The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). Also, net external demand contributed negatively to GDP, as exports tumbled (-14.7% vs -35.8%), while imports fell faster (-21.7% vs -37.9%). Meanwhile, government spending growth eased (5.8% vs 21.8%). On the production side, activity contracted mainly for mining and quarrying (-15.6% vs -22.8%), manufacturing (-9.7% vs -20.7%), construction (-39.8% vs -30.4%); transportation and storage (-28.1% vs -58.5%), accommodation and food services activities (-52.7% vs -67.2%), wholesale and retail trade, repair of motor vehicles and motorcycles (-5.4% vs -13.9%). source: National Statistics Office of Philippines

GDP Annual Growth Rate in Philippines averaged 3.60 percent from 1982 until 2020, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -16.90 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 2020.

GDP Annual Growth Rate in Philippines is expected to be 3.50 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 7.30 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 7.50 percent in 2021 and 6.50 percent in 2022, according to our econometric models.

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Philippines GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-11.50 -16.90 12.40 -16.90 1982 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-01-23 02:00 AM YoY Q4 6.4% 6% 6.5% 6.4%
2020-05-07 02:00 AM YoY Q1 -0.2% 6.7% 3.1% 1%
2020-08-06 02:00 AM YoY Q2 -16.5% -0.7% -9% -8.5%
2020-11-10 02:00 AM YoY Q3 -11.5% -16.9% -9.8% -9.2%
2021-01-23 02:00 AM Full Year GDP Growth 2020
2021-01-23 02:00 AM YoY Q4
2021-05-07 02:00 AM YoY Q1
2021-08-06 02:00 AM YoY Q2


News Stream
Philippines Economy Shrinks More than Expected in Q3
The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). Also, net external demand contributed negatively to GDP, as exports tumbled (-14.7% vs -35.8%), while imports fell faster (-21.7% vs -37.9%). Meanwhile, government spending growth eased (5.8% vs 21.8%). On the production side, activity contracted mainly for mining and quarrying (-15.6% vs -22.8%), manufacturing (-9.7% vs -20.7%), construction (-39.8% vs -30.4%); transportation and storage (-28.1% vs -58.5%), accommodation and food services activities (-52.7% vs -67.2%), wholesale and retail trade, repair of motor vehicles and motorcycles (-5.4% vs -13.9%).
2020-11-10
Philippines Economy Enters Recession
The Philippines economy shrank a record 16.5% year-on-year in the second quarter of 2020, the most since the series began in 1981, following an upwardly revised 0.7 contraction in the previous quarter and entering technical recession. The reading came above market expectations of a 9% decline as the coronavirus pandemic impacted businesses and consumers. Private consumption slumped 15.5 percent (vs 0.2%) and fixed investment contracted (-37.8% vs -4.4% in Q1). Also, net external contributed negatively to GDP, as exports tumbled (-37% vs -4.4%), while imports dropped faster (-40% vs -8.7%). Conversely, government spending growth jumped by 22.1 (vs 7%). On the production side, activity contracted mainly for mining and quarrying (-32.1% vs -21.1%), manufacturing (-22.1% vs -7.1%), construction (-27.9% vs 0.3%); transportation and storage (-55.7% vs -11.1%), accommodation and food services activities (-64.9% vs -10.1%).
2020-08-06
Philippines Economy Shrinks for 1st Time Since 1998
The Philippines economy unexpectedly shrank 0.2% year-on-year in the first quarter of 2020, reversing from an upwardly revised 6.7% growth in the previous quarter and missing market consensus of 3.1% expansion. This was the first contraction in the economy since the fourth quarter 1998 as the impact coronavirus pandemic. Fixed investment contracted (-4.3% vs 5.8% in Q4 2019), and net external contributed negatively to GDP, as exports fell 3 percent (vs 0.3%), while imports dropped faster (-9.0% vs -0.7%). In addition, both government spending growth (7.1% vs 17.0%) and private consumption (0.2% vs 5.7%) eased. On the production side, activity contracted for industry; construction; agriculture, forestry, and fishing. Data from the Philippine Statistics Authority showed that the fourth quarter of 2019 GDP growth was revised from an initial estimate of 6.4 percent to 6.7 percent, as it adopted the 2018 as the new base year, instead of 2000.
2020-05-07
Philippines GDP Growth Below Forecasts in Q4
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 5.9 percent, compared to 6.2 percent expansion in 2018, the slowest in 8 years, amid delays in budget approval and weakness in farm output. It also missed 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%.
2020-01-23

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.