NSCB - 1st Quarter 2010 National Accounts - The Seasonally Adjusted National Accounts of the Philippines

First Quarter 2010
The Seasonally Adjusted National Accounts of the Philippines
Posted 27 May 2010

The steady recovery of the global economy from the crisis coupled with the excitement generated by the May national elections revitalized the Philippine economy, as seasonally adjusted GDP grew from 1.4 percent in the fourth quarter of 2009 to 3.0 percent in the first quarter of 2010. Both the Industry and Services sectors contributed to the growth of the domestic economy, the highest since the first quarter 1988. The Industry sector registered an impressive quarter on quarter growth of 3.8 percent from a robust growth of 6.3 percent in the fourth quarter of 2009. The Services sector recovered from a decline of 0.1 percent in the fourth quarter 2009 to 3.6 percent in the current quarter. On the other hand, Agriculture, Fishery and Forestry recorded no growth as the dry spell caused by the El Nino took its toll on the production of major agricultural crops. The seasonally adjusted GNP grew by 1.9 percent in the first quarter 2010, albeit at a slower pace, as OFW remittances slowed down.

QUARTER TO QUARTER GROWTH RATES
(First Quarter 1995 to First Quarter 2010)

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	1.3	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	-0.9	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	-5.3	-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	0.7	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	0.3	3.3	0.5	1.4	1.9	1.1
	Q2	3.9	-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	1.5	0.9
2001	Q1	-1.2	-2.9	1.4	-0.6	-2.1	0.8
	Q2	4.9	0.1	0.8	1.4	3.4	0.8
	Q3	1.0	1.1	1.7	1.4	0.5	1.1
	Q4	-0.8	-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	0.5	2.4	1.2	1.5	0.5	1.1
	Q3	-0.1	0.2	1.5	0.7	1.4	1.6
	Q4	3.7	0.6	2.0	1.9	3.0	1.1
2003	Q1	-0.8	1.2	1.0	0.7	-0.1	1.2
	Q2	-0.9	1.3	1.2	0.8	2.0	1.3
	Q3	3.2	2.6	1.8	2.3	2.4	1.6
	Q4	3.4	-2.0	2.3	1.1	0.9	1.2
2004	Q1	2.1	4.1	1.7	2.6	2.5	1.8
	Q2	-3.5	0.6	2.5	0.7	1.4	1.5
	Q3	4.1	-0.2	1.8	1.6	1.4	1.1
	Q4	-0.9	2.6	0.5	0.9	0.6	1.1
2005	Q1	0.3	0.3	2.5	1.4	1.8	1.1
	Q2	-1.3	0.8	2.1	1.0	1.1	1.5
	Q3	3.8	0.6	1.3	1.6	1.5	1.1
	Q4	1.2	3.0	0.8	1.6	2.2	1.1
2006	Q1	0.1	0.7	1.9	1.2	0.7	1.5
	Q2	1.6	-0.9	1.4	0.7	0.6	1.7
	Q3	0.0	2.4	1.6	1.6	1.3	1.2
	Q4	0.0	1.4	2.9	1.9	2.9	1.3
2007	Q1	2.8	3.1	2.3	2.7	1.6	1.6
	Q2	0.8	3.0	1.5	1.8	2.6	1.5
	Q3	1.8	-1.6	1.4	0.5	1.2	1.4
	Q4	0.4	0.4	2.0	1.2	0.9	1.0
2008	Q1	0.1	1.3	-0.1	0.4	1.5	1.1
	Q2	2.4	3.1	0.4	1.6	2.0	0.5
	Q3	-1.0	2.8	0.6	1.0	1.5	2.0
	Q4	1.3	-2.2	0.1	-0.4	2.0	0.9
2009	Q1	-0.6	-6.1	0.7	-1.7	-2.3	-0.1
	Q2	0.1	4.7	1.3	2.1	3.1	2.6
	Q3	0.2	-0.7	1.2	0.4	1.2	-0.4
	Q4	-2.8	6.3	-0.1	1.4	2.5	2.6
2010	Q1	0.0	3.8	3.6	3.0	1.9	1.1

as of May 2010