A timepiece comprises a reception subunit, a timekeeping unit that holds internal time data indicative of the current time, storage, and a CPU. The CPU determines whether the internal time data acquired from the timekeeping unit matches correction time data stored in storage, selects a GPS satellite represented by satellite identification data stored in the storage when the determination is affirmative, acquires GPS time data included in navigation data which in turn is included in a GPS signal obtained from the selected GPS satellite, corrects the internal time data based on the GPS time data, and stores the correction time data in correspondence to the satellite identification data representing that GPS satellite.