NSCB - 4th Quarter 2008 National Accounts

Fourth Quarter 2008
Gross National Product &
Gross Domestic Product by Industrial Origin

Industry improves

Industry, which accounted for 28.2 percent of total GDP, improved to 5.0 percent from 4.9 percent last year, contributing 1.6 percentage points to the total GDP growth. The biggest contributors to growth of the sector were Manufacturing, Construction and Mining & Quarrying.

Crude Oil and Other Non Metallics hike Mining and Quarrying

Mining and Quarrying posted a growth of 12.1 percent in the fourth quarter of 2008 from 21.5 percent the previous year due the significant contribution of Crude Oil. Crude Oil which includes Natural Gas and Condensate hiked its growth to 43.4 percent from 22.9 percent due to the production testing of Galoc oil field. Other Non Metallic Minerals, mostly Coal, grew by 15.0 percent from 64.2 percent in the previous year.

Stone Quarrying, Clay & Sandpits, on the other hand, continued to grow at a modest pace of 2.0 percent from 2.6 percent.

In contrast, all the metallic minerals registered declines during the quarter pulling down the growth of the sector: Gold Mining, diving deeper to negative 5.8 percent from negative 0.8 percent; Nickel Mining, negative 15.4 from negative 15.6 percent; Other Metallic Minerals, a substantial reversal from a soaring 103.1 percent to negative 71.9 percent; Chromium Mining, plunged deeper to negative 70.5 percent from negative 57.8 percent; and, Copper Mining, a reversal from a growth of 14.1 percent to a decline of 3.9 percent.

Food hoists Manufacturing

Manufacturing accelerated to 3.2 percent in the fourth quarter of 2008 from the 2.6 percent growth in 2007.

The leading contributor to the growth of the sector was Food Manufactures, which posted an accelerated growth of 7.1 percent from 4.5 percent registered last year. This was followed by: Beverage Industries, which however, posted a slower growth of 14.0 percent from 26.1 percent; Chemical and Chemical Products, which rebounded to 9.7 percent from negative 8.5 percent; Product of Petroleum and Coal, by 3.6 percent from 4.8 percent; and, Non-Metallic Mineral Products, which expanded to a double-digit growth of 11.6 percent from 7.5 percent. Production gains were also noted in Metal Industries, Tobacco Manufactures, Footwear and Wearing Apparel, and Leather and Leather Products.

On the other hand, the following pulled down the growth of the sector: Electrical Machinery, which slid further to negative 14.6 percent from negative 8.3 percent; Miscellaneous Manufactures, reversed its growth from 15.1 percent to negative 6.9 percent; Furniture and Fixtures, down to negative 10.8 percent from a growth of 6.4 percent; Textile Manufactures, diving deeper to negative 13.4 percent from negative 1.4 percent; and, Wood and Cork Products, suffered a reversal from positive 25.8 percent to negative 13.5 percent. Other sectors which suffered reduction in growths include: Machinery except Electrical, Rubber Products, Paper and Paper Products, Publishing & Printing, Basic Metal and Transport Equipment.

Construction sustains growth

Construction continued to post gains in 2008 with 13.1 percent from 13.4 percent registered in the previous year benefiting from the projects of the private sector.

EGW decelerates

Electricity and water decelerated to 5.5 percent in the fourth quarter of 2008 from 8.3 percent in the previous year. Electricity, which accounts for about 92.7 percent of the total sector, decelerated to 5.4 percent from a growth of 8.8 percent in the same period last year. The slow down in electricity can be attributed to the cost saving measures adopted by almost all sectors.

Water sub sector, on the other hand, accelerated to 6.3 percent from 1.5 percent in the same period last year.

GROSS VALUE ADDED in INDUSTRY
4th Quarter 2007 and 4th Quarter 2008
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

At Current Prices

INDUSTRY/INDUSTRY GROUP	4th Qtr 2007	4th Qtr 2008	Growth Rate (%)
INDUSTRY SECTOR	585,143	665,339	13.7
a. Mining & Quarrying	18,935	21,158	11.7
b. Manufacturing	443,061	503,776	13.7
c. Construction	70,746	85,886	21.4
d. Elect,Gas and Water	52,401	54,519	4.0

At Constant 1985 Prices

INDUSTRY/INDUSTRY GROUP	4th Qtr 2007	4th Qtr 2008	Growth Rate (%)
INDUSTRY SECTOR	117,752	123,629	5.0
a. Mining & Quarrying	4,761	5,336	12.1
b. Manufacturing	88,658	91,539	3.2
c. Construction	14,256	16,123	13.1
d. Elect,Gas and Water	10,077	10,631	5.5

GROSS VALUE ADDED in INDUSTRY
Annual 2007 and 2008
AT CURRENT AND CONSTANT 1985 PRICES, IN MILLION PESOS

INDUSTRY/ INDUSTRY GROUP	AT CURRENT PRICES			AT CONSTANT PRICES
INDUSTRY/ INDUSTRY GROUP	2007	2008	Growth Rate (%)	2007	2008	Growth Rate (%)
INDUSTRY SECTOR	2,107,287	2,371,165	12.5	445,486	467,750	5.0
a. Mining & Quarrying	108,173	108,984	0.7	23,678	23,817	0.6
b. Manufacturing	1,463,752	1,671,354	14.2	317,197	330,943	4.3
c. Construction	304,592	352,822	15.8	61,866	66,936	8.2
d. Elect,Gas and Water	230,771	238,005	3.1	42,745	46,054	7.7

Source: National Statistical Coordination Board (NSCB)

Posted 29 January 2009 .