Philippines GDP Annual Growth Rate  1982-2018 | Data | Chart | Calendar

The Philippines economy grew an annual 6.8 percent year-on-year in the March quarter of 2018, following a downwardly revised 6.5 percent expansion in the previous quarter and matching market consensus. Both investment and government spending rose at a faster pace while private consumption and exports continued to increase. GDP Annual Growth Rate in Philippines averaged 3.76 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.

Philippines GDP Annual Growth Rate
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Philippines Q1 GDP Growth Matches Estimates


The Philippines economy grew an annual 6.8 percent year-on-year in the March quarter of 2018, following a downwardly revised 6.5 percent expansion in the previous quarter and matching market consensus. Both investment and government spending rose faster while private consumption and exports continued to increase.

In the three months to March, gross domestic capital formation increased by 12.5 percent, accelerating from a 8.3 percent growth in the previous quarter. Investment in intellectual property products grew by 12.7 percent, followed by durable equipment (10.1 percent); construction (8.9 percent), and breeding stocks & orchard development (4.2 percent).
 
Government expenditure rose 13.6 percent, faster than a 12.2 percent growth in the December quarter. Meantime, household consumption expanded 5.6 percent year-on-year, compared to a 6.2 percent increase in the fourth quarter.
 
Exports increased by 6.2 percent, following a 20.6 percent rise in the fourth quarter. Sales of goods rose 2.9 percent (from 12.2 percent in the fourth quarter) and those of services went up 17.9 percent (from 14.5 percent). Imports rose by 9.3 percent, following a 18.1 percent rise in the preceding quarter.
 
On the production side, the services sector advanced 7.0 percent, compared to a 6.9 percent growth in the three months to December. Growth in the sector was supported by public administration & defense, compulsory social security (13.2 percent); other services (8.8 percent); financial intermediation (7.6 percent), and transport, storage & communication (6.4 percent);trade and repair of motor vehicles, motorcycles, personal and household goods (6.1 percent), and real estate (4.7 percent). The industry sector expanded 7.9 percent, following a 7.0 percent growth in the preceding quarter. Agriculture, hunting, forestry and fishing rose 15 percent following a 2.4 percent expansion in the previous period. Construction grew (9.3 percent), followed by manufacturing grew (8 percent), and electricity, gas and water supply (6 percent). Mining & quarrying went up by 4.5 percent, following a 5.4 percent rise in the December quarter.
 
The Philippines has a 7.0-8.0 percent growth target in this year. Over the next 6 years, the government is targeting GDP growth within a 7 percent to 8 percent range annually.
 
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.5 percent, the same pace as in the December quarter and below market consensus of 1.8 percent.
 



Philippine National Statistical Coordination Board l Chusnul Ch Manan | chusnul@tradingeconomics.com
5/10/2018 3:07:25 AM



Calendar GMT Actual Previous Consensus TEForecast
2018-01-23 02:00 AM GDP Growth Rate 2017 6.7% 6.9% 6.5%
2018-01-23 02:00 AM GDP Growth Rate YoY 6.6% 7% 6.7% 6.4%
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 6.8% 6.6%
2018-11-08 02:00 AM GDP Growth Rate YoY 6.5%
2019-01-24 02:00 AM GDP Growth Rate 2018 6.7%


Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.50 1.50 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.80 6.50 12.40 -11.10 percent [+]
GDP 313.60 304.90 313.60 4.40 USD Billion [+]
GDP Constant Prices 2253539.00 2219148.00 2253539.00 825496.00 PHP Million [+]
Gross National Product 2694630.00 2651155.00 2694630.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 678002.38 684538.04 684538.04 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 157444.22 179824.38 179824.38 114778.44 PHP Million [+]
GDP From Construction 195843.19 228495.42 230724.23 85502.67 PHP Million [+]
GDP From Manufacturing 533765.45 579551.71 579551.71 252377.26 PHP Million [+]
GDP From Mining 20186.99 17791.42 31708.83 10394.10 PHP Million [+]
Gdp From Public Administration 83102.42 92605.37 95341.97 43289.41 PHP Million [+]
Gdp From Services 1219503.00 1315686.00 1315686.00 675416.60 PHP Million [+]
GDP From Transport 70380.05 63607.67 75979.58 34827.71 PHP Million [+]
GDP From Utilities 64856.80 66798.64 78809.73 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 July of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.80 6.50 12.40 -11.10 1982 - 2018 percent Quarterly




GDP annual growth rate by Country
Country Last
India 7.70 Mar/18
Turkey 7.40 Mar/18
China 6.80 Mar/18
Indonesia 5.06 Mar/18
Australia 3.10 Mar/18
Spain 3.00 Mar/18
Netherlands 2.80 Mar/18
South Korea 2.80 Mar/18
United States 2.80 Mar/18
Euro Area 2.50 Mar/18
Canada 2.30 Mar/18
Germany 2.30 Mar/18
France 2.20 Mar/18
Switzerland 2.20 Mar/18
Italy 1.40 Mar/18
Mexico 1.30 Mar/18
Russia 1.30 Mar/18
Brazil 1.20 Mar/18
United Kingdom 1.20 Mar/18
Japan 1.10 Mar/18


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