Philippines GDP Annual Growth Rate  1982-2017 | Data | Chart | Calendar

The Philippines economy grew an annual 6.5 percent in the June quarter of 2017, following a 6.4 percent expansion in the previous quarter and above market consensus of a 6.2 percent growth. Private consumption and government spending both grew at a faster pace, while investment and exports slowed. For 2017, the economy is expected to advance between 6.5 to 7.5 percent. GDP Annual Growth Rate in Philippines averaged 3.70 percent from 1982 until 2017, 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 Annual GDP Growth Beats Forecasts in Q2


The Philippines economy grew an annual 6.5 percent in the June quarter of 2017, following a 6.4 percent expansion in the previous quarter and above market consensus of a 6.2 percent growth. Private consumption and government spending both grew at a faster pace, while investment and exports slowed.

In the three months to June, household consumption expanded 5.9 percent year-on-year, compared to a 5.8 percent increase in the first quarter. Government expenditure jumped 7.1 percent, faster than a 0.1 percent growth in the March quarter.
 
Gross domestic capital formation increased by 8.7 percent, slowing from a 10.6 percent growth in the previous quarter, and marking for first time single digit growth after eight straight quarters of double-digit gains. Investment in durable equipment grew by 8.7 percent, followed by construction (7.3 percent), breeding stocks & orchard development (4.5 percent) and intellectual property products (68.3 percent).
 
Exports increased by 19.7 percent, slower than a 20.3 percent rise in the first quarter. Sales of goods rose 23 percent (from 22.8 percent in the first quarter) and those of  services went up 9.9 percent (from 12.4 percent). Imports increased by 18.7 percent, following a 18.6 percent rise in the preceding quarter.
 
On the production side, the services sector advanced 6.1 percent, compared to a 6.7 percent growth in the three months to March. Growth in the sector was supported by public administration & defense; compulsory social security (7.6 percent), real estate (7.9 percent), trade and repair of motor vehicles, motorcycles, personal and household goods (6.3 percent), other services (5.0 percent), transport, storage & communication (3.5 percent) and financial intermediation (6.1 percent). The industry sector expanded 7.3 percent, following a 6.3 percent growth in the preceding quarter. Mining & quarrying rebounded by 13.7 percent, following a 18 percent fall in the March quarter. Manufacturing grew (7.9 percent), followed by construction (6.3 percent), and electricity, gas and water supply (2.4 percent). Agriculture, hunting, forestry and fishing rose 6.3 percent following a 4.9 percent expansion in the previous period.
 
For 2017, the economy is expected to advance between 6.5 to 7.5 percent, from 6.9 percent in 2016.
 
The International Monetary Fund trimmed its 2017 growth forecast for the Philippines to 6.6 percent from 6.8 percent, but was optimistic the economy would grow strongly in the medium term.
 
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.7 percent, compared to an upwardly revised 1.3 percent growth in the March quarter and above market consensus of 1.6 percent.
  
 

PSA l Chusnul Ch Manan | chusnul@tradingeconomics.com
8/17/2017 2:07:14 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-01-26 02:00 AM GDP Growth Rate YoY 6.6% 7.0% 6.5% 6.7%
2017-05-18 02:00 AM GDP Growth Rate YoY 6.4% 6.6% 6.8% 6.7%
2017-08-17 02:00 AM GDP Growth Rate YoY 6.5% 6.4% 6.2% 6.6%
2017-11-16 02:00 AM GDP Growth Rate YoY 6.5% 6.7%


Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.70 1.30 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.50 6.40 12.40 -11.10 percent [+]
GDP 304.90 292.80 304.90 4.40 USD Billion [+]
GDP Constant Prices 2146176.00 2109266.00 2146176.00 825496.00 PHP Million [+]
Gross National Product 2582445.00 2522142.00 2582445.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 579458.90 625577.04 625577.04 163357.69 PHP Million [+]
GDP per capita 2753.30 2615.70 2753.30 1059.30 USD [+]
GDP per capita PPP 7236.50 6874.60 7236.50 3796.90 USD [+]
GDP From Agriculture 146054.68 153592.30 175802.17 114778.44 PHP Million [+]
GDP From Construction 240706.14 181395.89 240706.14 85502.67 PHP Million [+]
GDP From Manufacturing 497590.14 493824.30 536166.91 252377.26 PHP Million [+]
GDP From Mining 30228.10 19317.17 30306.94 10394.10 PHP Million [+]
Gdp From Public Administration 94748.36 73500.67 94748.36 43289.41 PHP Million [+]
Gdp From Services 1288680.00 1139914.00 1288680.00 675416.60 PHP Million [+]
GDP From Transport 76024.16 66800.07 76024.16 34827.71 PHP Million [+]
GDP From Utilities 71442.39 60903.40 76246.22 42117.43 PHP Million [+]


Philippines GDP Annual Growth Rate Notes

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 September of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
6.50 6.40 12.40 -11.10 1982 - 2017 percent Quarterly



gdp annual growth rate by Country

Last
China 6.90 Jun/17
India 5.70 Jun/17
Turkey 5.10 Jun/17
Indonesia 5.01 Jun/17
Canada 3.70 Jun/17
Netherlands 3.30 Jun/17
Spain 3.10 Jun/17
South Korea 2.70 Jun/17
Russia 2.50 Jun/17
Euro Area 2.30 Jun/17
United States 2.20 Jun/17
Germany 2.10 Jun/17
Australia 1.80 Jun/17
Mexico 1.80 Jun/17
France 1.70 Jun/17
United Kingdom 1.70 Jun/17
Italy 1.50 Jun/17
Japan 1.40 Jun/17
Brazil 0.30 Jun/17
Switzerland 0.30 Jun/17