Philippines GDP Annual Growth Rate  1982-2017 | Data | Chart | Calendar

The Philippines economy grew an annual 6.4 percent in the March quarter of 2017, following a 6.6 percent expansion in the previous quarter and below market consensus of a 6.8 percent growth. It was the weakest expansion since the third quarter 2015, as private consumption, investment, and government spending slowed while exports rose further. For 2017, the economy is expected to advance between 6.5 to 7.5 percent. On a quarter-on-quarter seasonally adjusted basis, the GDP expanded 1.1 percent in the first quarter 2017, compared to an upwardly revised 1.8 percent growth in the December quarter while market estimated a 1.5 percent growth. GDP Annual Growth Rate in Philippines averaged 3.68 percent from 1982 until 2017, 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.

Philippines GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus Forecast (i)
2017-01-26 02:00 AM Q4 6.6% 7.0% 6.5% 6.7%
2017-01-26 02:00 AM 2016 6.8% 5.9% 7%
2017-05-18 02:00 AM Q1 6.4% 6.6% 6.8% 6.7%
2017-08-17 02:00 AM Q2 6.4% 6.6%
2017-11-16 02:00 AM Q3 6.7%




Philippines GDP Growth Slowest In 1-1/2 Years In Q1


The Philippines economy grew an annual 6.4 percent in the March quarter of 2017, following a 6.6 percent expansion in the previous quarter and below market consensus of a 6.8 percent growth. It was the weakest expansion since the third quarter 2015, as private consumption, investment, and government spending slowed while exports rose further.

In the three months to March, household consumption expanded 5.7 percent year-on-year, compared to a 6.3 percent increase in the fourth quarter. Government expenditure edged up 0.2 percent, slower than a 4.0 percent growth in the December quarter, due to a decline in maintenance and other operating expenditures of government agencies. Delays in the implementation and procurement of various government programs and higher expenses recorded during the election period in 2016 also contributed to a  growth government spending.

Gross domestic capital formation increased by 7.9 percent, slowing from a 14.7 percent growth in the previous quarter, and marking for the first time one digit growth after the seven straight quarters of double-digit gains. Investment in construction grew by 9.9 percent, followed by durable equipment (12.5 percent), breeding stocks & orchard development:(3.1 percent) and intellectual property products (27.2 percent).
 
Exports increased by 20.3 percent, faster than a 13.4 percent rise in the fourth quarter. Sales of goods rose 22.3 percent (from 9.6 percent in the fourth quarter), those of  services went up 14.3 percent (from 13.6 percent). Imports increased by 17.5 percent, following a 15.4 percent in the preceding quarter.

On the production side, the services sector advanced 6.8 percent, compared to a 7.2 percent growth in the three months to December. Growth in the sector was supported by public administration & defense; compulsory social security (5.5 percent), real estate (6.9 percent), trade and repair of motor vehicles, motorcycles, personal and household goods (7.1 percent), other services (7.6 percent), transport, storage & communication (4.9 percent) and financial intermediation (7.4 percent). The industry sector expanded 6.1 percent, following a 7.9 percent growth in the preceding quarter. Construction recorded the highest increase (8.2 percent), followed by electricity, gas and water supply (1.4 percent) and manufacturing (7.5 percent). In contrast, mining & quarrying shrank by 20 percent, following a 0.5 percent fall in the December quarter.  Agriculture, hunting, forestry and fishing rebounded (4.9 percent following a 1.1 percent contraction in the previous period).

For full year 2017, the World Bank expects growth to reach 6.9 percent, well inside the Philippines government 6.5 - 7.5 percent target and faster than 6.8 percent in 2016.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.1 percent, compared to an upwardly revised 1.8 percent growth in the December quarter while markets estimated a 1.5 percent growth.
 
 

Philippine Statistics Authority | Chusnul Ch Manan | chusnul@tradingeconomics.com
5/18/2017 11:53:42 AM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.10 1.80 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.40 6.60 12.40 -11.10 percent [+]
GDP 292.45 284.80 292.45 4.40 USD Billion [+]
GDP Constant Prices 2105290.00 2083369.00 2105290.00 825496.00 PHP Million [+]
Gross National Product 2522142.00 2494692.00 2522142.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 609964.37 623767.42 623767.42 163357.69 PHP Million [+]
GDP per capita 2639.90 2531.90 2639.90 1059.33 USD [+]
GDP per capita PPP 6938.21 6654.49 6938.21 3796.61 USD [+]
GDP From Agriculture 153711.86 174555.46 175802.17 114778.44 PHP Million [+]
GDP From Construction 179941.13 220299.31 224397.72 85502.67 PHP Million [+]
GDP From Manufacturing 493645.75 536166.91 536166.91 252377.26 PHP Million [+]
GDP From Mining 18842.65 16851.52 30306.94 10394.10 PHP Million [+]
Gdp From Public Administration 73500.67 85426.35 88086.53 43289.41 PHP Million [+]
Gdp From Services 1141072.00 1226677.13 1226677.13 675416.60 PHP Million [+]
GDP From Transport 66825.72 61257.87 71539.11 34827.71 PHP Million [+]
GDP From Utilities 60817.99 65239.91 76246.22 42117.43 PHP Million [+]


Philippines GDP Annual Growth Rate Notes

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 June of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
6.40 6.60 12.40 -11.10 1982 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Mar/17
India 6.10 Mar/17
Indonesia 5.01 Mar/17
Turkey 5.00 Mar/17
Netherlands 3.20 Mar/17
Spain 3.00 Mar/17
South Korea 2.90 Mar/17
Mexico 2.80 Mar/17
Canada 2.30 Mar/17
United Kingdom 2.00 Mar/17
United States 2.00 Mar/17
Euro Area 1.90 Mar/17
Australia 1.70 Mar/17
Germany 1.70 Mar/17
Japan 1.30 Mar/17
Italy 1.20 Mar/17
France 1.10 Mar/17
Switzerland 1.10 Mar/17
Russia 0.50 Mar/17
Brazil -0.40 Mar/17