While the third quarter performance of the Philippine economy recorded accelerated growth compared to the same period last year, the seasonally adjusted GDP indicated an easing in growth from second quarter to third quarter of 2007. The seasonally adjusted GDP posted a weaker growth of 0.3 percent compared to the 1.8 percent in the previous quarter, as all major industries posted lower growths compared to the second quarter. The seasonally adjusted GNP likewise slackened, growing by 0.4 percent from 2.4 percent in the second quarter. The vigorous growth in NFIA helped the seasonally adjusted GNP to a slightly higher growth than the seasonally adjusted GDP.

Original Data vs.
Seasonally Adjusted Gross Domestic Product

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, seasonally adjusted personal consumption expenditure recorded a weakened growth of 1.0 percent from a 1.5 percent the previous quarter. Growth in the earnings of overseas workers, albeit at a reduced rate largely due to rising peso, coupled with low interest and inflation rates countinue to encourage greater consumer spending.

AGRICULTURE, FISHERY AND FORESTRY

The agriculture, fishery and forestry sector expanded by 1.1 percent, albeit at a slower pace compared to the previous quarter's 2.2 percent. The sustained positive growth of the sector was attributed to the steady expansion in fishery, corn and palay during the quarter.

INDUSTRY

Industry contracted by 0.7 percent from its second quarter level. Last recorded contraction in the sesonally adjusted GVA of the sector was in the third quarter of 2004, also an election year, when it dropped by 0.1 percent from its second quarter level.

SERVICES

The resilient services sector continued to grow, likewise at a slower pace of 0.6 percent compared to 1.0 percent the previous quarter. All subsectors contributed to the growth of the sector led by trade and private services.