Propelled by the strong performances of trade, construction, transportation, communication and storage and manufacturing, seasonally adjusted estimate of Gross Domestic Product posted a 1.7 percent growth in the second quarter of 2007. Moreover, the continued growth in the Net Factor Income from Abroad drove the seasonally adjusted Gross National Product to a robust growth of 2.3 percent.

Original Data vs.
Seasonally Adjusted Gross Domestic Product

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, seasonally adjusted personal consumption expenditure expanded by 1.5 percent outstripping its previous quarter growth of 1.3 percent. Continuous growth in the inflow of remittances from OFWs and low interest and inflation rates encouraged greater consumer spending.

AGRICULTURE, FISHERY AND FORESTRY

The agriculture, fishery and forestry sector showed resiliency, expanding by 1.7 percent, a slower pace compared to the previous quarter. The sector relied on the steady growths of fishery, other crops, palay and livestock.

INDUSTRY

Industry remained on track with a robust growth of 3.0 percent, from 2.7 percent in the first quarter on account of government's improved investments in infrastructure that boosted construction, a revived mining and quarrying industry and sustained growth of manufacturing.

SERVICES

The resilient services sector continued to grow, but at a much slower pace of 0.9 percent compared to 2.5 percent the previous quarter. All subsectors contributed to keep the sector buoyed but major contributors were trade, transportation,  commu- nication and storage and private services.