The Philippine economy expanded by 5.6 percent in 2021, surpassing the government's 5.0-5.5 percent target and recovering from a 9.6 percent contraction in 2020, as activity and demand rebounded from the COVID-19 hit. The Philippines is aiming to achieve GDP growth rates of 7.0-9.0 percent for 2022 and 6.0-7.0 percent for both 2023 and 2024. source: Philippine Statistics Authority
Full Year GDP Growth in Philippines averaged 4.80 percent from 2001 until 2021, reaching an all time high of 7.30 percent in 2010 and a record low of -9.60 percent in 2020. This page includes a chart with historical data for Philippines Full Year GDP Growth. Philippines Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on July of 2022.
Full Year GDP Growth in Philippines is expected to reach 8.00 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Full Year GDP Growth is projected to trend around 6.50 percent in 2023 and 6.20 percent in 2024, according to our econometric models.