IDEAS home Printed from
   My bibliography  Save this article

Philippine GDP growth after the Asian financial crisis : resilient economy or weak statistical system?


  • Felipe M. Medalla

    (University of the Philippines School of Economics)

  • Karl Robert L. Jandoc

    (University of the Philippines School of Economics)


Official statistics from the Philippine National Income Accounts (NIA) depict an economy that grew faster after the Asian financial crisis (AFC). Although higher output growth was accompanied by higher real growth rates of personal consumption and the service sector, import growth compression also figured as the dominant factor that accounted for the rise in the growth rate. In this respect, the Philippine experience is quite different from much of Asia where the growth rates of domestic absorption, exports, and imports rose or fell in tandem with gross domestic product (GDP) growth. This paper takes the view that the Philippines’ uniqueness is more a reflection of the weakness of its national income accounting system than the resiliency of its economy. Furthermore, since trends in many other economic indicators outside the NIA seem to contradict it, it is very likely that GDP growth after the AFC (and after 2000 in particular) has been overstated.

Suggested Citation

  • Felipe M. Medalla & Karl Robert L. Jandoc, 2009. "Philippine GDP growth after the Asian financial crisis : resilient economy or weak statistical system?," Philippine Review of Economics, University of the Philippines School of Economics and Philippine Economic Society, vol. 46(1), pages 1-34, June.
  • Handle: RePEc:phs:prejrn:v:46:y:2009:i:1:p:1-34

    Download full text from publisher

    File URL:
    Download Restriction: no


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Llanto, Gilberto M., 2016. "Risks, Shocks, Building Resilience: Philippines," Research Paper Series DP 2016-09, Philippine Institute for Development Studies.
    2. Llanto, Gilberto M., 2016. "Risks, Shocks, Building Resilience: Philippines," Discussion Papers DP 2016-09, Philippine Institute for Development Studies.

    More about this item


    GDP; NIA; economy; financial crisis;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • E01 - Macroeconomics and Monetary Economics - - General - - - Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:phs:prejrn:v:46:y:2009:i:1:p:1-34. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Reuben T. Campos). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.