The Philippines GDP shrank 1.3% quarter-on-quarter in Q2 2021, after an upwardly revised 0.7 percent growth in Q1. The latest reading pointed to the first contraction in quarterly GDP since Q2 2020, amid COVID-19 lockdown restrictions and slow vaccinations. Activity in the service sector fell for the first time in a year (-2.8% vs 0.9% in Q1), mainly due to transportation and storage; wholesale and retail; repair of vehicles and motorcycles; and health and social work. At the same time, the output of agriculture, forestry, and fishing rose much softer (0.6% vs 1.3%), mainly led by sugarcane; other agricultural crops; and poultry and eggs. In contrast, the industry sector picked up sharply (1.1% vs 0.1%), led by construction, mining, and electricity. On the demand side, household consumption fell by 2.4%, mainly attributed to declines in transport, restaurant and hotels, and miscellaneous goods and services. source: National Statistics Office of Philippines

GDP Growth Rate in Philippines averaged 1.08 percent from 1998 until 2021, reaching an all time high of 8 percent in the third quarter of 2020 and a record low of -14.90 percent in the second quarter of 2020. This page provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2021.

GDP Growth Rate in Philippines is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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Philippines GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-1.30 0.30 8.00 -14.90 1998 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-11-10 02:00 AM Q3 8% -14.9% 1%
2021-01-28 02:00 AM Q4 5.6% 8% 3%
2021-05-11 02:00 AM Q1 0.3% 3.8% 3%
2021-08-10 02:00 AM Q2 -1.3% 0.7% 1.2%
2021-11-09 02:00 AM Q3 -1.3%


News Stream
Philippines Quarterly GDP Shrinks for 1st Time in A Year
The Philippines GDP shrank 1.3% quarter-on-quarter in Q2 2021, after an upwardly revised 0.7 percent growth in Q1. The latest reading pointed to the first contraction in quarterly GDP since Q2 2020, amid COVID-19 lockdown restrictions and slow vaccinations. Activity in the service sector fell for the first time in a year (-2.8% vs 0.9% in Q1), mainly due to transportation and storage; wholesale and retail; repair of vehicles and motorcycles; and health and social work. At the same time, the output of agriculture, forestry, and fishing rose much softer (0.6% vs 1.3%), mainly led by sugarcane; other agricultural crops; and poultry and eggs. In contrast, the industry sector picked up sharply (1.1% vs 0.1%), led by construction, mining, and electricity. On the demand side, household consumption fell by 2.4%, mainly attributed to declines in transport, restaurant and hotels, and miscellaneous goods and services.
2021-08-10
Philippines Economy Grows 0.3% QoQ in Q1
The Philippines GDP advanced 0.3% quarter-on-quarter in Q1 2021, slowing markedly from a downwardly revised 3.8% growth in Q4. Still, this was the third straight quarter of expansion, as the economy continued its battle against the COVID-19 pandemic. The service sector grew much softer (0.4% vs 3.5% in Q4), mainly driven by accommodation and food service activities, education, and financial and insurance. At the same time, activity in the industry sector fell for the first time in three quarters (-0.4% vs 6.7%). By contrast, agriculture, forestry, and fishing rebounded, rising for the first time in three quarters (1.2 % vs -2.5%), led by palay, support activities to agricultulture, and corn. On the demand side, household consumption grew by 2.3%, with restaurants and hotels, education , and health being top contributors.
2021-05-11
Philippines Economy Expands 5.6% QoQ in Q4
The Philippines GDP advanced 5.6% quarter-on-quarter in Q4 2020, after a record pace of 8.0% growth in Q3. This was the second straight quarter of expansion, amid a further recovery in the economy from the ongoing COVID-19 pandemic and increased spending around the Christmas season. The service sector grew further (4.5% vs 9.7% in Q3), mainly driven by trade, transport and storage, and accommodation and food service activities. Also, Industry output rose 11.6%, following a 7.3% gain in Q3, largely led by manufacturing. In contrast, agriculture, forestry, and fishing fell (-4.1 % vs 0.7%), dragged down by palay, livestock and corn. On the demand side, household consumption grew by 2.9%, with food and non-alcoholic beverages, restaurants and hotels, and transports being top contributors.
2021-01-28
Philippines Quarterly GDP Rebounds at Record Pace
The Philippines GDP advanced at a record pace of 8.0 percent quarter-on-quarter in the third quarter of 2020, as the economy recovered from the COVID-19 shocks. That followed a downwardly revised 14.9 percent contraction in the prior period, which was the steepest fall on record, when the economy was in the strictest lockdown globally. Industry output rose 7.6%, rebounding from an 18% plunge in Q2, largely due to electricity, steam, water, and waste management. Also, the service sector rebounded (9.5% vs -15.8%), led by financial and insurance; public administration and defense; and information and communication. In addition, agriculture, forestry, and fishing rose by 1 percent, after a 1.1 percent gain in Q2. Top contributors to the growth were palay, corn, and agriculture support activities.
2020-11-10

Philippines GDP Growth Rate
The Philippines has a status of emerging economy. In recent years, the country has been steadily growing mainly due to inflow of foreign direct investment and remittances. The Philippines is the world’s largest center for business process outsourcing. The country also has a strong industrial sector based on the manufacturing of electronics and other high-tech components for overseas corporations. The Philippines is rich in natural resources; it has significant reserves of chromite, nickel, copper, coal and oil.