18 NOV Nigerian Gross Domestic Product Report (expenditure approach) Q2 2015

Transcription

1 18 NOV 2015 Nigerian Gross Domestic Product Report (expenditure approach) Q2 2015

2 PREFACE This publication provides data on Quarterly Gross Domestic Product (GDP) by the EXPENDITURE approach estimates for the Second Quarter of It also contains quarterly estimates from Quarterly National Accounts (QNA) are integrated system of macroeconomic accounts designed to describe the entire system of production in a nation on a quarterly basis. They provide a picture of the current economic status of the economy that is more timely and frequent than the that provided by Annual National Accounts (ANA). The key attribute of QNA is that they provide a reasonable level of details of the economy that help government to assess, analyze, and monitor economic growth on a regular basis. QNA adopts the same concepts, definitions and structure as ANA. In principle QNA covers the entire sequence of accounts and balance sheets as reflected in the 2008 System of National Accounts (2008 SNA). The estimates herein are from a wide variety of sources including expenditure surveys, government accounts from the three tiers (Federal States and Local governments), trade statistics from the Nigerian Customs Services, Nigeria s Balance of Payments BOP compiled by the Central Bank of Nigeria and business/establishment survey among others. We are grateful to the various agencies and establishments that made their data available as input to the estimates. Dr. Yemi Kale, Statistician General, of the Federation National Bureau of Statistics, Abuja Nigeria. November, 2015

3 EXECUTIVE SUMMARY Total expenditure on GDP measured in real terms increased by 2.30 percent (year-on-year) in Q2 of 2015* while year on year nominal changes indicated an increase of 5.12 percent in the quarter. Final consumption expenditure of households accounted for the largest share of expenditure at percent of total expenditure on GDP at nominal market prices, an increase on both the previous and Q2 of Final consumption expenditure of households recorded a nominal growth quarter-on-quarter of 8.78 percent and strong yearon-year growth of percent. In real terms, Final consumption expenditure of households recorded year-on-year and quarter-onquarter growth rate of percent and 0.96 percent respectively. Representing 5.87 percent of the total expenditure on nominal GDP, General Government final expenditure decreased year-on-year by percent. In real terms this decrease was more pronounced; general government final expenditure fell by percent relative to Q2 2014, and by percent relative to its level in the previous quarter. Nominal expenditure on Gross Fixed Capital Formation (Investment) increased on the year, but by a smaller degree than in the first quarter of Investment in non-residential buildings was the main driver in growth for the second quarter of 2015; other components such as transport equipment and machinery saw declines. These trends were mirrored in real terms. Net exports of goods and services accounted for 2.85 percent of nominal GDP at market prices, a decline from 7.77 percent in the same quarter of the previous year. Exports declined by percent over this period; a decline only partially counteracted by the percent decline in imports. Accordingly, whereas the net export balance remained positive, the gap between the value of exports and the value of imports narrowed. Compensation of Employees (COE) returned to growth of 0.11 percent year on year in nominal terms, after the decline of 2.49 percent in the first quarter of In real terms however, COE declined by of 8.11percent. National disposable income grew in nominal terms by 6.09 percent (year on year) in Q During this period, household consumption accounted for percent of national disposable income and percent of income was devoted to savings, which was higher than in the previous quarter but lower than the corresponding quarter of last year. *Some revisions to data for 2014 through to 2015 Q1, as a result of finalisation of previous Balance of Payments and fiscal estimates

4 Definition of main aggregates The concepts and definitions used in this publication are those stated in the United Nations System of National Accounts (SNA) Manual - A System of National Accounts Taxes on production and imports: Taxes on production and imports comprise all taxes that enterprises incur by engaging in production. There are two categories of taxes, namely taxes on products and other taxes on production. Taxes on products are payable on goods and services when they are produced, sold or used. Examples are excise duties, import duties and Value Added Taxes (VAT). Other taxes on production are taxes payable out of the value added of producers. This category of taxes includes taxes levied on property, fixed assets and labour employed. Examples are municipal rates, motor vehicle licenses and business licenses. GDP at basic prices: GDP at basic prices is obtained as the difference between output and intermediate consumption whereby output is valued at basic prices and intermediate consumption at purchasers prices. GDP at market prices: GDP at market prices is equal to the GDP at basic prices plus taxes (net of subsidies) on products. Gross National Income (GNI): GDP plus net primary income from the rest of the world gives Gross National Income (GNI). Gross National Disposable Income (GNDI): The sum of Gross National Income (GNI) and net transfers from the rest of the world gives Gross National Disposable Income (GNDI). Gross Domestic Fixed Capital Formation (GDFCF): Gross Domestic Fixed Capital Formation (GDFCF) consists of the net additions to the assets of producers of tangible reproducible goods which have an expected lifetime of use of more than one year. These assets are buildings, plants, machinery and transport equipment, land improvement land and research and development.

5 Change in inventories: Change in inventories includes the value of the physical change in inventories of raw materials, work in progress and finished goods held by producers. Final Consumption expenditure: Consumption expenditure is made up of final consumption expenditure of households and of government. Final consumption expenditure of general Government is further disaggregated into collective and individual consumption expenditure. Collective consumption expenditure of general government consists of the services which government provides to the community as a whole, for example, security and defence whereas Individual consumption expenditure of general government is made up of expenses incurred in providing services which are mostly beneficial to individuals, mainly in respect of health and education. Final consumption expenditure of households comprises the value of goods and services purchased by households including the value of imputed rent of owner occupied dwellings. Gross National Saving: Gross National Disposable Income (GNDI) less total final consumption expenditure gives Gross National Saving. Exports and Imports of goods and services: Both exports and imports are measured on an f.o.b. basis. Compensation of employees: Compensation of employees comprises all payments of wages and salaries by producers to their employees. Payments in kind and contributions to social security and to private pension fund, casualty insurance and similar schemes are also included. Gross operating surplus: Gross operating surplus is defined as the excess of value added over the cost of employees' compensation and other taxes on production and imports net of subsidies.

6 KEY HIGHLIGHTS GDP BY EXPENDITURE The Gross Domestic Product (GDP) can be derived as the value of all goods and services available for final uses and export. The expenditure approach measures the final uses of the produced output as the sum of Final consumption, Gross Capital Formation and Exports less Imports. Figure 1: Quarter on same quarter a year earlier growth in GDP (nominal) GDP(Y) = C + G + I + X- M Where: C is Household Final Consumption Expenditure G is Government Final Consumption Expenditure I is Gross Domestic Investment X is exports M is Imports GDP at current market value of goods and services in Nigeria (nominal) increased by 5.12 percent, from N 21, billion in the second quarter of 2014, to N23, billion in the second quarter of This growth rate was higher than the previous quarter, but lower than the average growth rate in To a large extent, this reduction has been driven by the recent fall in oil prices, which has decreased Nigeria s net exports. At basic prices (not including taxes and subsidies) GDP grew by 5.17 percent. Net taxes on products (taxes less subsidies) have been rising less quickly, and less consistently than GDP at market prices, which means that the difference between basic price and market GDP has been decreasing. This trend continued in the most recent period: net taxes fell by 0.39 percent relative to the second quarter of 2014, which explains why growth in basic price GDP was slightly higher than growth in market price GDP Expenditure on GDP in real terms (at 2010 prices) stood at N16, billion in the second quarter of 2015, compared with N16, billion recorded in the corresponding quarter of 2014, representing a growth rate of 2.30 percent. This is the lowest growth in real GDP recorded since 2011; growth in the same period in 2014 was 6.47 percent.

7 KEY HIGHLIGHTS Analysis of Growth of Expenditure components Although growth in total GDP grew by 5.12 percent in nominal terms between 2015 Q2 and 2014 Q2, this hides differing trends in the growth rates of its components. Figure 2 shows the contributions that each expenditure component made to year on year GDP growth. These are calculated as the growth of each component weighted by their importance to GDP, so that the sum of the bars in each quarter is equal to the growth rate in GDP. It reveals that for most quarters, household consumption is an important driver of growth. However since the last quarter of 2014, this has been counteracted by net exports, which have been a drag on growth. In addition, government consumption has contributed negatively to growth, but to a lesser extent, due to a smaller contraction. Figure 2: Percentage point contributions to quarter on same quarter a year previous growth rates, of main expenditure components, and total GDP growth (market prices) In the second quarter of 2015, crude oil accounted for percent of the value of all merchandise exports (see Foreign Trade Statistics Q for more detail). Therefore the dramatic fall in oil prices, which began in the Third quarter of 2014, necessarily had a large effect on this component of expenditure, and helps to explain why net exports have been negative since this time. The price of crude oil nearly halved between the third quarter of 2014 and the second quarter of Oil revenue also accounts for a large portion of government revenue, which could also explain why government final consumption contributed negatively to growth.

8 Components FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD In nominal terms, household final consumption expenditure rose from N14, billion in the Second Quarter of 2014 to N17, billion in in the Second Quarter of This represents a growth of percent, considerably higher than growth in total nominal Gross Domestic Product. Therefore, the share of household consumption in GDP increased between these periods, from percent to percent. Relative to the previous quarter, household consumption grew by 8.78 percent. However, household consumption remains lower than its peak of N18, billion, which was reached in the final quarter of In real terms, growth was percent, from N9, billion in the second quarter of 2014 to N10, billion in the second quarter of This was the strongest growth since the last quarter of In addition, growth in household consumption has outpaced growth in GDP for the last three quarters in real terms. Household consumption is the largest component of expenditure on GDP, meaning that growth in this measure accounts for a large part of overall growth. Its share of GDP in real terms was recorded at 65.17percent in the Second Quarter of 2015, up from its corresponding share a year earlier by 5.53 percentage points GENERAL GOVERNMENT FINAL CONSUMPTION EXPENDITURE In nominal terms, general government final consumption expenditure (GFCE) fell by 11.81percent between the second quarter of 2015, and the same quarter of 2014, from N1, billion to N1, billion. This meant that the share of GDP accounted for by GFCE fell, from 6.99 percent to 5.87percent. This was the lowest share since In constant 2010 prices, GFCE was N billion in the second quarter of 2015, the lowest level since the first quarter of This represents a decrease of percent since the same quarter of 2014, when GFCE stood at N1, billion. This decrease can be attributed to the drop in the oil price, which adversely affected government revenues. In real terms GFCE accounted for 5.63 percent of expenditure on GDP, lower from the corresponding quarter in 2014 by 1.13 percentage points. GROSS FIXED CAPITAL FORMATION (INVESTMENT) The gross fixed capital formation (GFCF) captures investment activities carried out in the economy. Investment in the second quarter of 2015 reached N3, billion in nominal terms, representing an increase of 4.47 percent compared to the same quarter of the previous year. In contrast, GFCF grew by 7.49 percent in real terms over the same period,. The largest changes in the components of GFCF in real terms came from transport equipment, for which investment was percent lower than the same quarter of 2014, and machinery, for which investment was percent lower. However as these components are a small part of the total the effect on GFCF was small. Investment in non-residential buildings grew by percent, and this component now accounts for percent of total GFCF in real terms. This figure has increased from percent since the start of As a share of expenditure on real GDP, GFCF accounted for percent, 0.88 percentage points lower from its share recorded in the corresponding quarter of 2014.

9 CONSUMPTION OF FIXED CAPTIAL On a nominal basis, Consumption of Fixed Capital - depreciation- increased by 5.82 percent (year-on-year) in the second quarter of 2015, and by percent on the previous quarter, although the series is volatile on a quarterly basis. Consumption of fixed capital was percent of gross fixed capital formation, implying that roughly a third of investment performed is required to maintain the stock of fixed capital. In real terms, developments exhibited the a similar pattern as in nominal terms. Consumption of Fixed Capital increased by 2.69 percent year-on-year, and increased by percent quarter on quarter. NET EXPORTS OF GOODS AND SERVICES Net exports had a relatively large negative effect on GDP growth in the second quarter of 2015, partly counteracting the more robust growth in final consumption expenditure by households. In nominal terms exports decreased by 37.61percent relative to the same quarter of 2014; representing a larger contraction than in the previous quarter when growth was percent. The net effect was mitigated to some extent by a decrease in imports of 24.31percent in nominal terms. Nevertheless, net exports reduced by percent. In real terms however, the fall in net exports was less pronounced, largely due to imports falling by percent between 2015 Q2 and the same quarter the previous year. At 2010 prices, the value of exports was N2, billion in the second quarter of 2015, a decline of percent year-on-year. Consequently, net exports stood at N1, billion, accounting for 9.86 percent of GDP at 2010 market prices. In nominal terms, compensation of employees (COE) was broadly the same in 2015 Q2 as it was in the same quarter of 2014, increasing by only 0.11percent. However, given an increase in the deflator of 8.94 percent over the period, (reflecting price increases) this meant a fall in real terms of 8.11percent. Hence, whereas as COE was N4, billion in 2014 Q2, it had fallen to N4, in 2015 Q2. NATIONAL DISPOSABLE INCOME AND SAVINGS National disposable income (NDI) grew in nominal terms by 6.09 percent in Q2 2015, from N20, billion in the same quarter of 2014 to N22, billion. Growth was however 5.33 percentage points lower when compared to rates recorded in the corresponding quarter of Relative to the previous quarter, NDI was up by10.62 percent. In 2015 Q2 the proportion of nominal NDI that was allocated to savings was percent, which represents an increase on the previous quarter (when percent was saved) but a decrease relative to the same quarter a year earlier, when 20.47percent was saved.

10 OPERATING SURPLUS NET TAXES ON PRODUCT In Nominal terms, Operating Surplus (OS) the excess value added over the cost of employees' compensation, depreciation and other taxes on production and imports net of subsidies was estimated to be N15, billion in the Second Quarter of 2015, representing a 7.36 percent increase from the N14, billion recorded in the corresponding quarter of This growth rate was marginally higher (0.22 percentage points) than in the previous quarter, but nevertheless slow relative to the growth rates recorded between 2011 and On the previous quarter, OS increased by 7.40 percent. As a share of expenditure on GDP, OS was recorded at percent in the Second Quarter of 2015, higher from shares recorded in the Second Quarter of 2014 by 1.38 percentage points. In real terms, OS was estimated to be N11, billion at 2010 prices in the Second Quarter of 2015, representing a 6.78 percent increase on the same quarter of the previous year, when operating surplus stood at N10, billion. As a share of expenditure on real GDP, Operating Surplus was recorded at 67.41percent in the Second Quarter of 2015, 2.83 percentage points higher from the share recorded in the corresponding quarter in In nominal terms, net tax on products was recorded at N billion in the second quarter of 2015, compared to N billion in the corresponding quarter of 2014, this represented a slight decrease of 0.39 percent. On the previous quarter the Net taxes increased by percent. In real terms, Net taxes declined by 3.05 percent in the Second Quarter of This was 2.57percentage points lower from growth recorded in the Second Quarter of Relative to the First Quarter of 2015, Net Taxes increased by 4.25 percent.

11 EXPENDITURE ON GROSS DOMESTIC PRODUCT 2010-Q2, 2015 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total Q1 Q2 (=N='MILLION) FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 14,046, ,899, ,246, ,332, ,524, ,709, ,089, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITU- TIONS SERVING HOUSEHOLD 99, , , , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERN- MENT 1,294, ,535, ,529, ,279, ,639, ,477, ,354, Individual Cosumption Expenditure of general government 334, , , , ,536, , , Collective Cosumption Expenditure of general government 960, ,186, ,180, ,776, ,103, ,140, ,029, CHANGES IN INVENTORIES 151, , , , , , , GROSS FIXED CAPITAL FORMATION 3,201, ,586, ,153, ,651, ,593, ,605, ,747, EXPORTS OF GOODS AND SERVICES 4,047, ,761, ,773, ,034, ,616, ,756, ,970, LESS IMPORTS OF GOODS AND SERVICES 2,458, ,056, ,704, ,002, ,222, ,565, ,313, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 20,381, ,957, ,232, ,564, ,136, ,242, ,080, ,835, ,315, ,985, ,534, ,671, ,690, ,322, OPERATING SURPLUS 13,222, ,173, ,774, ,381, ,551, ,168, ,217, CONSUMPTION OF FIXED CAPITAL 959, ,100, ,019, ,115, ,195, ,015, ,164, OTHER TAXES ON PRODUCTION(NET) 151, , , , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 20,169, ,734, ,933, ,205, ,043, ,041, ,859, NET TAXES ON PRODUCTS 212, , , , ,093, , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 20,381, ,957, ,232, ,564, ,136, ,242, ,080,911.17

12 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIA- Q1 Q2 Q3 Q4 Total Q1 Q2 CURRENT PURCHASERS' VALUE (=N='MILLION) 5,835, ,315, ,985, ,534, ,671, ,690, ,322, OPERATING SURPLUS 13,222, ,173, ,774, ,381, ,551, ,168, ,217, DOMETIC FACTOR INCOME 19,058, ,488, ,759, ,915, ,222, ,858, ,539, FROM THE REST OF THE WORLD NET 5, , , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD(NET) - 687, , , , ,174, ,197, , NET TAXES ON PRODUCTS 212, , , , ,093, , , NATIONAL INCOME AT MARKET PRICES 18,588, ,861, ,240, ,478, ,169, ,869, ,034, FROM THE REST OF THE WORLD NET 832, , , , ,445, ,018, , NATIONAL DISPOSABLE INCOME 19,421, ,738, ,079, ,375, ,615, ,888, ,001, GOVERNMENT FINAL CONSUMPTION EXPENDITURE 1,294, ,535, ,529, ,279, ,639, ,477, ,354, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 14,046, ,899, ,246, ,332, ,524, ,709, ,089, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 99, , , , , , , SAVING 3,980, ,245, ,223, ,665, ,114, ,584, ,492, APPROPRIATION OF DISPOSABLE INCOME 19,421, ,738, ,079, ,375, ,615, ,888, ,001,251.31

13 TABLE 3 CAPITAL FINANCE CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total Q1 Q2 (=N='MILLION) SAVING 3,980, ,245, ,223, ,665, ,114, ,584, ,492, CONSUMPTION OF FIXED CAPITAL 959, ,100, ,019, ,115, ,195, ,015, ,164, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 4,940, ,345, ,243, ,780, ,310, ,600, ,656, CHANGES IN INVENTORIES 151, , , , , , , GROSS FIXED CAPITAL FORMATION 3,201, ,586, ,153, ,651, ,593, ,605, ,747, PURCHASES OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 1,587, ,586, ,935, , ,067, , , GROSS ACCUMULATION 4,940, ,345, ,243, ,780, ,310, ,600, ,656,721.20

14 TABLE Q1 Q2 Q3 Q4 Total Q1 Q2 EXTERNAL TRANSACTIONS CURRENT PURCHASERS' VALUE (=N='MILLION) EXPORTS OF GOODS AND SERVICES 4,047, ,761, ,773, ,034, ,616, ,756, ,970, FROM THE REST OF THE WORLD 6, , , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD 52, , , , , , , FROM THE REST OF THE WORLD 860, , , , ,582, ,095, ,073, CURRENT RECEIPTS 4,966, ,731, ,715, ,042, ,456, ,894, ,085, IMPORTS OF GOODS AND SERVICES 2,458, ,056, ,704, ,002, ,222, ,565, ,313, TO THE REST OF THE WORLD , , PROPERTY AND ENTREPRENEURIAL INCOME TO THE REST OF THE WORLD 740, , , , ,399, ,231, , TOTHE REST OF THE WORLD 28, , , , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 1,739, ,732, ,089, , ,693, , , DISPOSAL OF CURRENT RECEIPTS 4,966, ,731, ,715, ,042, ,456, ,894, ,085,179.55

15 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE Q1 Q2 Q3 Q4 Total Q1 Q2 AT 2010 PURCHASER'S VALUES FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,750, ,690, ,310, ,889, ,641, ,730, ,833, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 72, , , , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOV- ERNMENT 946, ,099, ,074, ,573, ,694, ,049, , Individual Cosumption Expenditure of general government 289, , , , ,102, , , Collective Cosumption Expenditure of general government 656, , , ,266, ,592, , , CHANGES IN INVENTORIES 129, , , , , , , GROSS FIXED CAPITAL FORMATION 2,534, ,805, ,437, ,793, ,570, ,898, ,015, EXPORTS OF GOODS AND SERVICES 3,741, ,408, ,419, ,808, ,377, ,676, ,863, LESS IMPORTS OF GOODS AND SERVICES 1,573, ,943, ,719, ,857, ,093, ,368, ,223, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 15,601, ,249, ,707, ,419, ,977, ,203, ,623, ,266, ,522, ,204, ,512, ,505, ,840, ,155, OPERATING SURPLUS 10,213, ,493, ,271, ,540, ,518, ,211, ,205, CONSUMPTION OF FIXED CAPITAL 818, , , , ,550, , , OTHER TAXES ON PRODUCTION(NET) 140, , , , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 15,438, ,084, ,479, ,150, ,152, ,050, ,463, NET TAXES ON PRODUCTS 162, , , , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 15,601, ,249, ,707, ,419, ,977, ,203, ,623,053.88

16 TABLE NATIONAL DISPOSABLE INCOME AND ITS AP- PROPRIATION Q1 Q2 Q3 Q4 Total Q1 Q2 AT 2010 PURCHASER'S VALUES 4,266, ,522, ,204, ,512, ,505, ,840, ,155, OPERATING SURPLUS 10,213, ,493, ,271, ,540, ,518, ,211, ,205, DOMESTIC FACTOR INCOME 14,479, ,015, ,475, ,052, ,024, ,051, ,360, FROM THE REST OF THE WORLD NET 5, , , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD NET - 424, , , , ,941, , , NET TAXES ON PRODUCTS 162, , , , , , , NATIONAL INCOME AT MARKET PRICES 14,222, ,659, ,201, ,851, ,934, ,588, ,153, FROM THE REST OF THE WORLD NET 777, , , , ,228, ,022, , NATIONAL DISPOSABLE INCOME 15,000, ,479, ,989, ,693, ,163, ,611, ,132, FINAL CONSUMPTION EXPENDITURE OF HOUSE- HOLD 9,750, ,690, ,310, ,889, ,641, ,730, ,833, FINAL CONSUMPTION EXPENDITURE OF NON- PROFIT INSTITUTIONS SERVING HOUSEHOLD 72, , , , , , , FINAL CONSUMPTION EXPENDITURE OF GEN- ERAL GOVERNMENT 946, ,099, ,074, ,573, ,694, ,049, , Individual Cosumption Expenditure of general government 289, , , , ,102, , , Collective Cosumption Expenditure of general government 656, , , ,266, ,592, , , SAVING 4,229, ,647, ,549, ,161, ,588, ,741, ,313, APPROPRIATION OF DISPOSABLE INCOME 15,000, ,479, ,989, ,693, ,163, ,611, ,132,103.45

17 TABLE CAPITAL FINANCE AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total Q1 Q2 SAVING 4,229, ,647, ,549, ,161, ,588, ,741, ,313, CONSUMPTION OF FIXED CAPITAL 818, , , , ,550, , , CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 5,048, ,581, ,411, ,097, ,138, ,585, ,272, CHANGES IN INVENTORIES 129, , , , , , , GROSS FIXED CAPITAL FORMATION 2,534, ,805, ,437, ,793, ,570, ,898, ,015, PURCHASE OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 2,385, ,629, ,843, ,160, ,019, ,560, ,107, GROSS ACCUMULATION 5,048, ,581, ,411, ,097, ,138, ,585, ,272,636.50

18 TABLE EXTERNAL TRANSACTION AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total Q1 Q2 EXPORT OF GOODS AND SERVICES 3,741, ,408, ,419, ,808, ,377, ,676, ,863, FROM THE REST OF THE WORLD 6, , , , , , , PROPERTY AND ENTREPRENEURAL INCOME FROM THE REST OF THE WORLD 48, , , , , , , FROM THE REST OF THE WORLD 795, , , , ,315, ,063, ,034, CURRENT RECEIPTS 4,591, ,307, ,290, ,741, ,929, ,782, ,937, IMPORTS OF GOODS AND SERVICES 1,573, ,943, ,719, ,857, ,093, ,368, ,223, TO THE REST OF THE WORLD , PROPERTY AND ENTREPRENEURAL INCOME TO THE REST OF THE WORLD 473, , , , ,149, , , TO THE REST OF THE WORLD 17, , , , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 2,525, ,764, ,985, ,322, ,597, ,715, ,250, DISPOSAL OF CURRENT RECEIPTS. 4,591, ,307, ,290, ,741, ,929, ,782, ,937,024.65

19 APPENDIX

20 EXPENDURE ON GROSS DOMESTIC PRODUCT 2010-Q1, 2014 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total (=N='MILLION) FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,236, ,850, ,446, ,918, ,452, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 56, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 899, ,179, ,137, ,615, ,832, Individual Cosumption Expenditure of general government 285, , , , ,124, Collective Cosumption Expenditure of general government 614, , , ,333, ,707, CHANGES IN INVENTORIES 102, , , , , GROSS FIXED CAPITAL FORMATION 2,206, ,019, ,569, ,387, ,183, EXPORTS OF GOODS AND SERVICES 2,507, ,865, ,199, ,440, ,013, LESS IMPORTS OF GOODS AND SERVICES 2,219, ,921, ,989, ,514, ,644, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 12,790, ,141, ,516, ,020, ,469, ,508, ,504, ,618, ,996, ,626, OPERATING SURPLUS 8,414, ,766, ,005, ,052, ,238, CONSUMPTION OF FIXED CAPITAL 586, , , , ,450, OTHER TAXES ON PRODUCTION(NET) 74, , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 12,583, ,934, ,304, ,789, ,612, NET TAXES ON PRODUCTS 206, , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 12,790, ,141, ,516, ,020, ,469,350.31

21 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total CURRENT PURCHASERS' VALUE (=N='MILLION) 3,508, ,504, ,618, ,996, ,626, OPERATING SURPLUS 8,414, ,766, ,005, ,052, ,238, DOMETIC FACTOR INCOME 11,922, ,270, ,623, ,048, ,865, FROM THE REST OF THE WORLD NET 3, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD(NET) - 685, , , , ,954, NET TAXES ON PRODUCTS 206, , , , , NATIONAL INCOME AT MARKET PRICES 11,447, ,806, ,048, ,487, ,790, FROM THE REST OF THE WORLD NET 641, , , , ,123, NATIONAL DISPOSABLE INCOME 12,089, ,521, ,905, ,396, ,913, GOVERNMENT FINAL CONSUMPTION EXPENDITURE 899, ,179, ,137, ,615, ,832, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,236, ,850, ,446, ,918, ,452, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 56, , , , , SAVING 1,896, ,445, ,267, ,795, ,404, APPROPRIATION OF DISPOSABLE INCOME 12,089, ,521, ,905, ,396, ,913,490.93

22 TABLE 3 CAPITAL FINANCE 2010 CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total (=N='MILLION) SAVING 1,896, ,445, ,267, ,795, ,404, CONSUMPTION OF FIXED CAPITAL 586, , , , ,450, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 2,483, ,037, ,875, ,458, ,855, CHANGES IN INVENTORIES 102, , , , , GROSS FIXED CAPITAL FORMATION 2,206, ,019, ,569, ,387, ,183, PURCHASES OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 173, ,917, , ,965, ,264, GROSS ACCUMULATION 2,483, ,037, ,875, ,458, ,855,158.33

23 TABLE Q1 Q2 Q3 Q4 Total EXTERNAL TRANSACTIONS CURRENT PURCHASERS' VALUE (=N='MILLION) EXPORTS OF GOODS AND SERVICES 2,507, ,865, ,199, ,440, ,013, FROM THE REST OF THE WORLD 5, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD 50, , , , , FROM THE REST OF THE WORLD 656, , , , ,195, CURRENT RECEIPTS 3,220, ,632, ,111, ,394, ,359, IMPORTS OF GOODS AND SERVICES 2,219, ,921, ,989, ,514, ,644, TO THE REST OF THE WORLD 1, , PROPERTY AND ENTREPRENEURIAL INCOME TO THE REST OF THE WORLD 736, , , , ,079, TOTHE REST OF THE WORLD 15, , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 248, ,988, , ,043, ,560, DISPOSAL OF CURRENT RECEIPTS 3,220, ,632, ,111, ,394, ,359,663.57

24 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,236, ,850, ,446, ,918, ,452, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 56, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 899, ,179, ,137, ,615, ,832, Individual Cosumption Expenditure of general government 285, , , , ,124, Collective Cosumption Expenditure of general government 614, , , ,333, ,707, CHANGES IN INVENTORIES 102, , , , , GROSS FIXED CAPITAL FORMATION 2,206, ,019, ,569, ,387, ,183, EXPORTS OF GOODS AND SERVICES 2,507, ,865, ,199, ,440, ,013, LESS IMPORTS OF GOODS AND SERVICES 2,219, ,921, ,989, ,514, ,644, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 12,790, ,141, ,516, ,020, ,469, ,508, ,504, ,618, ,996, ,626, OPERATING SURPLUS 8,414, ,766, ,005, ,052, ,238, CONSUMPTION OF FIXED CAPITAL 586, , , , ,450, OTHER TAXES ON PRODUCTION(NET) 74, , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 12,583, ,934, ,304, ,789, ,612, NET TAXES ON PRODUCTS 206, , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 12,790, ,141, ,516, ,020, ,469,350.31

25 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES 3,508, ,504, ,618, ,996, ,626, OPERATING SURPLUS 8,414, ,766, ,005, ,052, ,238, DOMESTIC FACTOR INCOME 11,922, ,270, ,623, ,048, ,865, FROM THE REST OF THE WORLD NET 3, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD NET - 685, , , , ,954, NET TAXES ON PRODUCTS 206, , , , , NATIONAL INCOME AT MARKET PRICES 11,447, ,806, ,048, ,487, ,790, FROM THE REST OF THE WORLD NET 641, , , , ,123, NATIONAL DISPOSABLE INCOME 12,089, ,521, ,905, ,396, ,913, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,236, ,850, ,446, ,918, ,452, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 56, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 899, ,179, ,137, ,615, ,832, Individual Cosumption Expenditure of general government 285, , , , ,124, Collective Cosumption Expenditure of general government 614, , , ,333, ,707, SAVING 1,896, ,445, ,267, ,795, ,404, APPROPRIATION OF DISPOSABLE INCOME 12,089, ,521, ,905, ,396, ,913,490.93

26 TABLE CAPITAL FINANCE AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total SAVING 1,896, ,445, ,267, ,795, ,404, CONSUMPTION OF FIXED CAPITAL 586, , , , ,450, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 2,483, ,037, ,875, ,458, ,855, CHANGES IN INVENTORIES 102, , , , , GROSS FIXED CAPITAL FORMATION 2,206, ,019, ,569, ,387, ,183, PURCHASE OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 173, ,917, , ,965, ,264, GROSS ACCUMULATION 2,483, ,037, ,875, ,458, ,855,158.33

27 TABLE EXTERNAL TRANSACTION AT 2010 PURCHASER'S VALUES Q1 Q2 Q3 Q4 Total EXPORT OF GOODS AND SERVICES 2,507, ,865, ,199, ,440, ,013, FROM THE REST OF THE WORLD 5, , , , , PROPERTY AND ENTREPRENEURAL INCOME FROM THE REST OF THE WORLD 50, , , , , FROM THE REST OF THE WORLD 656, , , , ,195, CURRENT RECEIPTS 3,220, ,632, ,111, ,394, ,359, IMPORTS OF GOODS AND SERVICES 2,219, ,921, ,989, ,514, ,644, TO THE REST OF THE WORLD 1, , PROPERTY AND ENTREPRENEURAL INCOME TO THE REST OF THE WORLD 736, , , , ,079, TO THE REST OF THE WORLD 15, , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 248, ,988, , ,043, ,560, DISPOSAL OF CURRENT RECEIPTS. 3,220, ,632, ,111, ,394, ,359,663.57

28 EXPENDURE ON GROSS DOMESTIC PRODUCT 2010-Q1, 2014 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total (=N='MILLION) FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 11,345, ,335, ,159, ,597, ,437, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 62, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 1,203, ,358, ,313, ,536, ,412, Individual Cosumption Expenditure of general government 317, , , , ,336, Collective Cosumption Expenditure of general government 886, ,043, , ,154, ,075, CHANGES IN INVENTORIES 106, , , , , GROSS FIXED CAPITAL FORMATION 2,533, ,249, ,747, ,366, ,897, EXPORTS OF GOODS AND SERVICES 3,346, ,115, ,247, ,251, ,961, LESS IMPORTS OF GOODS AND SERVICES 3,913, ,981, ,267, ,513, ,675, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 14,686, ,229, ,368, ,428, ,713, ,145, ,245, ,172, ,645, ,209, OPERATING SURPLUS 9,531, ,968, ,165, ,681, ,346, CONSUMPTION OF FIXED CAPITAL 733, , , , ,053, OTHER TAXES ON PRODUCTION(NET) 90, , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 14,501, ,054, ,163, ,260, ,980, NET TAXES ON PRODUCTS 184, , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 14,686, ,229, ,368, ,428, ,713,359.39

29 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total CURRENT PURCHASERS' VALUE (=N='MILLION) 4,145, ,245, ,172, ,645, ,209, OPERATING SURPLUS 9,531, ,968, ,165, ,681, ,346, DOMETIC FACTOR INCOME 13,677, ,213, ,337, ,327, ,556, FROM THE REST OF THE WORLD NET 5, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD(NET) - 771, , , , ,526, NET TAXES ON PRODUCTS 184, , , , , NATIONAL INCOME AT MARKET PRICES 13,095, ,402, ,597, ,688, ,783, FROM THE REST OF THE WORLD NET 803, , , , ,356, NATIONAL DISPOSABLE INCOME 13,899, ,243, ,423, ,573, ,139, GOVERNMENT FINAL CONSUMPTION EXPENDITURE 1,203, ,358, ,313, ,536, ,412, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 11,345, ,335, ,159, ,597, ,437, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 62, , , , , SAVING 1,287, ,503, ,888, ,362, ,040, APPROPRIATION OF DISPOSABLE INCOME 13,899, ,243, ,423, ,573, ,139,449.42

30 TABLE 3 CAPITAL FINANCE 2011 CURRENT PURCHASERS' VALUE Q1 Q2 Q3 Q4 Total (=N='MILLION) SAVING 1,287, ,503, ,888, ,362, ,040, CONSUMPTION OF FIXED CAPITAL 733, , , , ,053, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 2,020, ,257, ,624, ,192, ,094, CHANGES IN INVENTORIES 106, , , , , GROSS FIXED CAPITAL FORMATION 2,533, ,249, ,747, ,366, ,897, PURCHASES OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD - 619, , ,769, ,713, ,765, GROSS ACCUMULATION 2,020, ,257, ,624, ,192, ,094,556.15

31 TABLE Q1 Q2 Q3 Q4 Total EXTERNAL TRANSACTIONS CURRENT PURCHASERS' VALUE (=N='MILLION) EXPORTS OF GOODS AND SERVICES 3,346, ,115, ,247, ,251, ,961, FROM THE REST OF THE WORLD 6, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD 23, , , , , FROM THE REST OF THE WORLD 817, , , , ,428, CURRENT RECEIPTS 4,194, ,013, ,136, ,183, ,527, IMPORTS OF GOODS AND SERVICES 3,913, ,981, ,267, ,513, ,675, TO THE REST OF THE WORLD 1, , , PROPERTY AND ENTREPRENEURIAL INCOME TO THE REST OF THE WORLD 795, ,026, , , ,637, TOTHE REST OF THE WORLD 14, , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS - 529, , ,859, ,816, ,135, DISPOSAL OF CURRENT RECEIPTS 4,194, ,013, ,136, ,183, ,527,961.00

32 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,776, ,535, ,871, ,139, ,323, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 60, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 1,162, ,291, ,213, ,386, ,053, Individual Cosumption Expenditure of general government 367, , , , ,247, Collective Cosumption Expenditure of general government 794, , , ,106, ,805, CHANGES IN INVENTORIES 101, , , , , GROSS FIXED CAPITAL FORMATION 2,173, ,909, ,248, ,093, ,425, EXPORTS OF GOODS AND SERVICES 2,919, ,612, ,645, ,450, ,628, LESS IMPORTS OF GOODS AND SERVICES 2,571, ,575, ,129, ,612, ,889, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 13,621, ,917, ,007, ,633, ,180, ,999, ,030, ,850, ,187, ,068, OPERATING SURPLUS 8,675, ,937, ,198, ,426, ,237, CONSUMPTION OF FIXED CAPITAL 694, , , , ,870, OTHER TAXES ON PRODUCTION(NET) 80, , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 13,450, ,757, ,819, ,482, ,511, NET TAXES ON PRODUCTS 171, , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 13,621, ,917, ,007, ,633, ,180,351.90

33 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIATION Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES 3,999, ,030, ,850, ,187, ,068, OPERATING SURPLUS 8,675, ,937, ,198, ,426, ,237, DOMESTIC FACTOR INCOME 12,675, ,967, ,048, ,614, ,306, FROM THE REST OF THE WORLD NET 5, , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD NET - 502, , , , ,266, NET TAXES ON PRODUCTS 171, , , , , NATIONAL INCOME AT MARKET PRICES 12,348, ,497, ,628, ,253, ,728, FROM THE REST OF THE WORLD NET 714, , , , ,018, NATIONAL DISPOSABLE INCOME 13,062, ,250, ,376, ,057, ,747, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 9,776, ,535, ,871, ,139, ,323, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS 60, , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 1,162, ,291, ,213, ,386, ,053, Individual Cosumption Expenditure of general government 367, , , , ,247, Collective Cosumption Expenditure of general government 794, , , ,106, ,805, SAVING 2,063, ,379, ,233, ,461, ,138, APPROPRIATION OF DISPOSABLE INCOME 13,062, ,250, ,376, ,057, ,747,257.67