Weighed down by the impact of the global economic crisis, the Philippine economy is teetering into recession as seasonally adjusted GDP sank by 2.3 percent, the lowest for the past 20 years. The seasonally adjusted GNP, likewise declined by 1.2 percent, marking the first time since the first quarter of 2001 when both GDP and GNP contracted quarter on quarter

Original Data vs.
Seasonally Adjusted Gross Domestic Product

PERSONAL CONSUMPTION EXPENDITURE

On the demand side, OFW remittances failed to cajole consumers into spending as seasonally adjusted Personal Consumption Expenditure dropped by 3.1 percent during the first quarter of 2009 after more than fifty consecutive quarters of positive growth.

AGRICULTURE, FISHERY AND FORESTRY

The decline of corn, sugarcane and other crops resulted to the contraction of Agriculture, Fishery and Forestry sector by 1.0 percent after expanding by 0.9 percent last quarter.

INDUSTRY

Industry registered its lowest growth for the last twenty years as it sank by 6.6 percent from 0.1 percent increase in the previous quarter. The substantial weakening of the manufacturing sector contributed immensely to the contraction of industry.

SERVICES

Services sector recorded no growth for the first quarter of 2009 compared to 0.2 percent from the previous quarter, as trade declined while the other sub-sectors slowed down. The sector has grown less than one percent in each of the last five quarters.