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Philippine Economy Grows 0.6% QoQ
The Philippine economy expanded 0.6% quarter-on-quarter in the three months to December 2025, picking up from a revised 0.3% in the previous period but falling short of expectations for a 1.3% expansion. Growth accelerated for household consumption (1.3% vs 0.7% in Q3), while government spending rebounded (1.2% vs -0.6%). Net trade also contributed positively, with exports rising 4.8% (vs 2.2%) and imports declining 3.4% (vs 0%). This was partly offset by continued contraction in fixed investments (-2.9% vs -3.8%). Among major sectors, growth picked up in services (1.5% vs 0.8%), while output fell in agriculture, forestry, and fishing (-0.9% vs -2.7%) and in industry (-1% vs -0.1%).
Published on 2026-01-29

Philippines GDP Posts Smallest Expansion Since 2020
The Philippine economy grew by 0.4% quarter-on-quarter in the three months to September 2025, easing from a 1.5% expansion in the previous period and falling short of expectations for a 0.8% increase. This marked the weakest growth since the contraction in Q2 2020, driven by slower household consumption growth (0.5% vs 1.1% in Q2). Contractions also persisted in government spending (-0.2% vs -2.3%) and fixed investments (-3.6% vs -0.5%). Meanwhile, net trade contributed positively, as exports rose 1.4% following a 0.4% drop in the prior period, while imports continued to decline by 0.7% after a 4.6% fall. Among major sectors, activity slowed in industry (0.1% vs 0.4%) and services (0.9% vs 1.9%), while output fell for the first time in a year in agriculture, forestry, and fishing (-2.9% vs 2.7%).
Published on 2025-11-07

Philippine Economy Expands 1.5% QoQ
The Philippine economy grew by 1.5% quarter-on-quarter in the three months ending June 2025, accelerating from a 1.2% expansion in the previous period. The faster growth was driven by a sharper rise in household spending (1.2% vs 0.5% in Q1), supported by moderating consumer inflation. Net trade also contributed positively, as exports declined by 0.6% (vs +2.3%) but were offset by a steeper 4.6% drop in imports (vs -13.7%). Meanwhile, growth in fixed investments slowed to 0.5% (vs 4.1%), and government spending contracted by 2.1% (vs +7.5%)—the first decline in over a year—due to an election-related ban on public disbursements. Among major sectors, activity picked up in services (2% vs 1%), while growth in agriculture, forestry, and fishing (1.7% vs 2.2%) and industry (0.5% vs 1.3%) slowed.
Published on 2025-08-07

Philippine Economy Grows 1.2% QoQ
The Philippine economy grew by 1.2% quarter-on-quarter in the three months ending March 2025, easing from a downwardly revised 1.5% in the previous period. The slowdown was mainly driven by a softer increase in household spending (1% vs. 2.2% in Q4) and negative contributions from net trade, as imports surged 12.5% (vs. -5.2%) while exports rose at a slower pace of 3.9% (vs. 2.3%). Among major economic sectors, growth accelerated in agriculture, forestry, and fishing (1.8% vs. 0.9%) and industry (2% vs. 0.2%), while the pace of expansion in services slowed to 0.8% from 2.2%.
Published on 2025-05-08

Philippine Economy Expands 1.8% QoQ
The Philippine economy grew by 1.8% quarter-on-quarter in the three months ending December 2024, up from a downwardly revised 1.5% in the previous period, but below the expected 1.9%. This marks the steepest expansion since Q4 2023, mainly driven by strong net trade, with exports rising 3.6%, up from 1.4% in the prior quarter, while imports dropped 4.8% after a 2.9% increase. Meanwhile, growth slowed in household spending (1.8% vs. 2.8%) and government expenditures (0.8% vs. 3%), and fixed investments stagnated (0% vs. -0.2%). Among major sectors, agriculture, forestry, and fishing showed a recovery (0.6% vs. -0.1%), services growth accelerated (2.6% vs. 2%), while industrial growth slowed (0.3% vs. 1%).
Published on 2025-01-30

Philippine Economy Expands 1.7% QoQ
The Philippine economy expanded by 1.7% quarter-on-quarter in the three months ending September 2024, accelerating from an upwardly revised 0.7% rise in the previous period, beating the expected 1.5%. This marks the steepest economic growth since the same quarter last year, mainly driven by the sharp rebound in household consumption, up by 2.8% after declining by 0.7% in the prior quarter. Additionally, growth for fixed investments edged higher (0.9% vs 0.8%), while it slowed for government spending (1.1% vs 3.2%). Net trade negatively impacted GDP, as exports dropped 5.1% (vs -4.3%), and imports rebounded 3.2% (vs -1.5%). Among main economic sectors, agriculture, forestry and fishing showed a recovery (0.3% vs -1.7%), and growth accelerated for services (2.2% vs 0.6%), while it eased for the industry (1% vs 1.5%).
Published on 2024-11-07

Philippines Economy Misses Forecasts
The Philippine economy grew by 0.5% quarter-on-quarter in the three months ending June 2024, slowing from a downwardly revised 1.1% increase in the previous period and missing market forecasts of a 0.9% rise. This marked the fourth consecutive period of expansion, albeit the slowest in the sequence, as government spending (2.6% vs 2.8% in Q1) grew at a softer pace, as well as gross capital formation (0.6% vs 5%). Moreover, net trade negatively impacted GDP, as exports continued to fall to 1.3% from 0.1% in the previous period, while imports tumbled to 1.8% from a 6.9% increase. Meanwhile, household consumption slightly improved, decreasing by 0.1% compared to a 0.2% decline previously. Among main economic indicators, agriculture, forestry, and fishing continued to decline (-1.6% vs. -0.6%), while growth eased in both industry (1.5% vs. 2.5%) and services (0.3% vs. 0.7%).
Published on 2024-08-08

Philippines Economy Grows 1.3% QoQ
The Philippines economy rose 1.3% quarter-on-quarter in the three months ending January 2024, easing from a downwardly revised 1.8% growth in the prior period but beating market expectations of 1%. There was a deceleration in growth for household consumption (0.4% vs 2.9% in Q4), and fixed investments (0.9% vs 4.7%). Meanwhile, government spending rebounded by 2.6% after contracting by 3% previously. Net trade also contributed positively to the GDP, as exports jumped 7.1% (vs 2.1%), and imports rose at a slower 6.2% (vs -3.7%). Among main economic sectors, the industry sector grew sharply (2.6% vs 0.3%), while the services sector eased (1.0% vs 2.7%), and agriculture, forestry & fishing fell (-0.3% vs -0.2%) amid the impact of El Niño heat.
Published on 2024-05-09

Philippine Economy Expands 2.1% QoQ
The Philippines economy rose 2.1% on quarter in the three months ending December 2023, easing from an upwardly revised 3.8% growth in the prior period but above market forecasts of 1.4%. It marked the second consecutive quarter of economic expansion, boosted by the sharp increase in fixed investments (4.2% vs 0.2% in Q3). Also, net trade contributed positively to the GDP, with exports rising 0.6% (vs 5%) and imports falling by 3.2% (vs 4%). Among main economic sectors, growth slowed for industry (0.4% vs 3%) and services (3.2% vs 4.6%), while agriculture, forestry & fishing was stagnant.
Published on 2024-01-31

Philippine Economy Recovers in Q3
The Philippine economy advanced 3.3% on quarter in the third quarter of 2023, broadly rebounding from a 0.7% contraction in the prior period and above market expectations of a 2.0% rise. It was the strongest expansion since the fourth quarter of 2021, boosted by the strong recovery for household consumption (4.8% vs -3.7% in Q2) and government spending (8.1% vs -5.4%). On net trade, exports increased 4.6% (vs 3.2%), while imports grew at a slightly lower 4.4% (vs -2.8%). Meanwhile, all main economic sectors rebounded: agriculture, forestry & fishing (1.4% vs -1.1%), boosted by the rise in fishing & aquaculture, sugarcane, and poultry & egg production; industry (2.9% vs -0.6%), particularly in the construction sector; and services (3.8% vs -0.7%), supported by the growth from transportation & storage, wholesale & retail trade, repair of motor vehicles & motorcycles, and financial activities.
Published on 2023-11-09

Philippines Economy Shrinks 0.9% QoQ in Q2
The Philippine economy unexpectedly shrank 0.9% qoq in Q2 of 2023, missing market forecasts of a 0.5% growth and reversing from a marginally revised 1.0% growth in Q1. It was the first quarterly contraction in two years, amid intense cost pressures and high borrowing costs, with the three major sectors all declining. Services activity fell for the first time in eight quarters (-1.0% vs 0.5% in Q1), dragged down by transportation and storage, financial and insurance, and real estate and ownership of dwellings. Also, the output of the industry sector dropped by 0.7% after growing 1.8% previously, amid declines in manufacturing, mining, and utilities. In addition, agriculture, forestry, and fishing contracted 1.0%, swinging from a 1.4% increase in Q1, linked to fishing, livestock, and palay. On the expenditure side, private consumption was down for the first quarter in four (-1.0% vs 1.0%), while government spending fell after rising in the prior two quarters (-5.2% vs 1.2%).
Published on 2023-08-10

Philippines Economy Grows 1.1% QoQ in Q1
The Philippine economy expanded 1.1% quarter-on-quarter in Q1 of 2023, exceeding market forecasts of a 0.9% rise and coming after a downwardly revised 2.0% growth in Q3. The latest result marked the third straight quarterly expansion but the softest in the sequence, amid intense cost pressures and higher borrowing costs. Services activity expanded the least in three quarters (0.7% vs 3.1% in Q4), due to declines in accommodation and food services, real estate, and healthcare; and a slowdown in wholesale and retail trade, repair of motor vehicles and motorcycles, and financials and insurance. Meantime, the output of the industry sector grew robustly (2.1% vs 0.8%), boosted by a rebound in mining and quarrying, and faster rises in both manufacturing and construction. Also, agriculture, forestry, and fishing rose by 1.4%, swinging from a 1.6% contraction previously. On the expenditure side, household expenditure grew the least since a fall in Q2 of 2022 (1.4% vs 1.8%).
Published on 2023-05-11

Philippines Economy Expands 2.4% QoQ in Q4
The Philippine economy advanced 2.4% qoq in Q4 of 2022, exceeding market forecasts of a 1.5% rise and following an upwardly revised 3.3% growth in Q3. The latest result marked the second straight expansion, as the economy fully reopened after COVID disruptions. Services activity continued to increase (3.5% vs 4.7% in Q3), mainly supported by wholesale and retail trade, repair of motor vehicles and motorcycles, financials and insurance, and real estate. The output of the industry sector also accelerated (1.5% vs 1.0%), boosted by manufacturing, construction and electricity, and steam, water, and waste management. By contrast, forestry and fishing fell(-1.7% vs 1.3%) because of lower sugarcane, palay, poultry, and eggs output. Lastly, household expenditure grew much slower(2.1% vs 5.3%) amid rising price pressures and higher borrowing costs.
Published on 2023-01-26

Philippines Economy Grows 2.9% QoQ in Q3, Tops Forecasts
The Philippine economy expanded by 2.9% qoq in Q3 of 2022, exceeding market forecasts of a 1.0% rise and reversing from a 0.1% contraction in Q2. This was the steepest pace of quarterly growth since Q4 of 2021, buoyed by a sharp rebound in services activity (4.2% vs -0.7% in Q2) with top contributors coming from transportation & storage, wholesale & retail trade, repair of motor vehicles, and human health and social work. Also, the industry sector grew faster (0.8% vs 0.6%), supported by manufacturing, mining, utilities, and waste management. Further, agriculture, forestry, and fishing rose for the second straight quarter and were at a steeper rate (1.6% vs 1.4%), mainly led by sugarcane, palay, and livestock. Meantime, household expenditure expanded robustly by 5.7% despite soaring inflation and rising borrowing costs.
Published on 2022-11-10

Philippines Economy Unexpectedly Shrinks 0.1% QoQ in Q2
The Philippine economy unexpectedly contracted by 0.1% qoq in Q2 of 2022 2022, missing market forecasts of a 0.5% growth and reversing from a 1.9% growth in Q1. This was the first quarterly contraction in a year, amid lingering global uncertainty and persistently high inflation with the country's central bank ramping up a policy to curb surging prices. The services industry contracted 0.4% after gaining in the prior period. Meantime, activity grew both in the industry sector (0.2%) and agriculture, forestry, and fishing (0.9%).
Published on 2022-08-09

Philippines Economy Expands 1.9% QoQ in Q1
The Philippine economy grew by 1.9% qoq in Q1 of 2022 2022, compared with market consensus of 1.5% and after an upwardly revised 3.9% growth in Q4. The latest reading was the third straight quarterly expansion but the least in the sequence, amid disruptions caused by the pandemic, surging energy prices, and uncertainty from the war in Ukraine. The industry sector advanced 2.0%, slowing from a 4.2% rise in Q4, mainly driven by manufacturing, utilities, and mining. Services activity rose the least in 3 quarters (2.2% vs 3.5%), mostly led by wholesale and retail trade, and repair of motor vehicles and motorcycles. At the same time, agriculture, forestry, and fishing fell for the second time in 3 quarters (-0.7% vs 1.1%), dragged down by the output of corn, fishing, and banana. On the demand side, household consumption went up 3.2%, led by food & non-alcoholic beverages, restaurants and hotels, and transport.
Published on 2022-05-12

Philippines Economy Grows 3.1% QoQ in Q4
The Philippine economy grew by 3.1 percent on quarter in the three months to December 2021, the same pace as a downwardly revised figure in the previous period. The industry sector advanced by 4.3 percent, the most in a year, boosted by manufacturing and construction, while services activity expanded by 2.8 percent, supported by wholesale and retail trade, repair of motor vehicles, transport and storage, and accommodation and food services. At the same time, agriculture, forestry, and fishing rebounded 1.3 percent, following a decline in the previous three-month period. On the demand side, household consumption went up 2 percent, as spending increased on food & non-alcoholic beverages, restaurants and hotels, and transport.
Published on 2022-01-27

Philippines GDP Rebounds Sharply
The Philippines GDP expanded 3.8% quarter-on-quarter in Q3 2021, shifting from a revised 1.4 percent contraction in Q2. The upturn marked the strongest growth since Q4 2020, as the economic recovery from the COVID-19 pandemic gained traction following a rapid inoculation drive and easing curbs to Alert Level 1. The service sector grew the most in four quarters (6.6% vs -3.0% in Q2), mainly boosted by wholesale and retail trade; repair of motor vehicles and motorcycles, transportation and storage; and professional and business services. In contrast, the output of industry fell for the first time in five quarters (-0.3% vs 1%) and that of agriculture, forestry, and fishing shrank for the first time since Q4 2020. On the demand side, household consumption rose 7.0%, mainly attributed to growth in transport, miscellaneous goods and services, and health.
Published on 2021-11-09

Philippines Quarterly GDP Shrinks for 1st Time in A Year
The Philippines GDP shrank 1.3% quarter-on-quarter in Q2 2021, after an upwardly revised 0.7 percent growth in Q1. The latest reading pointed to the first contraction in quarterly GDP since Q2 2020, amid COVID-19 lockdown restrictions and slow vaccinations. Activity in the service sector fell for the first time in a year (-2.8% vs 0.9% in Q1), mainly due to transportation and storage; wholesale and retail; repair of vehicles and motorcycles; and health and social work. At the same time, the output of agriculture, forestry, and fishing rose much softer (0.6% vs 1.3%), mainly led by sugarcane; other agricultural crops; and poultry and eggs. In contrast, the industry sector picked up sharply (1.1% vs 0.1%), led by construction, mining, and electricity. On the demand side, household consumption fell by 2.4%, mainly attributed to declines in transport, restaurant and hotels, and miscellaneous goods and services.
Published on 2021-08-10

Philippines Economy Grows 0.3% QoQ in Q1
The Philippines GDP advanced 0.3% quarter-on-quarter in Q1 2021, slowing markedly from a downwardly revised 3.8% growth in Q4. Still, this was the third straight quarter of expansion, as the economy continued its battle against the COVID-19 pandemic. The service sector grew much softer (0.4% vs 3.5% in Q4), mainly driven by accommodation and food service activities, education, and financial and insurance. At the same time, activity in the industry sector fell for the first time in three quarters (-0.4% vs 6.7%). By contrast, agriculture, forestry, and fishing rebounded, rising for the first time in three quarters (1.2 % vs -2.5%), led by palay, support activities to agricultulture, and corn. On the demand side, household consumption grew by 2.3%, with restaurants and hotels, education , and health being top contributors.
Published on 2021-05-11