The Philippines economy expanded 5.5 percent year-on-year in the second quarter of 2019, slowing from a 5.6 percent growth in the previous quarter and below market consensus of 5.9 percent. This was the weakest growth rate since the first quarter 2015, as both private consumption and government spending eased, while fixed investment shrank. GDP Annual Growth Rate in Philippines averaged 3.83 percent from 1982 until 2019, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985.

GDP Annual Growth Rate in Philippines is expected to be 6.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Philippines to stand at 6.60 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.60 percent in 2020, according to our econometric models.

Philippines GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2019-01-24 02:00 AM GDP Growth Rate YoY Q4 6.1% 6% 6.2% 6.1%
2019-01-24 02:00 AM GDP Growth Rate 2018 2018 6.2% 6.7% 6.4%
2019-05-09 02:00 AM GDP Growth Rate YoY Q1 5.6% 6.3% 6.1% 6.5%
2019-08-08 02:00 AM GDP Growth Rate YoY Q2 5.5% 5.6% 5.9% 6.5%
2019-11-07 02:00 AM GDP Growth Rate YoY Q3 5.5% 6.7%



Philippines Q2 GDP Annual Growth Weakest in Over 4 Years

The Philippines economy expanded 5.5 percent year-on-year in the second quarter of 2019, slowing from a 5.6 percent growth in the previous quarter and below market consensus of 5.9 percent. This was the weakest growth rate since the first quarter 2015, as both private consumption and government spending eased, while fixed investment shrank.

In the three months to June, government expenditure went up 6.9 percent, slower than a 7.4 percent expansion in the first quarter. Also, household consumption expanded 5.6 percent year-on-year, slower than a 6.1 percent increase in the first quarter of 2019. 
 
In addition, fixed capital formation shrank 4.8 percent, following a 6.4 percent growth mainly due to a fall in durable equipment (-13.0 percent from 6.1 percent). In addition, output slowed in construction (2.6 percent from 6.4 percent); and breeding stocks & orchard development (3.6 percent from 3.8 percent). Meanwhile, intellectual property products rose faster (28.7 percent from 14.0 percent).
 
Regarding net trade, exports increased by 4.4 percent (vs 5.7 percent in Q1), of which sales of goods (4.6 percent) and services (3.8 percent); while imports showed no growth (vs 8.6 percent in Q1), as purchases of goods fell (-0.2 percent) while that of services increased (1.5 percent).
 
On the production side, the industry sector grew 3.7 percent, slowing from a 4.8 percent gain in the preceding quarter, with manufacturing output advancing at a softer pace (4.0 percent from 4.9 percent in Q1) while output declined in construction (-0.6 percent from 5.4 percent). Meanwhile, output expanded faster for electricity, gas & water supply (7.5 percent from 3.1 percent); and mining & quarrying (15.0 percent from 4.7 percent). Meantime, agriculture, hunting, forestry & fishing expanded 0.6 percent, after increasing by 0.7 percent in the previous period.
 
Meanwhile, the services sector advanced 7.1 percent, accelerating from a 6.8 percent growth in the previous period. Output increased faster in trade & repair of motor vehicles, motorcycles, personal & household goods (8.5 percent from 7.3 percent); real estate (4.0 percent from 3.7 percent); and other services (7.8 percent from 5.3 percent). By contrast, growth slowed for public administration & defense, compulsory social security (8.0 percent from 9.7 percent); financial intermediation (9.2 percent from 10.2 percent); and transport, storage & communication (5.5 percent from 7.6 percent).

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.4 percent, following a downwardly revised 0.6 percent expansion in the previous quarter.



Philippine National Statistical Coordination Board l Chusnul Ch Manan| chusnul@tradingeconomics.com
8/8/2019 8:55:24 AM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.40 0.60 3.40 -2.30 percent [+]
GDP Annual Growth Rate 5.50 5.60 12.40 -11.10 percent [+]
GDP 330.91 313.62 330.91 4.40 USD Billion [+]
GDP Constant Prices 2483615.37 2257007.26 2494033.36 487413.68 PHP Million [+]
Gross National Product 2872412.32 2831541.89 2872412.32 944320.00 PHP Million [+]
Gross Fixed Capital Formation 650874.92 707316.26 744263.22 163357.69 PHP Million [+]
GDP per capita 3022.00 2884.40 3022.00 1059.50 USD [+]
GDP per capita PPP 7942.50 7580.80 7942.50 3800.10 USD [+]
GDP From Agriculture 147497.00 158623.00 182717.24 114778.44 PHP Million [+]
GDP From Construction 264202.00 204045.00 270746.77 85502.67 PHP Million [+]
GDP From Manufacturing 547022.00 554839.47 599810.14 252377.26 PHP Million [+]
GDP From Mining 32944.00 22384.00 32944.00 10394.10 PHP Million [+]
GDP From Public Administration 119397.00 91987.01 119397.00 43289.41 PHP Million [+]
GDP From Services 1479208.00 1299086.00 1479208.00 675416.60 PHP Million [+]
GDP From Transport 84765.58 76553.45 84765.58 34827.71 PHP Million [+]
GDP From Utilities 80208.00 67138.00 82773.94 42117.43 PHP Million [+]


Philippines GDP Annual Growth Rate

Services are the biggest sector of the Filipino economy and account for 57 percent of total GDP. Within services the most important segments are: trade, repair of motor vehicles and household goods (17 percent of total GDP); real estate, renting and business activities (11 percent); transport, storage and communication (8 percent); financial services (7 percent) and public administration, defense and social security (4 percent). Industry accounts for 31 percent of GDP. Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important. Agriculture contributes the remaining 12 percent of GDP. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on October of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
5.50 5.60 12.40 -11.10 1982 - 2019 percent Quarterly




Country Last Previous
China 6.00 Sep/19
Indonesia 5.05 Jun/19
India 5.00 Jun/19
United States 2.30 Jun/19
South Korea 2.00 Jun/19
Spain 2.00 Jun/19
Netherlands 1.80 Jun/19
Canada 1.60 Jun/19
Australia 1.40 Jun/19
France 1.40 Jun/19
United Kingdom 1.30 Jun/19
Euro Area 1.20 Jun/19
Brazil 1.00 Jun/19
Japan 1.00 Jun/19
Russia 0.90 Jun/19
South Africa 0.90 Jun/19
Argentina 0.60 Jun/19
Saudi Arabia 0.50 Jun/19
Germany 0.40 Jun/19
Switzerland 0.20 Jun/19
Singapore 0.10 Sep/19
Italy -0.10 Jun/19
Mexico -0.80 Jun/19
Turkey -1.50 Jun/19


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