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Amidst the political crisis the country experienced in the
last quarter of the year, the Philippine economy managed to post
higher growth for the year 2000 compared to 1999, almost meeting the
government's growth target of 4.0% for the entire year.
According to the preliminary National Income Accounts estimates of
the National Statistical Coordination Board (NSCB), Gross Domestic
Product (GDP) grew by 3.9% this past year, improving from the
previous year's 3.3% growth. Gross National Product (GNP)
likewise improved from 3.7% in 1999 to 4.2% in
2000.
All three
major economic activities posted positive growth figures for the
year, with Industry growing four times faster than it did in
1999. Aggregate Services extended its positive streak to 15
consecutive years as it registered a 4.4% increase over its 1999
figures. Of the three major activities, only the Agriculture,
Fishery & Forestry (AFF) sector slowed down this past year with
3.4% growth compared to 6.0% in 1999.
Fourth quarter 2000 estimates registered lower GDP and GNP figures
compared to the fourth quarter of 1999. Q4 2000 GDP growth,
which stood at 3.6%, pulled down the overall GDP growth for 2000.
For the annual estimates, several sub-sectors contributed to the
overall accelerated growth for 2000. Manufacturing led
Aggregate Industry recovery with a three and a half-fold
increase in growth compared to 1999 figures. Accounting for
almost a quarter of total production of the entire economy,
Manufacturing has slowly recovered over the past three years from
the impact of the 1997 Asian Financial Crisis. Other sub-sectors
that posted improved growth rates for 2000 include the combined
Transportation, Communication & Storage (TCS) sub-sector,
Wholesale and Retail Trade and Mining & Quarrying.
With the exception of Forestry and Construction, all production
sub-sectors posted expansions for year 2000. Five of these
sub-sectors, however, experienced slowdowns for the year.
Among them was Government Services, which expanded at less than a
quarter of its 1999 pace. This came about as the government
centered on programmed expenditures for the provision of basic
social services and suspended the hiring of new personnel.
On the expenditure side, Exports set the pace for the country's
economic expansion with Merchandise Exports growing by a formidable
21.3% at constant 1985 prices. Semiconductors again stood at
the forefront among the county's top exports as it accounted for
almost a fifth of total Merchandise Exports. Merchandise
Imports also grew for year 2000, at 8.4%, improving over its 1.5%
decline in 1999.
Consumer spending likewise contributed to the economy's improved
performance for 2000 as Personal Consumption Expenditures (PCE) grew
by 3.5% compared to only 2.6% in 1999. In per capita terms,
consumer spent 1.3% more than they did in 1999. At current
prices, Compensation of Overseas Filipino Workers (OFWs) amounted to
P282 billion for year 2000, representing a 26.4% increase from 223
billion in 1999.
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