The Philippine economy grew by 1.9% qoq in Q1 of 2022 2022, compared with market consensus of 1.5% and after an upwardly revised 3.9% growth in Q4. The latest reading was the third straight quarterly expansion but the least in the sequence, amid disruptions caused by the pandemic, surging energy prices, and uncertainty from the war in Ukraine. The industry sector advanced 2.0%, slowing from a 4.2% rise in Q4, mainly driven by manufacturing, utilities, and mining. Services activity rose the least in 3 quarters (2.2% vs 3.5%), mostly led by wholesale and retail trade, and repair of motor vehicles and motorcycles. At the same time, agriculture, forestry, and fishing fell for the second time in 3 quarters (-0.7% vs 1.1%), dragged down by the output of corn, fishing, and banana. On the demand side, household consumption went up 3.2%, led by food & non-alcoholic beverages, restaurants and hotels, and transport. source: Philippine Statistics Authority

GDP Growth Rate in Philippines averaged 1.15 percent from 1998 until 2022, reaching an all time high of 7.90 percent in the third quarter of 2020 and a record low of -15.30 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 June of 2022.

GDP Growth Rate in Philippines is expected to be 2.10 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 1.70 percent in 2023 and 2.00 percent in 2024, according to our econometric models.

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Philippines GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-01-27 02:00 AM Q4 3.1% 3.1% 3%
2022-05-12 02:00 AM Q1 1.9% 3.5% 1.5% 1.7%
2022-08-09 02:00 AM Q2 1.9%


Related Last Previous Unit Reference
GDP Growth Rate 1.90 3.50 percent Mar 2022
GDP Annual Growth Rate 8.30 7.80 percent Mar 2022
GDP Constant Prices 4618133.00 5201501.00 PHP Million Mar 2022
Gross National Product 5117892.20 5019573.95 PHP Million Mar 2022
Gross Fixed Capital Formation 993917.09 1104651.09 PHP Million Mar 2022
Full Year GDP Growth 5.60 -9.60 percent Dec 2021
GDP From Utilities 145338.00 149770.00 PHP Million Mar 2022
GDP From Transport 170879.00 165251.00 PHP Million Mar 2022
GDP From Public Administration 207445.00 263985.00 PHP Million Mar 2022
GDP From Mining 42851.00 34506.00 PHP Million Mar 2022
GDP From Manufacturing 974740.00 1052103.00 PHP Million Mar 2022
GDP From Construction 253598.00 386356.00 PHP Million Mar 2022
GDP From Agriculture 434737.00 527113.00 PHP Million Mar 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
1.90 3.50 7.80 -14.90 1998 - 2022 percent Quarterly

News Stream
Philippines Economy Expands 1.9% QoQ in Q1
The Philippine economy grew by 1.9% qoq in Q1 of 2022 2022, compared with market consensus of 1.5% and after an upwardly revised 3.9% growth in Q4. The latest reading was the third straight quarterly expansion but the least in the sequence, amid disruptions caused by the pandemic, surging energy prices, and uncertainty from the war in Ukraine. The industry sector advanced 2.0%, slowing from a 4.2% rise in Q4, mainly driven by manufacturing, utilities, and mining. Services activity rose the least in 3 quarters (2.2% vs 3.5%), mostly led by wholesale and retail trade, and repair of motor vehicles and motorcycles. At the same time, agriculture, forestry, and fishing fell for the second time in 3 quarters (-0.7% vs 1.1%), dragged down by the output of corn, fishing, and banana. On the demand side, household consumption went up 3.2%, led by food & non-alcoholic beverages, restaurants and hotels, and transport.
2022-05-12
Philippines Economy Grows 3.1% QoQ in Q4
The Philippine economy grew by 3.1 percent on quarter in the three months to December 2021, the same pace as a downwardly revised figure in the previous period. The industry sector advanced by 4.3 percent, the most in a year, boosted by manufacturing and construction, while services activity expanded by 2.8 percent, supported by wholesale and retail trade, repair of motor vehicles, transport and storage, and accommodation and food services. At the same time, agriculture, forestry, and fishing rebounded 1.3 percent, following a decline in the previous three-month period. On the demand side, household consumption went up 2 percent, as spending increased on food & non-alcoholic beverages, restaurants and hotels, and transport.
2022-01-27
Philippines GDP Rebounds Sharply
The Philippines GDP expanded 3.8% quarter-on-quarter in Q3 2021, shifting from a revised 1.4 percent contraction in Q2. The upturn marked the strongest growth since Q4 2020, as the economic recovery from the COVID-19 pandemic gained traction following a rapid inoculation drive and easing curbs to Alert Level 1. The service sector grew the most in four quarters (6.6% vs -3.0% in Q2), mainly boosted by wholesale and retail trade; repair of motor vehicles and motorcycles, transportation and storage; and professional and business services. In contrast, the output of industry fell for the first time in five quarters (-0.3% vs 1%) and that of agriculture, forestry, and fishing shrank for the first time since Q4 2020. On the demand side, household consumption rose 7.0%, mainly attributed to growth in transport, miscellaneous goods and services, and health.
2021-11-09