MAKATI CITY, Nov 28 — The county’s economy slowed down, as the gross domestic product (GDP) grew by only 5.3 percent in the third quarter of 2014. This is the lowest in almost three years.
This is lower than the growth rates of 6.4 percent in the second quarter of 2014 and 7.0 percent in the third quarter of 2013.
The services sector decelerated to 5.4 percent but remained the main driver of GDP growth for the quarter. It is noted that the growth in Services sector has been on the downward trend since Q1 of 2014. The industry sector slowed down to 7.6 percent, slightly lower than the previous year’s and previous quarter’s growth of 7.7 percent and 7.9 percent, respectively. The entire Philippine agriculture sector declined by 2.7 percent, the lowest since Q4 2009.
Among the three major economic sectors, services gave the highest contribution to the GDP growth in the third quarter with 3.1 percentage points. This was followed by industry with 2.4 percentage points while the whole agriculture sector pulled down GDP growth with negative 0.3 percentage point.
With the deceleration of the Net Primary Income (NPI) from the rest of the world in the third quarter of 2014 to 2.7 percent from 19.9 percent the previous year, the Gross National Income (GNI) slowed down to 4.8 percent from 9.0 percent in the third quarter of 2013.
With projected population reaching to a level of 100.1 million, per capita GDP slowed down to 3.5 percent, per capita GNI decelerated to 3.1 percent while per capita Household Final Consumption Expenditure (HFCE) went down to 3.4 percent. (NSCB)