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

4th Quarter 2002
The Seasonally Adjusted National Accounts of the Philippines
Posted 31 January 2003

The impressive expansion of the agriculture, fishery and forestry (AFF) sector, the regained vigor of industry sector and the increasing momentum of the services sector, all helped the Philippine economy to register its highest growth in more than two decades during the fourth quarter of 2002 as the Seasonally Adjusted Gross National Product (SAGNP) grew by 4.6 percent while the Seasonally Adjusted Gross Domestic Product (SAGDP) grew by 3.0 percent. These record growths completely reversed the temporary setback suffered during the third quarter when SAGNP and SAGDP declined by 0.1 and 0.2 percent, respectively.

Original Data vs.
Seasonally Adjusted Gross Domestic Product

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, the Seasonally Adjusted Personal Consumption Expenditure (SAPCE) decelerated from 1.4 percent growth in the third quarter of 2002 to 1.3 percent in the current quarter.

AGRICULTURE, FISHERY AND FORESTRY

After the slack performances in the first three quarters of the year, the agriculture, fishery and forestry sector made a remarkable comeback as it recorded an 8.6 percent growth, the highest since the second quarter of 1988.

INDUSTRY

The industry sector went back on track with a growth of 1.1 percent from a negative growth of 0.9 percent in the previous quarter.

SERVICES

The services sector gained momentum as its growth accelerated to 2.2 percent from the 1.3 percent posted during the third quarter of 2002. The fourth quarter growth of services was the highest since the fourth quarter of 1988.