For the fourth quarter of 2003, the Seasonally Adjusted Gross Domestic Product (SAGDP) and the Seasonally Adjusted Gross National Product (SAGNP) recorded a quarter-on-quarter growth of 1.6 percent and 3.0 percent, respectively.

The agriculture, fishery and forestry sector sustained its gains in the previous quarter while the resiliency of the services sector negated the contraction of the industry sector. The performance of the AFF and services sectors withstood the threats to the economy brought about by political instability and the peristent peace and order problem. Revised 3rd quarter estimates confirmed the economic recovery from the decline during the first quarter and the precarious domestic situation in the second quarter .

Original Data vs.
Seasonally Adjusted Gross Domestic Product

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, the Seasonally Adjusted Personal Consumption Expenditure (SAPCE) slowed down a bit to 1.2 percent. Nonetheless, it remained a major stimulus to the domestic economy.

AGRICULTURE, FISHERY AND FORESTRY

The agriculture, fishery and forestry sector maintained the growth rate of 4.3 percent posted in the third quarter. The consecutive expansion of the sector during the last two quarters of the year recovered the consecutive losses suffered during the first two quarters. The surge in the AFF sector came from improved performances of corn, fishery and forestry.

INDUSTRY

After two successive quarters of positive growth, the industry sector contracted by 1.2 percent in the fourth quarter. The contraction was largely due to the negative growth of the construction sub-sector.

SERVICES

The services sector further expanded to 2.5 percent during the fourth quarter. The growth of the sector was the highest quarter-on-quarter growth in the last ten years. All subsectors contributed to the sustained momentum, particularly trade, transportation, communication and storage and private services.