The Philippine GDP expanded by 8.3% year-on-year in Q1 of 2022, topping market consensus of 6.6% and after a marginally revised 7.8% advance in Q4. The latest reading pointed to the fourth straight quarter of growth and the fastest pace since Q2 2021, boosted by election-related spending. Household consumption quickened amid further easing of COVID-19 restrictions (10.1% vs 7.5% in Q4), and fixed investment rose slightly faster (11.0% vs 10.8%). Meanwhile, government spending growth hit its lowest in three quarters (3.6% vs 7.8%); and net external demand contributed negatively to the GDP, as exports rose by 10.3% while imports gained at a faster 15.6%. On the production side, the largest contributors to the growth were manufacturing (10.1% vs 7.3%), wholesale and retail trade, repair of motor vehicles and motorcycles (7.3% vs 7.1%), and transportation and storage (26.5% vs 18.7%). For 2021, the growth outlook was revised marginally higher to 5.7% from 5.6%. source: Philippine Statistics Authority
GDP Annual Growth Rate in Philippines averaged 3.65 percent from 1982 until 2022, reaching an all time high of 12 percent in the fourth quarter of 1988 and a record low of -17 percent in the second quarter of 2020. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.
GDP Annual Growth Rate in Philippines is expected to be 7.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.80 percent in 2023 and 6.50 percent in 2024, according to our econometric models.