NSCB - Third Quarter 2003 GNP

Per Capita
Gross Domestic Product, Gross National Product and
Personal Consumption Expenditure

The continued stability of prices of consumer goods and services, implementation of the amended taxes on motor vehicles and increased remittances of Overseas Filipino Workers (OFWs) led to a 4.9 percent expansion in the Personal Consumption Expenditure (PCE) in the third quarter of 2003. This growth is an acceleration from the 4.3 percent growth registered in 2002 and it contributed 3.6 percentage points to the growth of GNP.

Food, which makes up the bulk of PCE, contributed 2.4 percentage points to the growth in total PCE with its 4.6 percent increase from the 3.6 percent growth it posted last year.

The combined effect of the rise in sales of passenger cars and motor vehicles parts and accessories, tires, batteries and the surge in text messages sent, subscriber's base of wire line and wireless communication, beefed up personal expenditures on Transportation and Communication. The total Transportation and Communication increased by 13.3 percent in the third quarter and contributed 1.0 percentage point the growth of total PCE.

Likewise, contributing 0.8 percentage point to total PCE growth, miscellaneous expenditures went up by 5.4 percent on account of the hike in education, medical and health, recreational, personal care and effects, and other miscellaneous expenditures.

PER CAPITA: GROSS DOMESTIC PRODUCT, GROSS NATIONAL PRODUCT, and PERSONAL CONSUMPTION EXPENDITURE
3RD QUARTER 2002 and 2003

TYPE OF EXPENDITURE	2003 Q3	2002 Q3	Growth Rate (%)
A. Estimates in current pesos
1. GROSS DOMESTIC PRODUCT	12,839	12,234	4.9
2. GROSS NATIONAL PRODUCT	13,819	12,997	6.3
3. PERSONAL CONSUMPTION EXPENDITURE	8,911	8,423	5.8

B. Estimates in constant (1985) pesos
1. GROSS DOMESTIC PRODUCT	3,212	3,149	2.0
2. GROSS NATIONAL PRODUCT	3,478	3,361	3.5
3. PERSONAL CONSUMPTION EXPENDITURE	2,533	2,471	2.5

C. Population* (million persons)	82.79	80.90	2.3

Source: National Statistical Coordination Board

* Figures for 2001-2003 are the new population estimates based on the NSCB Resolution No. 2 (series of 2002), Adoption of the Decennial Census-Based Population Growth Rates. The average annual growth rate (exponential) for 2001-2003 was 2.3128 percent.

Data are as of 27 November 2003.