NSCB - 3rd Quarter 2008 National Accounts - The Seasonally Adjusted National Accounts of the Philippines

Third Quarter 2008
The Seasonally Adjusted National Accounts of the Philippines
Posted 27 November 2008

The Philippine economy withstood the ravage of a global financial turmoil and soaring oil prices as it registered a positive quarter on quarter GDP growth of 0.9 percent, albeit slower than the 1.9 percent expansion in the previous quarter. Services and Industry registered positive growths of 1.3 percent and 1.1 percent, respectively, and cushioned the reversal suffered by Agriculture, Fishery and Forestry, which declined by 0.9 percent. Meanwhile, the seasonally adjusted GNP grew by 1.5 percent, slower than the 2.9 percent expansion in the second quarter.

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PERSONAL CONSUMPTION EXPENDITURE

On the demand side, the seasonally adjusted Personal Consumption Expenditure recorded a 2.0 percent expansion continuing its positive streak since the third quarter of 1992. The healthy increase in compensation income of Overseas Filipino Workers buoyed up the growth of PCE this quarter.

AGRICULTURE, FISHERY AND FORESTRY

Coming from a robust 3.8 percent growth in the second quarter, the Agriculture, Fishery and Forestry sector contracted by 0.9 percent this quarter as poor performances of Corn and Other Crops reversed the gains made by Sugarcane, Banana and Palay.

INDUSTRY

Industry tapered off to 1.1 percent after reaching a peak of 4.8 percent in the last quarter. Manufacturing, Construction and Electricity, Gas and Water kept the sector afloat.

SERVICES

Services sector recovered from a 0.6 percent contraction last quarter to a 1.3 percent increase this quarter as all its sub-sectors registered positive growths with Ownership of Dwellings and Real Estate, Private Services and Trade contributing the most.

Summary Table
Quarter to Quarter Growth Rates
1st Quarter 1995 to Third Quarter 2008

Year	Qtr.	Agri	Industry	Services	GDP	GNP	PCE
1995	Q1	-0.6	2.4	1.2	1.2	1.0	1.0
	Q2	0.4	1.1	1.4	1.1	0.4	0.8
	Q3	2.0	1.4	1.3	1.5	3.4	0.7
	Q4	-3.1	1.7	1.4	0.5	0.1	1.3
1996	Q1	2.7	2.0	1.9	2.1	3.1	1.3
	Q2	4.1	1.0	1.6	1.9	2.1	1.2
	Q3	-1.0	1.9	1.6	1.1	1.0	1.1
	Q4	-2.0	1.2	1.6	0.7	0.1	1.3
1997	Q1	1.9	1.1	1.2	1.3	2.1	1.3
	Q2	6.0	2.6	1.1	2.7	1.9	1.3
	Q3	-6.0	1.2	1.4	-0.3	0.7	1.3
	Q4	3.5	1.1	0.7	1.4	0.8	1.0
1998	Q1	-4.8	-1.7	1.1	-1.1	-0.6	0.8
	Q2	-5.2	-2.0	0.5	-1.6	-0.9	0.7
	Q3	3.3	-1.4	0.5	0.4	1.0	0.4
	Q4	-0.8	-0.9	1.0	-0.1	-0.7	0.5
1999	Q1	6.6	1.4	1.1	2.3	2.5	0.7
	Q2	0.8	1.1	1.2	1.1	0.9	0.9
	Q3	-1.0	0.8	0.9	0.4	1.1	0.4
	Q4	1.0	0.9	1.6	1.3	0.7	0.8
2000	Q1	0.2	3.3	0.5	1.4	1.8	1.1
	Q2	4.0	-0.5	1.9	1.5	2.0	1.0
	Q3	1.8	1.2	0.8	1.2	1.3	0.8
	Q4	-1.3	0.2	0.2	-0.1	1.6	0.9
2001	Q1	-1.2	-2.9	1.4	-0.6	-2.2	0.8
	Q2	5.1	0.1	0.8	1.4	3.4	0.8
	Q3	0.9	1.1	1.7	1.4	0.5	1.1
	Q4	-0.9	-0.2	0.9	0.2	-1.2	0.9
2002	Q1	1.6	1.6	1.1	1.4	2.2	0.7
	Q2	0.7	2.4	1.2	1.5	0.5	1.1
	Q3	-0.2	0.2	1.5	0.7	1.4	1.6
	Q4	3.6	0.6	2.0	1.9	3.1	1.1
2003	Q1	-0.8	1.1	1.0	0.7	-0.1	1.2
	Q2	-0.7	1.3	1.3	0.9	2.0	1.3
	Q3	3.0	2.6	1.8	2.3	2.4	1.6
	Q4	3.3	-1.9	2.2	1.1	0.9	1.2
2004	Q1	2.1	4.0	1.8	2.6	2.4	1.8
	Q2	-3.2	0.5	2.5	0.7	1.4	1.5
	Q3	3.9	0.0	1.8	1.6	1.5	1.1
	Q4	-0.9	2.6	0.3	0.8	0.6	1.1
2005	Q1	0.3	0.0	2.6	1.3	1.5	1.1
	Q2	-1.0	0.9	2.1	1.1	1.2	1.4
	Q3	3.5	0.9	1.5	1.7	1.7	1.2
	Q4	1.3	3.0	0.6	1.5	2.3	1.1
2006	Q1	-0.2	0.3	2.0	1.0	0.2	1.4
	Q2	1.8	0.0	1.4	1.0	1.1	1.5
	Q3	0.1	2.0	1.9	1.6	1.3	1.4
	Q4	0.2	1.7	2.6	1.8	3.1	1.5
2007	Q1	2.1	2.2	2.1	2.1	1.4	1.3
	Q2	1.7	3.3	1.5	2.1	3.2	1.3
	Q3	1.5	-1.0	1.8	0.8	0.8	1.5
	Q4	0.5	0.5	2.0	1.3	0.8	1.8
2008	Q1	-1.0	0.1	1.0	0.3	0.8	0.4
	Q2	3.8	4.8	-0.6	1.9	2.9	0.3
	Q3	-0.9	1.1	1.3	0.9	1.5	2.0

As of November 2008.