25 May Nigerian Gross Domestic Product Report (Expenditure and Income approach) Q3, Q4 2015

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1 25 May 2016 Nigerian Gross Domestic Product Report (Expenditure and Income approach) Q3, Q4 2015

2 PREFACE This publication provides data on Quarterly Gross Domestic Product (GDP) by the EXPENDITURE and INCOME approach estimates for the Third and Fourth 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. May, 2016

3 Summary In real terms year on year growth in GDP increased in the third quarter, to 2.84%, before declining to 2.11% in the fourth quarter of 2015, which was the lowest level recorded in the rebased period. Both investment (gross capital formation) and consumption expenditure contributed to the fall in the fourth quarter, however a strong recovery in growth in net exports limited the fall National Disposable Income recorded stronger growth than GDP in the second half of 2015 in real terms, partly as a result of large increases in both compensation of employees, and property and entrepreneurial income from the rest of the world Real year on year growth in domestic compensation of employees however, remained significantly weaker than in previous years. Real Year on Year growth rates of key aggregates* 2015 Q Q (Annual) GDP (basic price) Household Consumption Gov. Cons. Expenditure Gross Capital Formation Net Exports National Disposable Income Compensation of Employees Operating Surplus Overall, the economic environment remained challenging in the second half of 2015, as lower oil prices continued to restrict government spending and limit the amount of foreign exchange available. The value of imports surpassed the value of exports in the third and fourth quarters, for the first time since In both the third and fourth quarter of 2015, growth in market price GDP was slightly slower than growth in basic price GDP, as a result of slower growth in net taxes on products in the third quarter (of 1.68% year on year in real terms) and a decline of 21.38% in the fourth quarter. *Data may be subject to revisions

4 Summary analysis of expenditure Components Although growth in total real GDP grew by 2.79 percent in real terms between 2015 and 2014 and 5.73% in nominal terms, this hides differing trends in the growth rates of its components. Figure 1: Percentage point contributions to year on year nominal growth rates of main expenditure components, and total GDP growth (basic prices) Figure 2 shows the contributions that each expenditure component made to year on year current price GDP growth, 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. Growth in current price GDP was driven largely by household consumption, which recorded strong growth rates throughout 2015, but in particular in the third quarter. However this is largely a result of an increase in prices; growth in constant price household consumption was more subdued. This growth was counteracted by a decline in the value of exports throughout This was largely due to the decline in the oil price, which on average fell by nearly a half between 2014 and In 2015 Q3 there was al- so a sharp decline in trade in services, but this was reversed in the Q4. For 2015 as a whole the net balance of trade in nominal terms was a deficit of N billion, compared to a surplus of N 5, billion in By income measure, the decline in GDP growth between 2014 and 2015 was driven largely by Compensation of Employees, which recorded its first negative annual growth rate in real terms in While growth was positive in nominal terms, it nevertheless fell from 10.48% to 0.30% between 2014 and 2015.

5 Outline Gross Domestic Product Definitions and Summary P Consumption Expenditure Components P Capital Formation P Balance of trade in Goods and Services P.9 National Disposable Income Definitions and Summary P Domestic income P External Income P.12 Capital Finance Definitions and Summary P Savings and Net lending P.15 Tables 2015 P.16 Appendix Tables P.24

6 1. 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. GDP at market prices includes net taxes on products; this is subtracted to obtain basic price GDP. The expenditure approach measures the final uses of the produced output as the sum of Final consumption, Gross Capital Formation and Exports less Imports, which are considered in turn in this chapter. Consumption of fixed capital a measure of depreciation of assets comprises the difference between Gross Domestic Product (GDP) and Net Domestic Product (NDP) and is also considered in this chapter. Basic price GDP grew by 2.84% in real terms in the third quarter of 2015, and 2.11% in the fourth, considerably lower than the growth rates of 6.23% and 5.94% that were recorded in the same quarters of Market price GDP grew at a slower rate, by 2.83% in the third quarter and 1.77% in the fourth, as a result of slower growth in Net taxes in Household Final Consumption Expenditure: General Government Final Consumption Expenditure: Not for Profit Institutions Serving Households Final Consumption Expenditure This consists of expenditure, including imputed expenditure, incurred by resident households on individual consumption goods and services. This is calculated as a residual. This consists of expenditure, including imputed expenditure, incurred by government at all levels on both individual and collective consumption goods and services. Individual consumption items are those that are provided to individual households, such as education and health services. Collective consumption items relate to goods and services utilised by society as a whole, such as security and infrastructure. This consists of expenditure, including imputed expenditure, incurred by Not-for-Profit-Institutions-Serving- Households, which consist of organisations such as charities and non-government organisations. Gross Fixed Capital Formation Change in Inventories Exports of Goods and Services Imports of Goods and Services Consumption of Fixed Capital This is measured as the total value of producer s acquisitions, less disposals, of fixed assets during the accounting period, plus certain additions to the value of non-produced assets (such as improvements to natural assets) realised by the productive activity of institutional units. is the consist of changes in; stocks of outputs that are still held by units that produced them prior to their being further processed, sold, delivered to other units or used in other ways, measure by the value of the entries into inventories less the value of withdrawals and the value of any recurrent losses of goods held in inventories. Consists of sales of goods and services to residents abroad, from residents within Nigeria Consists of sales of goods and services from residents abroad, to residents within Nigeria This represents the reduction in value of the fixed assets used in production during the period, that results from physical deterioration, normal obsolescence or normal accidental damage.

7 GDP 1.2. GDP Expenditure - Final Consumption Components Household Final Consumption In 2015 household consumption expenditure was volatile, but fell overall in real terms between 2014 and 2015 by 0.33%. While this possibly reflects uncertainty surrounding the election to some extent, the large year on year decline in the fourth quarter suggest that other factors contributed. The general slowdown in the economy, and resultant increase in unemployment and fall in compensation of employees, may have contributed to households decision to consume less. This component accounted for 61.40% of real GDP in In nominal terms, this component nevertheless increased by 14.75% in nominal terms, reflecting the increase in prices over this period. Not-for-Profit-Institutions-Serving-Households (NPISH) After recording relatively strong growth in the beginning of 2015, final consumption expenditure of NPISH fell into negative territory in in real terms in the second half of 2015, fall, expenditure fell by 0.78% in the third quarter and 3.79% in the fourth. Despite this, growth for the year as a whole was still positive; this component grew by 1.40% in real terms between 2014 and In nominal terms growth also fell, to 8.46% and 8.78% in the third and fourth quarter, compared to double digit growth in the first half of General Government Growth in Consumption Components in 2015 Real Nominal Q3 Q4 Q3 Q4 Y on Y Households NPISH Government Q on Q individual collective Households NPISH Government individual collective third and fourth quarters of 2015, of16.44% and 5.88% in real terms. In nominal terms there was still a decline in the third quarter, but this turned positive again in the final quarter. Individual consumption followed a different pattern; growth was strong in real terms in the third quarter at 29.60% General government expenditure is predominantly on collective expenditure items; this subcomponent accounted for 68.88% of government expenditure in 2015, or slightly more than two thirds. However collective expenditure recorded steep declines in the

8 GDP 1.3. GDP Expenditure - Gross Capital Accumulation Gross Fixed Capital Formation Year on year growth in gross fixed capital investment has been declining since the beginning of In the second half of 2015 growth in real terms turned negative for the first time since the first quarter of 2013; GFCF declined on this basis by 1.11% in the third quarter and by 4.37% in the fourth. Growth in GFCF is driven predominantly by Non-residential Buildings, which accounted for 75.87% of real GFCF in However in the second half of 2015, investments in Transport Equipment and Machinery and Equipment weighed heavily on growth in GFCF, recording year on year declines of 35.98% and 24.09% respectively in real terms in Q3, and 52.36% and 38.76% in Q4. Changes in inventories Changes in inventories, often regarded as a sign of economic competence (as firms stock up on products if they anticipate higher future demand) recorded year on year declines in each quarter of 2015, in both real and nominal terms. In nominal terms, these were the first declines recorded since the rebased period from However, the year on year declines in the second half of 2015 were less severe than in the first. In the third and fourth quarter, the declines were 4.53% and 4.64% respectively in real terms, compared with 8.15% and 5.51% in the first and second quarter. Consumption of Fixed Capital Consumption of fixed capital (defined in chapter 3) is a measure of depreciation of assets, and is not part of GDP but represents the difference between gross domestic product (GDP) and net do- Growth in Capital Accumulation in 2015 Y on Y Real Nominal Q3 Q4 Q3 Q4 GFCF Changes in inv Cons. of fixed capital Q on Q GFCF Changes in inv Cons. of fixed capital mestic product (NDP). As consumption of fixed capital recorded a lower growth rate than GDP in the third quarter, NDP grew at 2.86%, slightly outpacing GDP, however this was reversed in the fourth quarter, and as a result NDP grew only by 1.70%. The positive growth of consumption of fixed capital contrasts with the declines in GFCF recorded in the third and fourth quarters of As a result, between these quarters and the corresponding periods of 2014, consumption of fixed capital increased as a proportion of GFCF, from 33.47% in 2014 Q4 to 36.07% in 2015 Q4. This means that more investment was needed in order to keep the capital stock constant in the later period.

9 GDP 1.4. GDP Expenditure - Trade Exports of Goods and Services The value of exports is greatly affected by the price of oil, given that a large percentage of the total value of exports consists of crude oil. As such there was a large decline in the value of exports between 2014 and However, the depreciation of the Naira in 2015 tampered the decline to some extent, as Nigeria faces international dollar prices for the majority of her export commodities. The volume of exports grew by only 0.14% in 2015, compared with 24.09% in 2014; this may partly be a result of the response of oil producers to the different price incentives. The year on year growth rate in the fourth quarter was significantly higher than the third, as by 2014 Q4 the oil price had already fallen significantly. Imports of Goods and Services The value of imports remained stable in 2015 relative to the value of exports, but nevertheless recorded a decline of 8.49% between 2014 and To some extent imports may also have been affected by the decline in the oil price 11.93% of the value of imports of goods and services comprised premium motor spirit, an oil-based product in 2015 but the restrictions placed on foreign exchange during the year may also have contributed. Growth in Trade in Goods and Services in 2015 Y on Y Real Nominal Q3 Q4 Q3 Q4 Exports Imports Q on Q Exports Imports Figure 2: Value of exports, imports and trade balance (goods and services) Net Balance of Trade In the second half of 2015, the value of the balance of trade became negative for the first time since the beginning of 2011; in the third quarter the deficit was N billion and in the fourth the deficit was N billion. This is in stark contrast to the same quarters of 2014, when the balance was N 2, billion and N31.93 respectively in the third and fourth quarters.

10 2. NATIONAL DISPOSABLE INCOME National Disposable Income (NDI) is equal to national income, plus net other current transfers from the rest of the world. It measures all of the income which is available for use by residents and firms in Nigeria. It differs slightly from GDP which can be thought of as the sum of all income produced in the economy, as some income produced in Nigeria is transferred to the rest of the world, and vice versa. National Income is calculated as the sum of domestic factor income (compensation of employees and operating surplus), external income (net compensation of employees and property income from the rest of world) and net taxes on production. Compensation of Employees Operating Surplus Compensation of Employees from rest of world (net) Property and entrepreneurial income from res of world (net) Other Current Transfers from rest of world (net) This consists of total remuneration of employees in the formal sector, include both wages and salaries, and benefits in kind (such as pensions) This is equal to the profit that remains for firms after costs have been covered. It includes the profit of those who are self-employed, which is often included in the national accounts under the entry Mixed Income. It is calculated as a residual. This is the same as domestic compensation of employees, other than that the remuneration is earned from institutional units not resident within Nigeria. This is equal to operating surplus earned from non-resident units, plus property income earned from assets owned, minus interest payable in liabilities and rents payable on land or other tangible assets held abroad. These consist of transfers from non-resident units that are included as either compensation of employees or property and entrepreneurial income. They can include items such as remittances or net premiums and claims for non-life insurance. Net taxes on Products This represents total taxes payable on products, minus any subsidies received for the product.

11 National Disposable Income 2.1. National Income Compensation of Employees In 2015 compensation of employees recorded an annual fall of 8.81% in real terms, which was the first annual fall on record, and over 10 percentage points lower than the second lowest annual growth rate of 2.23% in Growth in the second half of 2015 was slightly stronger than in the first, however it was still considerably lower than in previous years. Throughout 2015 the unemployment rate also increased, from 6.4% in the final quarter of 2014 to 10.4% in the final quarter of Formal job creation also declined in the first three quarters of Operating Surplus 2015 annual growth in real terms was 7.17%, slightly lower than the 7.49% recorded in The year on year growth rates declined throughout 2015 in real terms, although in the first quarter the growth rate was the highest recorded at 9.77%. This fell to 6.51% in the third quarter and 6.02% in the fourth. In nominal terms year on year growth was 8.04% and 8.90% in the third and fourth quarters, a slight recovery compared to the first half of 2015 but nevertheless subdued relative to previous years. Growth in Domestic Factor Incomes in 2015 Real Nominal Q3 Q4 Q3 Q4 Y on Y Comp. of Employees Operating Surplus Net taxes on Products Q on Q Comp. of Employees Operating Surplus Net taxes on Products Figure 3: Y on Y Growth rates in domestic factor real incomes (%) Net Taxes on Products Net taxes on products fell in both real and nominal terms between 2014 and 2015, by 8.23% and 5.54% respectively. As well as being a component of National Income, they constitute the difference between market and basic price GDP. Given the large fall in the fourth quarter of 2015, market price GDP grew by 1.77% year on year this quarter, compared with 2.11% for basic price GDP.

12 National Disposable Income 2.2. External Income Compensation of Employees Compensation of Employees received from the rest of the world (net) increased sharply in 2015, rising by 48.24% between 2014 and 2015 in nominal terms and % in real terms. To some extent this may be a result of the depreciation of the Naira; as the Naira weakens, each unit of foreign currency can be exchanged for a larger amount of Naira. However, there has also been a consistent decline in compensation of employees paid to residents abroad throughout 2015, and this fell to N173 million in the third quarter (nominal), and zero in the final quarter of Alongside year on year increases in compensation earned from the rest of world, this led to year on year increases of 85.89% and 51.69% in the third and fourth quarter of 2015 in nominal terms, and % and 99.19% respectively in real terms. Property and Entrepreneurial Income In contrast to compensation of employees, property and entrepreneurial income from the rest of the world (net) has been negative since 2010, which indicates that property income paid to residents abroad is larger than property income received from assets and ventures abroad. However in 2015 the difference became smaller as a result of less income flowing abroad, property income paid abroad fell from N 865,840 million in 2014 Q4 to N 646,838 million in 2015 Q4 (nominal). This may be related to the sharp decline in capital importation recorded in 2015; inflows declined from $20.75 billion to $9.64 billion, which implies that foreign investors have not increased their holdings of income-earning assets in Nigeria to the same degree. As with compensation of employees, the largest change was in real terms; the third and fourth quarters, the deficit in property income from the rest of the world declined by 50.07% and 48.04% year on year in real terms, but by only 29.28% and 25.89% in nominal. Compensation of Employees from RoW in 2015 Real Nominal Q3 Q4 Q3 Q4 Y on Y From rest of world To rest of world Q on Q From rest of world To rest of world Property and Entrepreneurial Income to and from Rest of World Real Nominal Q3 Q4 Q3 Q4 Y on Y From rest of world To rest of world Q on Q From rest of world To rest of world

13 National Disposable Income 2.2. External Income Other Current Transfers Other current transfers (net), which includes transfers between resident and non-resident households such as remittances increased annually by 16.36% in nominal terms in 2015, as although current transfers to the rest of the world more than doubled in nominal terms between 2014 and 2015, other current transfers received increased by 20.21% and significantly outweigh transfers to the rest of the world. Other Current Transfers to and from the rest of world in 2015 Real Nominal Q3 Q4 Q3 Q4 Y on Y From rest of world To rest of world Q on Q From rest of world To rest of world

14 3. CAPITAL FINANCE Capital finance is the sum savings, and consumption of fixed capital. It is equal to gross accumulation of capital; as all savings in the economy are invested, either as gross fixed capital formation, inventories, or as loans to the rest of the world. As with the difference between GDP and NDP (net domestic product) the word gross refers to the fact that consumption of fixed capital is included. Subtracting this value gives net capital accumulation. Savings Finance of Gross Accumulation Savings is measured as the difference between National Disposable Income and total consumption expenditure (of households, government and Not-for-Profit-Institutions-Serving-Households) This is equal to Savings + Consumption of Fixed Capital Consumption of Fixed Capital See chapter 1 Gross Fixed Capital Formation See chapter 1 Change in Inventories See chapter 1 Net lending to the rest of the world This represents savings, minus the value of acquisitions less disposables of financial assets, less the consumption of fixed capital. Essentially it is the amount that resident units in Nigeria are able to finance non-resident units.

15 Capital Finance 3.1 Capital Finance Savings In 2015,a large gap emerged between savings in current prices and savings in constant prices, given a large fall in the implied deflator. Whereas savings fell by 47.49% in the third quarter, and by 3.91% in the fourth in nominal terms, in real terms savings increased by 32.27% and 31.83% in the third and fourth quarter respectively. For 2015 as a whole, savings increased by 31.58% in real terms and decreased by 31.07% in nominal terms. Net Lending to Rest of World Net Lending to Rest of World moves closely with export earnings. As such, net lending recorded strong year on year growth in real terms, of 53.48% in the third quarter, and of 61.68% in the fourth quarter of This is equivalent to an increase of N 1, billion and N 1, billion respectively. In nominal terms however, net lending decreased year on year, by % in the third quarter and % in the fourth quarter of For 2015 as a whole, net lending to the rest of the world increased by 54.92% in real terms and decreased by 97.51% in nominal terms. Capital Finance Growth Rates 2015 Real Nominal Q3 Q4 Q3 Q4 Y on Y Savings Net lending to RoW Q on Q Savings Net lending to RoW

16 EXPENDITURE ON GROSS DOMESTIC PRODUCT TABLE 1 GROSS DOMESTIC PRODUCT AND EXPENDITURE AT CURRENT PURCHASERS' VALUE Total Q1 Q2 Q3 Q4 Total (=N='MILLION) FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 64,334, ,575, ,267, ,958, ,018, ,821, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITU- TIONS SERVING HOUSEHOLD 336, , , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 5,826, ,611, ,614, ,534, ,605, ,365, Individual Cosumption Expenditure of general government 1,356, , , , , ,543, Collective Cosumption Expenditure of general government 4,470, ,244, ,226, ,135, ,215, ,822, CHANGES IN INVENTORIES 648, , , , , , GROSS FIXED CAPITAL FORMATION 13,595, ,605, ,747, ,223, ,535, ,112, EXPORTS OF GOODS AND SERVICES 16,616, ,756, ,745, ,431, ,209, ,142, LESS IMPORTS OF GOODS AND SERVICES 11,222, ,565, ,525, ,759, ,418, ,269, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 90,136, ,242, ,080, ,627, ,226, ,177, ,671, ,690, ,322, ,025, ,707, ,746, OPERATING SURPLUS 59,551, ,168, ,217, ,043, ,838, ,266, CONSUMPTION OF FIXED CAPITAL 4,195, ,015, ,164, ,078, ,190, ,449, OTHER TAXES ON PRODUCTION(NET) 625, , , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 89,043, ,041, ,859, ,313, ,930, ,144, NET TAXES ON PRODUCTS 1,093, , , , , ,032, GROSS DOMESTIC PRODUCT AT MARKET PRICES 90,136, ,242, ,080, ,627, ,226, ,177,735.68

17 TABLE 2 NATIONAL DISPOSABLE INCOME AND ITS APPROPRIA- TION CURRENT PURCHASERS' VALUE Total Q1 Q2 Q3 Q4 Total (=N='MILLION) 24,671, ,690, ,322, ,025, ,707, ,746, OPERATING SURPLUS 59,551, ,168, ,217, ,043, ,838, ,266, DOMETIC FACTOR INCOME 84,222, ,858, ,539, ,069, ,545, ,013, FROM THE REST OF THE WORLD NET 28, , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD(NET) -3,174, ,197, , , , ,114, NET TAXES ON PRODUCTS 1,093, , , , , ,032, NATIONAL INCOME AT MARKET PRICES 82,169, ,869, ,034, ,811, ,257, ,973, FROM THE REST OF THE WORLD NET 3,445, ,018, , , ,037, ,008, NATIONAL DISPOSABLE INCOME 85,615, ,888, ,001, ,797, ,295, ,981, GOVERNMENT FINAL CONSUMPTION EXPENDITURE 5,826, ,611, ,614, ,534, ,605, ,365, FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 64,334, ,575, ,267, ,958, ,018, ,821, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITUTIONS SERVING HOUSEHOLD 336, , , , , , SAVING 15,116, ,584, ,054, ,218, ,562, ,420, APPROPRIATION OF DISPOSABLE INCOME 85,615, ,888, ,001, ,797, ,295, ,981,981.40

18 TABLE 3 CAPITAL FINANCE CURRENT PURCHASERS' VALUE Total Q1 Q2 Q3 Q4 Total (=N='MILLION) SAVING 15,116, ,584, ,054, ,218, ,562, ,420, CONSUMPTION OF FIXED CAPITAL 4,195, ,015, ,164, ,078, ,190, ,449, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 19,312, ,600, ,218, ,296, ,753, ,869, CHANGES IN INVENTORIES 648, , , , , , GROSS FIXED CAPITAL FORMATION 13,595, ,605, ,747, ,223, ,535, ,112, PURCHASES OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 5,067, , , , , , GROSS ACCUMULATION 19,312, ,600, ,218, ,296, ,753, ,869,380.00

19 TABLE EXTERNAL TRANSACTIONS CURRENT PURCHASERS' VALUE (=N='MILLION) Total Q1 Q2 Q3 Q4 Total EXPORTS OF GOODS AND SERVICES 16,616, ,756, ,745, ,431, ,209, ,142, FROM THE REST OF THE WORLD 31, , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD 225, , , , , , FROM THE REST OF THE WORLD 3,582, ,095, ,073, ,041, ,096, ,306, CURRENT RECEIPTS 20,456, ,894, ,859, ,518, ,368, ,642, IMPORTS OF GOODS AND SERVICES 11,222, ,565, ,525, ,759, ,418, ,269, TO THE REST OF THE WORLD 3, , PROPERTY AND ENTREPRENEURIAL INCOME TO THE REST OF THE WORLD 3,399, ,231, , , , ,263, TOTHE REST OF THE WORLD 137, , , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 5,693, , , , , , DISPOSAL OF CURRENT RECEIPTS 20,456, ,894, ,859, ,518, ,368, ,642,095.65

20 TABLE GROSS DOMESTIC PRODUCT AND EXPENDITURE Total Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES FINAL CONSUMPTION EXPENDITURE OF HOUSEHOLD 43,073, ,191, ,895, ,707, ,137, ,932, FINAL CONSUMPTION EXPENDITURE OF NON-PROFIT INSTITU- TIONS SERVING HOUSEHOLD 238, , , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 4,133, ,087, ,060, , , ,115, Individual Cosumption Expenditure of general government 1,102, , , , , ,280, Collective Cosumption Expenditure of general government 3,030, , , , , ,834, CHANGES IN INVENTORIES 548, , , , , , GROSS FIXED CAPITAL FORMATION 10,571, ,714, ,838, ,410, ,672, ,636, EXPORTS OF GOODS AND SERVICES 16,505, ,301, ,917, ,326, ,982, ,527, LESS IMPORTS OF GOODS AND SERVICES 7,093, ,289, ,270, ,400, ,231, ,191, EXPENDITURE ON THE GROSS DOMESTIC PRODUCT 67,977, ,203, ,623, ,208, ,745, ,780, ,505, ,840, ,155, ,872, ,096, ,964, OPERATING SURPLUS 45,518, ,211, ,205, ,069, ,295, ,781, CONSUMPTION OF FIXED CAPITAL 3,550, , , , , ,649, OTHER TAXES ON PRODUCTION(NET) 578, , , , , , GROSS DOMESTIC PRODUCT AT BASIC PRICES 67,152, ,050, ,463, ,976, ,533, ,023, NET TAXES ON PRODUCTS 824, , , , , , GROSS DOMESTIC PRODUCT AT MARKET PRICES 67,977, ,203, ,623, ,208, ,745, ,780,692.72

21 TABLE NATIONAL DISPOSABLE INCOME AND ITS APPROPRIA- TION Total Q1 Q2 Q3 Q4 Total AT 2010 PURCHASER'S VALUES 17,505, ,840, ,155, ,872, ,096, ,964, OPERATING SURPLUS 45,518, ,211, ,205, ,069, ,295, ,781, DOMESTIC FACTOR INCOME 63,024, ,051, ,360, ,942, ,391, ,745, FROM THE REST OF THE WORLD NET 30, , , , , , PROPERTY AND ENTREPRENEURIAL INCOME FROM THE REST OF THE WORLD NET -1,917, , , , , ,398, NET TAXES ON PRODUCTS 824, , , , , , NATIONAL INCOME AT MARKET PRICES 61,960, ,652, ,193, ,941, ,387, ,174, FROM THE REST OF THE WORLD NET 3,576, ,670, ,477, ,824, ,947, ,920, NATIONAL DISPOSABLE INCOME 65,537, ,323, ,670, ,765, ,335, ,094, FINAL CONSUMPTION EXPENDITURE OF HOUSE- HOLD 43,073, ,191, ,895, ,707, ,137, ,932, FINAL CONSUMPTION EXPENDITURE OF NON- PROFIT INSTITUTIONS SERVING HOUSEHOLD 238, , , , , , FINAL CONSUMPTION EXPENDITURE OF GENERAL GOVERNMENT 4,133, ,087, ,060, , , ,115, Individual Cosumption Expenditure of general government 1,102, , , , , ,280, Collective Cosumption Expenditure of general government 3,030, , , , , ,834, SAVING 18,092, ,965, ,671, ,017, ,150, ,804, APPROPRIATION OF DISPOSABLE INCOME 65,537, ,323, ,670, ,765, ,335, ,094,978.85

22 TABLE CAPITAL FINANCE AT 2010 PURCHASER'S VALUES Total Q1 Q2 Q3 Q4 Total SAVING 18,092, ,965, ,671, ,017, ,150, ,804, CONSUMPTION OF FIXED CAPITAL 3,550, , , , , ,649, CAPITAL TRANSFERS FROM THE REST OF THE WORLD NET FINANCE OF GROSS ACCUMULATION 21,642, ,809, ,630, ,898, ,114, ,453, CHANGES IN INVENTORIES 548, , , , , , GROSS FIXED CAPITAL FORMATION 10,571, ,714, ,838, ,410, ,672, ,636, PURCHASE OF INTANGIBLE ASSETS N.E.C. FROM THE REST OF THE WORLD NET NET LENDING TO THE REST OF THE WORLD 10,522, ,976, ,653, ,364, ,305, ,300, GROSS ACCUMULATION 21,642, ,809, ,630, ,898, ,114, ,453,984.67

23 TABLE EXTERNAL TRANSACTION AT 2010 PURCHASER'S VALUES Total Q1 Q2 Q3 Q4 Total EXPORT OF GOODS AND SERVICES 16,505, ,301, ,917, ,326, ,982, ,527, FROM THE REST OF THE WORLD 32, , , , , , PROPERTY AND ENTREPRENEURAL INCOME FROM THE REST OF THE WORLD 231, , , , , , FROM THE REST OF THE WORLD 3,663, ,709, ,531, ,852, ,977, ,070, CURRENT RECEIPTS 20,432, ,078, ,507, ,259, ,073, ,918, IMPORTS OF GOODS AND SERVICES 7,093, ,289, ,270, ,400, ,231, ,191, TO THE REST OF THE WORLD 2, PROPERTY AND ENTREPRENEURAL INCOME TO THE REST OF THE WORLD 2,149, , , , , ,647, TO THE REST OF THE WORLD 86, , , , , , SURPLUS OF THE NATION ON CURRENT TRANSACTIONS 11,100, ,131, ,797, ,517, ,483, ,929, DISPOSAL OF CURRENT RECEIPTS. 20,432, ,078, ,507, ,259, ,073, ,918,793.13

24 APPENDIX

25 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

26 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

27 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

28 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

29 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

30 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

31 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

32 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

33 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

34 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

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