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

The Gross Domestic Product (GDP) in Philippines expanded 6 percent in the second quarter of 2018 over the same quarter of the previous year. It was the slowest pace of expansion since the second quarter of 2015. GDP Annual Growth Rate in Philippines averaged 3.78 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.

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Philippines Q2 GDP Growth Weakest in 3 Years

The Philippines economy grew an annual 6 percent year-on-year in the June quarter of 2018, following a downwardly revised 6.6 percent expansion in the previous quarter and below market consensus of 6.7 percent growth, as both government spending and private consumption rose softer while net external contributed negatively to growth. Meantime, investment continued to increase.

In the three months to June, government expenditure rose 11.9 percent, slower than a 13.6 percent growth in the March quarter. Meantime, household consumption expanded 5.6 percent year-on-year, compared to a 5.7 percent increase in the first quarter.

Net external contributed negatively to growth as exports rose less than imports.Exports increased by 13 percent, following a 6.5 percent rise in the first quarter. Sales of goods rose 13.9 percent (from 3.7 percent in the first quarter) and those of services went up 9.6 percent (from 16.4 percent). Meanwhile, imports rose faster by 19.7 percent, following a 9.6 percent rise in the preceding quarter.

On the other hand, gross domestic capital formation increased by 20.7 percent, accelerating from a 12.4 percent growth in the previous quarter. Investment in durable equipment grew by 28.6 percent, followed by intellectual property products (28.5 percent); construction (12.9 percent), and breeding stocks & orchard development (3.9 percent).

On the production side, the services sector advanced 6.6 percent, compared to a 6.8 percent growth in the three months to March. Growth in the sector was supported by public administration & defense, compulsory social security (15 percent); financial intermediation (8.7 percent); transport, storage & communication (6.2 percent); trade and repair of motor vehicles, motorcycles, personal and household goods (6.1 percent); other services (5.8 percent), and real estate (3.7 percent). The industry sector expanded 6.3 percent, following a 7.7 percent growth in the preceding quarter. Output increases were seen in construction (13.5 percent), followed by manufacturing (5.6 percent), and electricity, gas and water supply (3.8 percent). Mining & quarrying went down by 10.9 percent, after a 6.9 percent rise in the March quarter. Meantime, agriculture, hunting, forestry and fishing rose 0.2 percent, easing from a 1.1 percent expansion in the previous period.

The government is targeting growth of 7-8 percent this year, which is more optimistic than the 6.8 percent growth forecast of the Asian Development Bank and the International Monetary Fund's 6.7 percent projection for 2018

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.3 percent from 1.5 percent expansion in the March quarter.

Chusnul | chusnul@tradingeconomics.com
8/9/2018 10:16:02 AM

Recent Releases

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.
Published on 2018-05-10

Philippines Q4 GDP Growth Slightly Below Estimates
The Philippines economy grew an annual 6.6 percent year-on-year in the December quarter of 2017, following an upwardly revised 7 percent expansion in the previous quarter and below market consensus of a 6.7 percent growth. It was the weakest growth since the first quarter 2017, as investment rose at a slower pace while government spending, private consumption, and exports continued to increase.
Published on 2018-01-23

Philippines Q3 GDP Growth Strongest in A Year
The Philippines economy grew an annual 6.9 percent in the September quarter of 2017, following an upwardly revised 6.7 percent expansion in the previous quarter and above market consensus of a 6.5 percent growth. It was the strongest growth since the third quarter 2016, as government spending rose at a faster pace while private consumption, investment and exports increased further.
Published on 2017-11-16

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.
Published on 2017-08-17

Calendar	GMT		Actual	Previous	Consensus	TEForecast
2018-01-23	02:00 AM	GDP Growth Rate 2017	6.7%	6.9%		6.5%
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%	6.6%	6.7%	6.6%
2018-11-08	02:00 AM	GDP Growth Rate YoY		6%		6.5%
2019-01-24	02:00 AM	GDP Growth Rate 2018				6.7%
2019-01-24	02:00 AM	GDP Growth Rate YoY				6.7%

Philippines GDP	Last	Previous	Highest	Lowest	Unit
GDP Growth Rate	1.30	1.50	3.40	-2.30	percent	[+]
GDP Annual Growth Rate	6.00	6.60	12.40	-11.10	percent	[+]
GDP	313.60	304.90	313.60	4.40	USD Billion	[+]
GDP Constant Prices	2352509.00	2140429.00	2352509.00	825496.00	PHP Million	[+]
Gross National Product	2728917.00	2694630.00	2728917.00	944320.00	PHP Million	[+]
Gross Fixed Capital Formation	695414.08	678002.38	695414.08	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	146315.01	156681.59	179824.38	114778.44	PHP Million	[+]
GDP From Construction	260401.00	195622.00	260401.00	85502.67	PHP Million	[+]
GDP From Manufacturing	525944.46	531989.16	579551.71	252377.26	PHP Million	[+]
GDP From Mining	28252.08	20648.40	31708.83	10394.10	PHP Million	[+]
Gdp From Public Administration	109633.48	83102.42	109633.48	43289.41	PHP Million	[+]
Gdp From Services	1378389.00	1216651.00	1378389.00	675416.60	PHP Million	[+]
GDP From Transport	80303.47	71164.85	80303.47	34827.71	PHP Million	[+]
GDP From Utilities	74429.53	65142.50	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 September of 2018.

	Actual	Previous	Highest	Lowest	Dates	Unit	Frequency
	6.00	6.60	12.40	-11.10	1982 - 2018	percent	Quarterly

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GDP annual growth rate by Country

Country	Last		Previous	Highest	Lowest
India	8.20	Jun/18	7.7	11.4	-5.2	%	Quarterly
China	6.70	Jun/18	6.8	15.4	3.8	%	Quarterly
Indonesia	5.27	Jun/18	5.06	7.16	1.56	%	Quarterly
Turkey	5.20	Jun/18	7.3	11.7	-14.4	%	Quarterly
Singapore	3.90	Jun/18	4.5	19	-8.8	%	Quarterly
Australia	3.40	Jun/18	3.2	9	-3.4	%	Quarterly
Switzerland	3.40	Jun/18	2.9	5.8	-3.7	%	Quarterly
Netherlands	2.90	Jun/18	2.8	6.1	-4.9	%	Quarterly
United States	2.90	Jun/18	2.6	13.4	-3.9	%	Quarterly
South Korea	2.80	Jun/18	2.8	19.6	-7.4	%	Quarterly
Spain	2.70	Jun/18	3	5.6	-4.3	%	Quarterly
Mexico	2.60	Jun/18	1.4	9	-9.1	%	Quarterly
Euro Area	2.10	Jun/18	2.4	5	-5.5	%	Quarterly
Germany	2.00	Jun/18	2.1	7.2	-6.8	%	Quarterly
Canada	1.90	Jun/18	2.3	9.3	-4.1	%	Quarterly
Russia	1.90	Jun/18	1.3	12.1	-11.2	%	Quarterly
France	1.70	Jun/18	2.1	12.6	-3.8	%	Quarterly
United Kingdom	1.30	Jun/18	1.2	9.7	-6.1	%	Quarterly
Italy	1.20	Jun/18	1.4	10.3	-7.2	%	Quarterly
Saudi Arabia	1.15	Mar/18	-1.18	24.2	-20.7	%	Quarterly
Brazil	1.00	Jun/18	1.2	10.1	-5.6	%	Quarterly
Japan	1.00	Jun/18	1	9.4	-8.8	%	Quarterly
South Africa	0.40	Jun/18	0.8	7.1	-2.6	%	Quarterly
Argentina	-4.20	Jun/18	3.9	16.2	-16.3	%	Quarterly