The country’s gross domestic product (GDP) in the second quarter of the year grew 6.2 percent from 4.2 for the same period last year, the National Statistical Coordination Board (NSCB) reported.

The services sector provided the major factor in the growth with 48.2 percent share of the GDP, as it improved its growth rate from 5.7 percent in 2003 to 7.3.

Industry and agriculture, fishery and forestry also experienced growths to contribute to the rise in GDP.

Industry, for 33.8 percent of the GDP, grew from 3.6 to 5.6 percent. Agriculture, fishery and forestry which accounted for 18 percent of the GDP, rose from 1.6 percent to 4.3

The sustained second quarter economic growth translated to the improvement in the per capita GDP from 1.8 percent in 2003 to 3.7 in 2004.

GDP refers to the total value of goods and services produced within the country for a given period.

GNP, on the other hand, refers to the GDP plus the earnings of Filipinos at home and Filipino firms abroad.

The gross national product (GNP) also rose but its rate slipped to 5.7 percent from 6.5. The reduced growth rate was attributed to a negligible increase in the net factor income from abroad (NFIA) which went down from 11.5 percent to 3.3.

Still, the per capita GNP grew by 3.3 percent although that was less than the four percent last year.

The personal consumption expenditure (PCE) also grew to 6 percent in 2004 from 5.3 in 2005 because of election related expenses and increased use of mobile phones.

Total exports jumped to 14.9 percent from a mere 1.2 in 2002 because of the robust performance of merchandise exports and non-factor service. Total imports stayed at the same 7 percent level so that there was a lower trade deficit.