrepancy averaged at 0.6 percent (ranging from 0.2 percent in each of 06 and 08 to 2.1 percent in ). For real resources and uses estimates, the discrepancy averaged at 0.5 percent (ranging from -0.3 percent in to 0.9 percent in each of 08 and ). Similarly, the discrepancy between the production and expenditure measures of GDP is also well within the target of +/- 2.0 percent, except for the in nominal term was -4.7 percent, average to -0.5 percent, ranged from 1.2 percent in 03 and 05 downed to -4.7 percent in For real GDP, the discrepancy averaged to 1.1 percent (ranging from -0.6 percent in to 2.0 percent in ). 20

21 APPENDIXES: Table 1: National Accounts Summary (T$ millions) Aggregate 08p p At Current Prices: T$m Gross Domestic Product (GDP) Of which: Market Non-market Less imputed bank service charges Taxes less subsidies on products Plus Net Income from Abroad Gross National Income (GNI) Plus Net Current Transfers Gross Disposable Income (GDI) In US Dollars: GDP in US$ millions GNI in US$ millions GDI in US$ millions Per capita: GDP per capita - $T 3,539 3,972 4,431 4,670 4,971 5,847 5,988 6,435 6,314 GDP per capita - $US 1,783 1,776 1,979 2,242 2,515 2,844 2,903 3,293 2,988 GNI per capita - $T 3,531 4,046 4,490 4,731 5,010 5,957 6,111 6,555 6,463 GNI per capita - $US 1,779 1,809 2,005 2,271 2,535 2,898 2,963 3,354 3,059 At Constant Prices: Gross Domestic Product (GDP) Of which: Market Non-market Less imputed bank service charges Taxes less subsidies on products Per capita: GDP per capita - $T 3,539 3,652 3,730 3,753 3,702 3,707 3,649 3,707 3,677 GDP per capita - $US 1,783 1,633 1,666 1,801 1,873 1,803 1,769 1,897 1,740 Exchange rate $US/$T Population (persons) 99,535 99, , , , , , , ,869 p - Preliminary estimates. r - Revised estimates. 21

22 Table 2: Goods and Services Account at Current Prices (T$ millions) Aggregate 08p p RESOURCES Output at basic prices Market Non-market Imports of goods and services Taxes on products Less: Subsidies on products TOTAL RESOURCES , , , , , ,449.1 USES Intermediate consumption Final consumption expenditure Households Non Profit Institutions Serving Households Government Gross fixed capital formation Changes in inventories Exports of goods and services TOTAL USES , , , , , ,479.7 Statistical Discrepancy (2.2) (7.7) (5.4) (3.1) (30.6) p - Preliminary estimates. r - Revised estimates. 22

23 Table 3: Goods and Services Account at Constant Prices (T$ millions) Aggregate 08p p RESOURCES Output at basic prices Market Non-market Imports of goods and services Taxes on products Less: Subsidies on products TOTAL RESOURCES USES Intermediate consumption Final consumption expenditure Households Non Profit Institutions Serving Households Government Gross fixed capital formation Changes in inventories Exports of goods and services TOTAL USES Statistical Discrepancy (2.2) p - Preliminary estimates. r - Revised estimates. 23

24 Table 4: GDP at Current Prices by Industry (T$ millions) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 24

25 Table 5: GDP at Constant Prices by Industry (T$ millions) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 25

26 Table 6: GDP(P) Implicit Price Deflators Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 26

27 Table 7: GDP at Current Prices by Industry (Annual Change) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 27

28 Table 8: GDP at Constant Prices by Industry (Annual Change) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 28

29 Table 9: GDP(P) Implicit Price Deflators (Annual Change) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 29

30 Table 10: Contribution by Industry to GDP at Current Prices Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 30

31 Table 11: Contribution by Industry to GDP at Constant Prices Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Less Imputed Bank Service Charge GDP at Factor Cost Plus Taxes on Products Less Subsidies on Products GDP at Market Prices p - Preliminary estimates. r - Revised estimates. 31

32 Table 12: Gross Output at Current Prices by Industry (T$ millions) Industry Agriculture Sector 08p p Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Gross Output at Basic Prices Market Non-market p - Preliminary estimates. r - Revised estimates. 32

33 Table 13: Gross Output at Constant Prices by Industry (T$ millions) Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Gross Output at Basic Prices Market Non-market p - Preliminary estimates. r - Revised estimates. 33

34 Table 14: Gross Output Implicit Price Deflators Industry 08p p Agriculture Sector Agriculture Forestry Fishing Total Market Non-market Industry Sector Mining and Quarrying Manufacturing Electricity and Water Supply Construction Total Market Non-market Services Sector Trade Hotels and Restaurants Transport and Storage Communications Financial Intermediation Real Estate, Renting and Business Services Public Administration and Services Education Health and Social Work Recreational, Cultural and Sporting Activities Other Community and Personal Services Ownership of Dwellings Total Market Non-market Gross Output at Basic Prices Market Non-market p - Preliminary estimates. r - Revised estimates. 34