Philippines GDP Growth Lowest Since 2009, Ex-Covid

2026-11-09 02:12 By Kyrie Dichosa 1 min. read

The Philippines’ GDP expanded 2.1% year-on-year in Q3 2026, slowing from a revised 2.4% growth in Q2 and falling short of expectations for a 3% expansion.

This marked the weakest economic growth since Q4 2009, excluding the COVID-19 pandemic, as subdued agricultural output and elevated energy costs continued to weigh on activity, while El Niño added to downside risks.

Household consumption growth slowed to 2.4% from 2.9%, while government spending eased to 6.8% from 8.3%.

Fixed investment continued to contract, although at a slower pace (-4.4% vs. -13.7%).

Meanwhile, net trade contributed positively to GDP growth, as exports rose 8.6% (vs. 12.2%), while imports grew at a slower pace of 7.7% (vs. 6.2%).

On the production side, agricultural output fell 0.4% (vs. 2%), while services growth slowed to 9% from 10.2%.

In contrast, industrial growth accelerated to 5.4% from 3%.

The latest reading puts growth further below the government’s already lowered full-year target of 3.5% to 4.5%.



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Philippines GDP Growth Lowest Since 2009, Ex-Covid
The Philippines’ GDP expanded 2.1% year-on-year in Q3 2026, slowing from a revised 2.4% growth in Q2 and falling short of expectations for a 3% expansion. This marked the weakest economic growth since Q4 2009, excluding the COVID-19 pandemic, as subdued agricultural output and elevated energy costs continued to weigh on activity, while El Niño added to downside risks. Household consumption growth slowed to 2.4% from 2.9%, while government spending eased to 6.8% from 8.3%. Fixed investment continued to contract, although at a slower pace (-4.4% vs. -13.7%). Meanwhile, net trade contributed positively to GDP growth, as exports rose 8.6% (vs. 12.2%), while imports grew at a slower pace of 7.7% (vs. 6.2%). On the production side, agricultural output fell 0.4% (vs. 2%), while services growth slowed to 9% from 10.2%. In contrast, industrial growth accelerated to 5.4% from 3%. The latest reading puts growth further below the government’s already lowered full-year target of 3.5% to 4.5%.
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