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.

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Philippines GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-08-10 02:00 AM YoY Q2 11.8% -3.9% 10% 15%
2021-11-09 02:00 AM YoY Q3 7.1% 12% 4.8% 4.8%
2022-01-28 02:00 AM Full Year GDP Growth 2022


Related Last Previous Unit Reference
GDP Growth Rate 3.80 -1.40 percent Sep/21
GDP Annual Growth Rate 7.10 12.00 percent Sep/21
GDP Constant Prices 4428969.00 4636746.00 PHP Million Sep/21
Gross National Product 4739372.31 4730870.30 PHP Million Sep/21
Gross Fixed Capital Formation 942479.18 1154391.16 PHP Million Sep/21
GDP From Utilities 172171.00 155967.00 PHP Million Sep/21
GDP From Transport 136562.00 109450.00 PHP Million Sep/21
GDP From Public Administration 224113.00 268444.00 PHP Million Sep/21
GDP From Mining 25337.00 44532.00 PHP Million Sep/21
GDP From Manufacturing 729091.00 882297.00 PHP Million Sep/21
GDP From Construction 274240.00 345332.00 PHP Million Sep/21
GDP From Agriculture 398213.00 416272.00 PHP Million Sep/21

News Stream
Philippines Q3 GDP Annual Growth Eases
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%).
2021-11-09
Philippines Q2 GDP Growth Highest Since 1988
The Philippines economy advanced 11.8% yoy in Q2 of 2021, rebounding sharply from a downwardly revised 3.9 contraction in Q1 and beating market expectations of a 10% growth. This was the first expansion in the economy since the fourth quarter 2019, and the strongest growth since the fourth quarter 1988, amid a low base effect last year. Private consumption (7.2% vs -4.7% in Q1) and fixed investment (37.4% vs -18.2%) recovered sharply. Also, net external demand contributed positively to GDP, as both exports (27.0% vs -8.8%) and imports (37.8% vs -7.0%) rebounded sharply. Meanwhile, government spending shrank (-4.9% vs 16.1%). On the production side, activity rebounded mainly for construction (25.7% vs -22.6%), transportation and storage (23.4% vs -19.6%), accommodation and food service activities (53.4% vs -22.5%), real estate and ownership of dwelling (16.7% vs -11.7%), wholesale and retail trade (5.4% vs -3.4%), while manufacturing grew much more (22.3% vs 0.5%).
2021-08-10
Philippines Economy Shrinks More than Expected
The Philippines economy shrank 4.2% yoy in Q1 of 2021, following an 8.3 plunge in the previous quarter and compared with market expectations of a 3% fall. This was the fifth straight quarter of contraction in the economy, but the least in the sequence, amid pandemic-induced lockdowns. Private consumption (-4.8% vs -7.3% in Q4) and fixed investment (-20.2% vs -30.0%) contracted less. Also, net external demand contributed negatively to GDP, as exports dropped by 3.0% (vs -10.2%), while imports fell faster (-8.3% vs -20.2%). Meanwhile, government spending growth accelerated (16.1% vs 5.1%). On the production side, activity contracted mainly for mining and quarrying (-1.0% vs -16.4%), construction (-24.2% vs -26.8%); transportation and storage (-18.8% vs -20.1%), wholesale and retail trade (-3.9% vs -4.0%).
2021-05-11

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.