After record growths posted during the fourth quarter of 2002, seasonally-adjusted estimates of the agriculture, fishery and forestry and industry sectors declined by 2.0 per cent and 1.0 per cent, respectively, during the first quarter of 2003. However, the resilient services sector continued to grow albeit at a slower pace of 0.5 per cent during the first quarter of 2003. As a result, the Seasonally Adjusted Gross National Product (SAGNP) declined by 2.0 percent while the Seasonally Adjusted Gross Domestic Product (SAGDP) faltered by 0.5 percent. With the El Nino, the threat of the war in Iraq, SARS and the peace and order situation in Mindanao, the economy just could not sustain the huge gains of the fourth quarter of last year. 

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, the Seasonally Adjusted Personal Consumption Expenditure (SAPCE) maintaned its previous quarter growth of 1.1 percent.

AGRICULTURE, FISHERY AND FORESTRY

The agriculture, fishery and forestry sector contracted by 2.0 percent, as it was coming from a remarkable growth of 5.0 percent in the previous quarter. 

INDUSTRY

After seven consecutive quarters of positive growth, the industry sector contracted by 1.0 percent in the first quarter of 2003, from a 1.4 per cent gain in the fourth quarter last year.

SERVICES

Only the services sector continued to grow albeit at a slower pace of 0.5 percent from the 2.1 percent posted during the fourth quarter of 2002.