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 July 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.