For the third quarter of 2002, the Seasonally Adjusted Gross National Product (SAGNP) and the Seasonally Adjusted Gross Domestic Product (SAGDP) showed a quarter-to-quarter contraction of 0.9 and 0.1 percent, respectively. The negative growth of SAGDP was the first after sixteen quarters of positive growths. The unsustained growths of the industry and agriculture, fishery and forestry (AFF) sectors put to a halt the gain of the economy in the previous quarter. The negative growth of the AFF sector is its worst since the second quarter of 1998. On the other hand, the economy relied on the continued stability of the services sector.

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, the Seasonally Adjusted Personal Consumption Expenditure (SAPCE) registered an accelerated growth of 1.5 percent.

Original Data vs.
Seasonally Adjusted Gross Domestic Product

AGRICULTURE, FISHERY AND FORESTRY

The agriculture, fishery and forestry sector contracted by 2.3 percent from a nil growth in the previous quarter. The AFF sector also registered a negative growth during the first quarter of 2002.

INDUSTRY

After registering the highest growth of 6.1 percent (since 1993) in the second quarter of 2002, the industry sector performance dipped as it delivered a negative growth of 0.5 percent. 

SERVICES

The services sector decelerated slightly as it registered a growth of 1.2 percent from the 1.3 percent posted during the second quarter of 2002.