The Philippine GDP expanded by 8.3% year-on-year in Q1 of 2022, topping market consensus of 6.6% and after a marginally revised 7.8% advance in Q4. The latest reading pointed to the fourth straight quarter of growth and the fastest pace since Q2 2021, boosted by election-related spending. Household consumption quickened amid further easing of COVID-19 restrictions (10.1% vs 7.5% in Q4), and fixed investment rose slightly faster (11.0% vs 10.8%). Meanwhile, government spending growth hit its lowest in three quarters (3.6% vs 7.8%); and net external demand contributed negatively to the GDP, as exports rose by 10.3% while imports gained at a faster 15.6%. On the production side, the largest contributors to the growth were manufacturing (10.1% vs 7.3%), wholesale and retail trade, repair of motor vehicles and motorcycles (7.3% vs 7.1%), and transportation and storage (26.5% vs 18.7%). For 2021, the growth outlook was revised marginally higher to 5.7% from 5.6%. source: Philippine Statistics Authority

GDP Annual Growth Rate in Philippines averaged 3.65 percent from 1982 until 2022, 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 July of 2022.

GDP Annual Growth Rate in Philippines is expected to be 7.00 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 6.80 percent in 2023 and 6.50 percent in 2024, according to our econometric models.

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Philippines GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-27 02:00 AM Q4 7.7% 6.9% 6% 6.5%
2022-05-12 02:00 AM Q1 8.3% 7.8% 6.6% 6.5%
2022-08-09 02:00 AM Q2 8.3%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 3.50 percent Mar 2022
GDP Annual Growth Rate 8.30 7.80 percent Mar 2022
GDP Constant Prices 4618133.00 5201501.00 PHP Million Mar 2022
Gross National Product 5117892.20 5019573.95 PHP Million Mar 2022
Gross Fixed Capital Formation 993917.09 1104651.09 PHP Million Mar 2022
Full Year GDP Growth 5.60 -9.60 percent Dec 2021
GDP From Utilities 145338.00 149770.00 PHP Million Mar 2022
GDP From Transport 170879.00 165251.00 PHP Million Mar 2022
GDP From Public Administration 207445.00 263985.00 PHP Million Mar 2022
GDP From Mining 42851.00 34506.00 PHP Million Mar 2022
GDP From Manufacturing 974740.00 1052103.00 PHP Million Mar 2022
GDP From Construction 253598.00 386356.00 PHP Million Mar 2022
GDP From Agriculture 434737.00 527113.00 PHP Million Mar 2022

Philippines GDP Annual Growth Rate
Services are the biggest sector of the Philippine 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.
Actual Previous Highest Lowest Dates Unit Frequency
8.30 7.80 12.10 -16.90 1982 - 2022 percent Quarterly

News Stream
Philippines Q1 GDP Annual Growth Beats Estimates
The Philippine GDP expanded by 8.3% year-on-year in Q1 of 2022, topping market consensus of 6.6% and after a marginally revised 7.8% advance in Q4. The latest reading pointed to the fourth straight quarter of growth and the fastest pace since Q2 2021, boosted by election-related spending. Household consumption quickened amid further easing of COVID-19 restrictions (10.1% vs 7.5% in Q4), and fixed investment rose slightly faster (11.0% vs 10.8%). Meanwhile, government spending growth hit its lowest in three quarters (3.6% vs 7.8%); and net external demand contributed negatively to the GDP, as exports rose by 10.3% while imports gained at a faster 15.6%. On the production side, the largest contributors to the growth were manufacturing (10.1% vs 7.3%), wholesale and retail trade, repair of motor vehicles and motorcycles (7.3% vs 7.1%), and transportation and storage (26.5% vs 18.7%). For 2021, the growth outlook was revised marginally higher to 5.7% from 5.6%.
2022-05-12
Philippines Q4 GDP Annual Growth Beats Forecasts
The Philippine GDP advanced by 7.7 percent year-on-year in the fourth quarter of 2021, faster than a 6.9 percent expansion in the previous period, and exceeding market consensus of 6 percent. The economic growth was mainly supported by robust consumer spending (7.5 percent vs 7.1 percent in Q3) ahead of the Christmas holidays and as mobility curbs were eased. In addition, solid increases were recorded for both government spending (7.4 percent vs 13.8 percent) and fixed investment (9.5 percent vs 15.5 percent). Net external demand, however, contributed negatively to the GDP as imports rose faster than exports. On the production side, the largest contributors to the fourth-quarter growth were manufacturing, wholesale and retail trade, and construction. Considering 2021 full year, the economy grew by 5.6 percent, surpassing the government's 5.0-5.5 percent target and recovering from a 9.6 percent contraction in 2020. For 2022, the GDP is expected to grow between 7 and 9 percent.
2022-01-27
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