The Gross Domestic Product (GDP) is a basic measure of a country's economic performance. It is the market value of all final goods and services made within the borders of a nation in a year. GDP can be defined in three ways, all of which are conceptually identical. First, it is equal to the total expenditures for all final goods and services produced within the country in a stipulated period of time (usually a 365-day year). Second, it is equal to the sum of the value added at every stage of production (the intermediate stages) by all the industries within a country, plus taxes less subsidies on products, in the period. Third, it is equal to the sum of the income generated by production in the country in the period—that is, compensation of employees, taxes on production and imports less subsidies, and gross operating surplus (or profits).
The most common approach to measuring and quantifying GDP is the expenditure method:
GDP = private consumption + gross investment + government spending + (exports − imports), or,
GDP = C + I + G + (X − M).
Gross Domestic Product from 2003 to 2009
(In million pesos : at constant 1985 prices)
|
Year
|
GDP
|
|
2003
|
1,085,072
|
|
2004
|
1,154,295
|
|
2005
|
1,211,452
|
|
2006
|
1,276,156
|
|
2007
|
1,366,493
|
|
2008
|
1,418,952
|
|
2009
|
1,431,978
|
