Philippines GDP Annual Growth Rate

The Philippines economy grew an annual 6.1 percent year-on-year in the September quarter of 2018, following an upwardly revised 6.2 percent expansion in the previous quarter and below market consensus of a 6.3 percent growth. It was the slowest pace of expansion since the second quarter of 2015, mainly due to a slowdown in private consumption and investment while net external contributed negatively to GDP growth and government spending grew firmly. GDP Annual Growth Rate in Philippines averaged 3.79 percent from 1982 until 2018, 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.

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Philippines Q3 GDP Growth Weakest in Over 3 Years

The Philippines economy grew an annual 6.1 percent year-on-year in the September quarter of 2018, following an upwardly revised 6.2 percent expansion in the previous quarter and below market consensus of a 6.3 percent growth. It was the slowest pace of expansion since the second quarter of 2015, mainly due to a slowdown in private consumption and investment while net external contributed negatively to GDP growth.

In the three months to September, household consumption expanded 5.2 percent year-on-year, compared to a 5.9 percent increase in the second quarter. Also, gross domestic capital formation rose by 16.7 percent, easing from a 21.5 percent growth in the previous quarter. The growth was driven by investment in intellectual property products (22.9 percent), followed by durable equipment (17.5 percent), construction (14.9 percent) and breeding stocks & orchard development (6.2 percent).

Net external contributed negatively to growth as exports rose less than imports. Exports increased by 14.3 percent, following a 12.6 percent rise in the second quarter. Sales of goods went up 16.9 percent (from 13.9 percent in Q2) and those of services rose 2.2 percent (from 8.4 percent). Meantime, imports increased faster by 18.9 percent, following an 18.5 percent rise in the preceding quarter, mainly driven by purchases of services (10.6 percent from 5.2 percent).

Meanwhile, government expenditure went up 14.3 percent, faster than an 11.9 percent growth in the June quarter.

On the production side, the services sector advanced 6.9 percent, compared to a 6.8 percent growth in the three months to June. Growth in the sector was supported by public administration & defense, compulsory social security (17.8 percent); financial intermediation (7.6 percent); transport, storage & communication (5.4 percent); trade & repair of motor vehicles, motorcycles, personal & household goods (5.6 percent); other services (7.5 percent) and real estate (5.3 percent).

The industry sector expanded 6.2 percent, following a 6.5 percent growth in the preceding quarter. Output increases were seen in construction (16.1 percent), followed by electricity, gas & water supply (5.0 percent) and manufacturing (4.0 percent). Meantime, mining & quarrying went down by 1.1 percent, after a 6.9 percent drop in the prior quarter. Also, agriculture, hunting, forestry & fishing contracted 0.4 percent, after a 0.3 percent expansion in the previous period.

The Philippine government has revised down its gross domestic product growth target for this year to 6.5-6.9 percent from 7-8 percent previously.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.4 percent, following an upwardly revised 1.5 percent expansion in the June quarter.

Philippine National Statistical Coordination Board l Chusnul Ch Manan| chusnul@tradingeconomics.com
11/8/2018 2:56:22 PM

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Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-05-10	02:00 AM	GDP Growth Rate YoY	6.8%	6.5%	6.8%	7%
2018-08-09	02:00 AM	GDP Growth Rate YoY	6%	6.6%	6.7%	6.6%
2018-11-08	02:00 AM	GDP Growth Rate YoY	6.1%	6.2%	6.3%	6.5%
2019-01-24	02:00 AM	GDP Growth Rate 2018				6.7%
2019-01-24	02:00 AM	GDP Growth Rate YoY		6.1%		6.7%

Philippines GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	1.40	1.50	3.40	-2.30	percent	[+]
GDP Annual Growth Rate	6.10	6.20	12.40	-11.10	percent	[+]
GDP	313.60	304.90	313.60	4.40	USD Billion	[+]
GDP Constant Prices	2221342.94	2356653.67	2356653.67	487413.68	PHP Million	[+]
Gross National Product	2784498.00	2728917.00	2784498.00	944320.00	PHP Million	[+]
Gross Fixed Capital Formation	704050.49	695427.33	704050.49	163357.69	PHP Million	[+]
GDP per capita	2891.36	2752.10	2891.36	1059.30	USD	[+]
GDP per capita PPP	7599.19	7233.20	7599.19	3796.90	USD	[+]
GDP From Agriculture	163797.00	174325.00	179824.38	114778.44	PHP Million	[+]
GDP From Construction	232896.53	260401.00	260401.00	85502.67	PHP Million	[+]
GDP From Manufacturing	430229.00	525280.00	579551.71	252377.26	PHP Million	[+]
GDP From Mining	17207.00	28252.08	31708.83	10394.10	PHP Million	[+]
GDP From Public Administration	96479.00	109633.48	109633.48	43289.41	PHP Million	[+]
GDP From Services	1316267.00	1380883.00	1380883.00	675416.60	PHP Million	[+]
GDP From Transport	146883.00	180214.00	180214.00	34827.71	PHP Million	[+]
GDP From Utilities	82731.00	74351.00	82731.00	42117.43	PHP Million	[+]

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 November of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	6.10	6.20	12.40	-11.10	1982 - 2018	percent	Quarterly

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Country	Last		Previous	Highest	Lowest
India	8.20	Jun/18	7.7	11.4	-5.2	%	Quarterly
China	6.50	Sep/18	6.7	15.4	3.8	%	Quarterly
Turkey	5.20	Jun/18	7.3	11.7	-14.4	%	Quarterly
Indonesia	5.17	Sep/18	5.27	7.16	1.56	%	Quarterly
Australia	3.40	Jun/18	3.2	9	-3.4	%	Quarterly
Switzerland	3.40	Jun/18	2.9	5.8	-3.7	%	Quarterly
United States	3.00	Sep/18	2.9	13.4	-3.9	%	Quarterly
Mexico	2.60	Sep/18	2.6	9	-9.1	%	Quarterly
Singapore	2.60	Sep/18	4.1	19	-8.8	%	Quarterly
Spain	2.50	Sep/18	2.5	5.6	-4.3	%	Quarterly
Netherlands	2.40	Sep/18	3.1	6.1	-4.6	%	Quarterly
South Korea	2.00	Sep/18	2.8	19.6	-7.4	%	Quarterly
Canada	1.90	Jun/18	2.3	9.3	-4.1	%	Quarterly
Euro Area	1.70	Sep/18	2.2	5	-5.5	%	Quarterly
Saudi Arabia	1.61	Jun/18	1.15	24.2	-20.7	%	Quarterly
France	1.50	Sep/18	1.7	12.6	-3.8	%	Quarterly
United Kingdom	1.50	Sep/18	1.2	9.7	-6.1	%	Quarterly
Russia	1.30	Sep/18	1.9	12.1	-11.2	%	Quarterly
Germany	1.10	Sep/18	2	7.2	-6.8	%	Quarterly
Brazil	1.00	Jun/18	1.2	10.1	-5.6	%	Quarterly
Italy	0.80	Sep/18	1.2	10.3	-7.2	%	Quarterly
South Africa	0.40	Jun/18	0.8	7.1	-2.6	%	Quarterly
Japan	0.30	Sep/18	1.4	9.4	-8.8	%	Quarterly
Argentina	-4.20	Jun/18	3.9	16.2	-16.3	%	Quarterly