NSCB - 4th Quarter 2007 National Accounts

Fourth Quarter 2007
Gross National Product &
Gross Domestic Product by Industrial Origin

Industry improves

Industry accounted for 28.6 percent of GDP and contributed 1.8 percentage points to total GDP growth, Construction and Manufacturing contributed the most to the growth of Industry.

Other Non-metallic Minerals hikes Mining and Quarrying

Mining and Quarrying soared to a robust growth of 27.7 percent in the fourth quarter of 2007 from negative 25.1 percent the previous year due to the expansions most of its sub sectors, particularly in Other Non Metallic, Crude Oil, and, Gold.

Other Non Metallic Minerals surged to a 64.7 percent growth in the fourth quarter 2007 from negative 51.2 percent in the same period last year on account of the increased production and demand for coal owing to the skyrocketing oil prices. Crude Oil, which includes Natural Gas and Condensate revived its growth to 22.9 percent from negative 28.5 percent due to the increased production of Natural Gas during the quarter as compared to last year. With the prevailing high prices in the world market, Gold mining recovered by 10.9 percent from negative 5.3 percent the previous year. On the other hand, the following sub sectors posted faster growths: Stone Quarrying, Clay and Sandpits grew by 12.0 percent from 7.7 percent; Other Metallic ballooned to 423.9 percent from 1.4 percent the previous year due to zinc production; and, Copper grew remarkably by 29.9 percent from 4.8 percent the previous quarter of last year.

Conversely, Nickel plummeted to negative 24.9 percent from the impressive growth of 1288.0 percent the previous year due to unfavorable weather conditions and abundance of supply. Likewise, Chromium dived by 32.3 percent from a 16.9 percent uptick in 2006.

Gains in Manufacturing modest

Manufacturing decelerated to 2.5 percent in the fourth quarter of 2007 from the 4.8 percent growth in 2006.

Food Manufactures, which posted a slower growth of 5.7 percent in the fourth quarter of 2007 from 7.6 percent the same period last year, was the leading contributor to the growth in the sector. This was followed by Product of Petroleum and Coal which soared to 8.3 percent from negative 5.3 percent; Beverage Industries, which posted a double-digit growth of 19.8 percent from 7.4 percent; Miscellaneous Manufactures, which likewise posted a double-digit growth of 15.9 percent from 6.7 percent; Wood and Cork Products, expanded to 34.0 percent from 19.4 percent; Non-Metallic Mineral, grew by 7.5 percent from 8.0 percent; Metal Industries, up by 7.5 percent from 5.8 percent, Transport equipment, accelerated to 11.1 percent from 9.2 percent. Production gains were also registered in Furniture and Fixtures, Machinery except electrical, Publishing and Printing, and, Leather and Leather Products.

On the other hand, the following pulled down the sector’s growth during the quarter: Electrical Machinery, slid further to negative 11.2 from negative 3.1 percent; Chemical and Chemical Products, dived to negative 12.6 percent from a growth of 13.3 percent; Footwear and Wearing Apparel, plunged to negative 7.6 percent from a growth of 11.8 percent; Basic Metal Industries, plummeted to negative 8.7 percent from a high growth of 41.9 percent; and, Tobacco Manufactures, slumped further to negative 23.2 percent from negative 3.2 percent. Other industries which suffered reduction in growth include: Rubber Products, Textile industry; and Paper & Paper Products.

Construction continue its growth

Construction, which posted a double-digit growth of 18.4 percent in 2007 from a modest growth of 7.6 percent in the previous year, benefited from the projects of the national local government.

Commercial sector shores up demand for Electricity

The accelerated double-digit growth of 10.6 percent by Electricity and Water was driven largely by Electricity. Accounting for about 92.5 percent of the total sector, it expanded to 10.8 percent from 3.9 percent, bolstered by the demand from the commercial sector as new super malls continued to sprout in the country during the year.

Water sub sector, however, posted a slower growth of 7.4 percent from 12.5 percent in the same period last year.

GROSS VALUE ADDED in INDUSTRY
4th Quarter 2007 and 4th Quarter 2006
AT CURRENT PRICES, IN MILLION PESOS

INDUSTRY/INDUSTRY GROUP	Q4 2006	Q4 2007	Growth Rate (%)
INDUSTRY SECTOR	544,362	586,219	7.7
a. Mining & Quarrying	16,774	19,102	13.9
b. Manufacturing	417,626	440,286	5.4
c. Construction	59,272	73,092	23.3
d. Elect,Gas and Water	50,690	53,740	6.0

GROSS VALUE ADDED in INDUSTRY
4th Quarter 2007 and 4th Quarter 2006
AT CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/INDUSTRY GROUP	Q4 2006	Q4 2007	Growth Rate (%)
INDUSTRY SECTOR	111,960	118,449	5.8
a. Mining & Quarrying	3,919	5,007	27.7
b. Manufacturing	86,439	88,599	2.5
c. Construction	12,296	14,554	18.4
d. Elect,Gas and Water	9,306	10,289	10.6

GROSS VALUE ADDED in INDUSTRY
Annual 2007 and 2006
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/ INDUSTRY GROUP	AT CURRENT PRICES			AT CONSTANT PRICES
INDUSTRY/ INDUSTRY GROUP	2006	2007	Growth Rate (%)	2006	2007	Growth Rate (%)
INDUSTRY SECTOR	1,907,980	2,082,735	9.2	414,931	442,352	6.6
a. Mining & Quarrying	75,557	99,261	31.4	18,813	23,516	25.0
b. Manufacturing	1,381,171	1,460,695	5.8	306,837	317,074	3.3
c. Construction	235,189	290,670	23.6	49,213	58,805	19.5
d. Elect,Gas and Water	216,062	232,109	7.4	40,068	42,957	7.2

Source: National Statistical Coordination Board (NSCB)

Posted 31 January 2008.