The Philippines economy shrank 4.2% yoy in Q1 of 2021, following an 8.3 plunge in the previous quarter and compared with market expectations of a 3% fall. This was the fifth straight quarter of contraction in the economy, but the least in the sequence, amid pandemic-induced lockdowns. Private consumption (-4.8% vs -7.3% in Q4) and fixed investment (-20.2% vs -30.0%) contracted less. Also, net external demand contributed negatively to GDP, as exports dropped by 3.0% (vs -10.2%), while imports fell faster (-8.3% vs -20.2%). Meanwhile, government spending growth accelerated (16.1% vs 5.1%). On the production side, activity contracted mainly for mining and quarrying (-1.0% vs -16.4%), construction (-24.2% vs -26.8%); transportation and storage (-18.8% vs -20.1%), wholesale and retail trade (-3.9% vs -4.0%). source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.48 percent from 1982 until 2021, 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 June of 2021.
GDP Annual Growth Rate in Philippines is expected to be 13.00 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 6.50 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 9.00 percent in 2022, according to our econometric models.