NSCB - 4th Quarter 2008 National Accounts - The Seasonally Adjusted National Accounts of the Philippines

Fourth Quarter 2008
The Seasonally Adjusted National Accounts of the Philippines
Posted 29 January 2009

Seasonally adjusted data confirm that the Philippine economy is not shielded from the global financial crisis as GDP continued to slow down to 1.0 percent from 1.2 percent expansion in the previous quarter. The weakening domestic economy suffered from a decline in the Industry by 1.3 percent from 1.5 percent growth in the previous quarter. On the other hand, Agriculture Fishery and Forestry recovered from a negative growth of 0.9 percent in the previous quarter to a positive growth of 1.0 percent this quarter while Services accelerated to 2.5 percent from 1.8 percent in the third quarter. The seasonally adjusted GNP, likewise grew by a slower rate of 1.3 percent, from the 1.7 percent upturn in the third quarter.

Original Data vs. Seasonally Adjusted Gross Domestic Product

Chart

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, OFW remittances helped the seasonally adjusted Personal Consumption Expenditure sustain its growth of 1.8 percent, continuing its positive streak since the third quarter of 1992.

AGRICULTURE, FISHERY AND FORESTRY

Agriculture, Fishery and Forestry sector rebounded to 1.0 percent after declining by 0.9 percent last quarter mainly due to the double digit growth of Fishery.

INDUSTRY

From a 1.5 percent expansion in the previous quarter, ebbing exports demand contributed to the 1.3 percent contraction in Industry this quarter, its worst performance since the fourth quarter of 2003.

SERVICES

Services sector accelerated to 2.5 percent from 1.8 percent as three of its sub-sectors registered higher growths than in the two preceeding quarters.

Summary Table
Quarter to Quarter Growth Rates
1st Quarter 1995 to 4th 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	1.5	1.8	1.2	1.7	1.8
	Q4	1.0	-1.3	2.5	1.0	1.3	1.8

As of January 2009.