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.