The Philippines economy expanded 6.4 percent year-on-year in the fourth quarter of 2019, accelerating from a downwardly revised 6.0 percent growth in the previous quarter but below market consensus of 6.5 percent. This was the strongest growth rate since the first quarter 2018, as both government spending growth and fixed investment accelerated, and net external contributed positively to GDP while private consumption continued to rise. Considering full 2019, the economy grew by 5.9 percent year-on-year, compared to 6.2 percent expansion in 2018, the slowest pace in 8 years, amid delays in budget approval and weakness in farm output, and missing the low-end of the government's target of 6 to 6.5 percent expansion. For 2020, the government is targeting economic growth of 6.5%-7.5%.

GDP Annual Growth Rate in Philippines averaged 3.87 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. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: National Statistics Office of Philippines

GDP Annual Growth Rate in Philippines is expected to be 6.00 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 6.10 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.40 percent in 2020, according to our econometric models.


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Philippines GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.40 6.00 12.40 -11.10 1982 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
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 6.2% 5.5% 6% 5.7%
2020-01-23 02:00 AM GDP Growth Rate YoY Q4 6.4% 6% 6.5% 6.4%
2020-01-23 02:00 AM Full Year GDP Growth 2019 5.9% 6.2% 6.0%
2020-05-07 02:00 AM GDP Growth Rate YoY Q1 6.4% 6%


News Stream
2019-11-07
Philippines Q3 GDP Annual Growth Beats Estimates
TThe Philippines economy expanded 6.2 percent year-on-year in the third quarter of 2019, accelerating from a 5.5 percent growth in the previous quarter and beating market consensus of 6 percent. This was the strongest growth rate since the fourth quarter last year, as both private consumption and government spending growth accelerated, and net external contributed positively to GDP while fixed investment rebounded sharply.

2019-08-08
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.

2019-05-09
Philippines Q1 GDP Annual Growth Weakest in 4 Years
The Philippines economy advanced 5.6 percent year-on-year in the first quarter of 2019, easing from an upwardly revised 6.3 percent expansion in the previous quarter and below market consensus of 6.1 percent. It was the weakest growth rate since the first quarter 2015, as government spending and fixed investment slowed, and net external contributed negatively to the GDP.


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.

Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 2.20 1.90 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.40 6.00 12.40 -11.10 percent [+]
GDP 330.91 313.62 330.91 4.40 USD Billion [+]
GDP Constant Prices 2654444.00 2354301.00 2654444.00 487413.68 PHP Million [+]
Gross National Product 2975936.04 2926854.11 2975936.04 944320.00 PHP Million [+]
Gross Fixed Capital Formation 762295.69 723340.43 762295.69 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 185007.00 139918.00 185007.00 114778.44 PHP Million [+]
GDP From Construction 302777.00 271794.00 302777.00 85502.67 PHP Million [+]
GDP From Manufacturing 622014.00 501114.00 622014.00 252377.26 PHP Million [+]
GDP From Mining 19734.00 15989.00 32834.00 10394.10 PHP Million [+]
GDP From Public Administration 125406.00 102490.00 125406.00 43289.41 PHP Million [+]
GDP From Services 1515057.00 1404048.00 1515057.00 675416.60 PHP Million [+]
GDP From Transport 68310.82 67804.54 84765.58 34827.71 PHP Million [+]
GDP From Utilities 76382.00 88719.00 88719.00 42117.43 PHP Million [+]