The Philippines economy advanced 7.1% yoy in Q3 of 2021, slowing sharply from an upwardly revised 12.0% jump in Q2 and compared with market expectations of a 4.8% expansion, due to tough lockdown restrictions to mitigate rising cases of the Delta Variant and low base effect from last year, with both private consumption (7.1% vs 7.3% in Q2) and fixed investment (16.0% vs 38.8%) growing at softer rates. Net external demand also contributed negatively to the GDP, as exports grew by 9.0% (vs 27.8% in Q2) while imports went up at a faster 13.2% (vs 39.8%). Meanwhile, government spending rebounded sharply (13.6% vs -4.2%), on optimizing the 2021 budget. On the production side, activity slowed strongly for construction (16.8% vs 27.1% in Q2), transportation (14.8% vs 24.7%), accommodation and food service activities (11.5% vs 56.7%), manufacturing (6.3% vs 22.2%), and real estate and ownership of dwelling (4.7% vs 16.7%). Meantime, wholesale and retail trade rose faster (6.4% vs 5.4%). source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.56 percent from 1982 until 2021, reaching an all time high of 12 percent in the fourth quarter of 1988 and a record low of -17 percent in the second quarter of 2020. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2021.
GDP Annual Growth Rate in Philippines is expected to be 5.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 9.00 percent in 2022, according to our econometric models.