NSCB - First Semester 2002 GNP - The Seasonally Adjusted National Accounts of the Philippines

The sudden upsurge of the industry sector helped the Philippine economy to post significant gains during the second quarter of 2002 as the Seasonally Adjusted Gross Domestic Product (SAGDP) posted a quarter-to-quarter growth of 2.3 percent, a complete recovery from a negative growth of 0.1 percent in the first quarter of 2002. Similarly, the Seasonally Adjusted Gross National Product (SAGNP) went up by 3.1 percent during the current quarter from an almost nil growth in the first quarter. The continued stability of the services sector and the minimal recovery of the agriculture, fishery and forestry sector also contributed to the growth of SAGDP and SAGNP.

Original Data vs.
Seasonally Adjusted Gross Domestic Product

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PERSONAL CONSUMPTION EXPENDITURE

From the demand side, Seasonally Adjusted Personal Consumption Expenditure (SAPCE) registered an accelerated growth of 1.2 percent.

AGRICULTURE, FISHERY AND FORESTRY

The combined agriculture, fishery and forestry sector made a slight comeback as it recorded a 0.2 percent growth from its negative growth of 0.7 percent in the first quarter.

INDUSTRY

After two successive contractions, the industry sector showed a 4.8 percent growth during the quarter, a significant turn around from -1.4 growth in the previous quarter. The increase is attributed to the performance of the manufacturing and the electric, gas and water sub-sectors.

SERVICES

The ever resilient services sector sustained its growth of 1.5 percent as seen in the Seasonally Adjusted Gross Value Added for Services Sector which recorded a quarterly growth of 1.0 percent or better since the first quarter last year.