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. source: National Statistics Office of Philippines
GDP Growth Rate in Philippines averaged 1.08 percent from 1998 until 2021, reaching an all time high of 8 percent in the third quarter of 2020 and a record low of -14.90 percent in the second quarter of 2020. This page provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.
GDP Growth Rate in Philippines is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.