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Philippines GDP Annual Growth Rate
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The Philippine GDP expanded 5.9% year-on-year in the third quarter of 2023, up from a 4.3% growth in the previous period and beating market forecasts of a 4.7% rise.It marked the 10th consecutive quarter of yearly expansion, supported by a strong rebound in government spending (6.7% vs -7.1% in Q2) and a further rise in fixed investments (7.9% vs 4.0%).Also, net trade contributed positively to the GDP, as exports grew 2.6% (vs 4.4%), while imports fell 1.3% (vs 0.2%).In contrast, growth slightly eased for household consumption (5.0% vs 5.5%).
On the production side, all major economic sectors showed accelerated upturns, namely agriculture, forestry & fishing (0.9% vs 0.2%), industry (5.5% vs 2.1%), and services (6.8% vs 6.1%).
For January-September, the GDP growth is at 5.5%, remaining below the government’s full-year target of 6% to 7%.
source:
Philippine Statistics Authority
The Gross Domestic Product (GDP) in Philippines expanded 5.90 percent in the third quarter of 2023 over the same quarter of the previous year.GDP Annual Growth Rate in Philippines averaged 3.75 percent from 1982 until 2023, reaching an all time high of 12.00 percent in the fourth quarter of 1988 and a record low of -16.90 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 January of 2024.
The Gross Domestic Product (GDP) in Philippines expanded 5.90 percent in the third quarter of 2023 over the same quarter of the previous year.GDP Annual Growth Rate in Philippines is expected to be 4.90 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 6.00 percent in 2024 and 5.80 percent in 2025, according to our econometric models.
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source: tradingeconomics.com
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Height
Preview
Calendar
GMT
Reference
Actual
Previous
Consensus
TEForecast
2023-08-10
02:00 AM
GDP Growth Rate YoY
Q2
4.3%
6.4%
6%
6.3%
2023-11-09
02:00 AM
GDP Growth Rate YoY
Q3
5.9%
4.3%
4.7%
4.5%
2024-01-31
02:00 AM
GDP Growth Rate YoY
Q4
5.9%
Related
Last
Previous
Unit
Reference
GDP Growth Rate
3.30
-0.70
percent
Sep 2023
GDP Annual Growth Rate
5.90
4.30
percent
Sep 2023
GDP Constant Prices
5050587.05
5207723.54
PHP Million
Sep 2023
Gross National Product
5934054.17
5640070.06
PHP Million
Sep 2023
Gross Fixed Capital Formation
1112936.34
1379022.63
PHP Million
Sep 2023
Full Year GDP Growth
7.60
5.70
percent
Dec 2022
GDP from Utilities
192000.09
172177.97
PHP Million
Sep 2023
GDP from Transport
189992.27
165650.92
PHP Million
Sep 2023
GDP from Public Administration
233525.47
286183.09
PHP Million
Sep 2023
GDP from Mining
30967.55
41990.36
PHP Million
Sep 2023
GDP from Manufacturing
775664.31
913518.79
PHP Million
Sep 2023
GDP from Construction
687051.59
926602.34
PHP Million
Sep 2023
GDP from Agriculture
410292.63
417669.76
PHP Million
Sep 2023
Philippines GDP Annual Growth Rate
Services are the biggest sector of the Philippine economy and account for 57 percent of total GDP.Within services the most important segments are: trade, repair of motor vehicles and household goods (17 percent of total GDP); real estate, renting and business activities (11 percent); transport, storage and communication (8 percent); financial services (7 percent) and public administration, defense and social security (4 percent).Industry accounts for 31 percent of GDP.
Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important.Agriculture contributes the remaining 12 percent of GDP.
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Previous
Highest
Lowest
Dates
Unit
Frequency
5.90
4.30
12.00
-16.90
1982 – 2023
percent
Quarterly
2018
Compare
GDP Annual Growth Rate by Country
News Stream
Philippines Q3 GDP Growth Beats Forecasts
The Philippine GDP expanded 5.9% year-on-year in the third quarter of 2023, up from a 4.3% growth in the previous period and beating market forecasts of a 4.7% rise.It marked the 10th consecutive quarter of yearly expansion, supported by a strong rebound in government spending (6.7% vs -7.1% in Q2) and a further rise in fixed investments (7.9% vs 4.0%).Also, net trade contributed positively to the GDP, as exports grew 2.6% (vs 4.4%), while imports fell 1.3% (vs 0.2%).
In contrast, growth slightly eased for household consumption (5.0% vs 5.5%).On the production side, all major economic sectors showed accelerated upturns, namely agriculture, forestry & fishing (0.9% vs 0.2%), industry (5.5% vs 2.1%), and services (6.8% vs 6.1%).For January-September, the GDP growth is at 5.5%, remaining below the government’s full-year target of 6% to 7%.
2023-11-09
Philippines Q2 GDP Growth Below Forecasts
The Philippine GDP expanded 4.3% yoy in Q2 of 2023, missing market consensus of 6% and slowing from a 6.4% gain in Q1.This was the 9th straight quarter of yearly expansion but the softest pace in the sequence, amid intense cost pressures and higher interest rates.Both household consumption (5.5% vs 6.4% in Q1) and fixed investment (3.9% vs 10.9%) eased amid sharp declines in government spending (-7.1% vs 6.2%).Meanwhile, net trade contributed positively, with exports advancing 4.1% while imports edged up 0.4%.
The latest GDP figure was below the government’s 6-7% target for 2023.Output growth weakened for the industry (2.1% vs 4.0%), service sector (6.0% vs 8.4%), and agriculture (0.2% vs 2.2%).Among services, activity softened for wholesale and retail trade; repair of motor vehicles (5.3% vs 6.8%), financials (5.0% vs 8.8%), information and communication (4.1% vs 4.7%), and real estate (2.8% vs 3.2%).In 2022, the GDP grew by 7.6%, the best annual expansion since 1976.
2023-08-10
Philippines Q1 GDP Annual Growth Beats Estimates
The Philippine GDP advanced 6.4% yoy in Q1 of 2023, beating the market consensus of 6.1%, after a downwardly revised 7.1% gain in Q4 of 2022.This was the 8th straight quarter of expansion but the lowest growth in the sequence, amid intense cost pressures and higher interest rates.The GDP growth stayed within the government’s 6-7% target for 2023.
Household consumption eased (6.3% vs 7% in Q4), while both government spending (6.2% vs 3.3%) and fixed investment (10.4% vs 6.0%) rose faster.Meantime, the net trade contributed negatively, with exports rising 0.4% and imports climbing at a faster 4.2%.
However, the output of the industry (3.9% vs 4.6%) and service sector (8.4% vs 9.8%) grew slower, while agriculture rebounded (2.2% vs -0.3%).Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (7.0%), financials (8.8%), and other services (35.5%).In 2022, the GDP grew by 7.6%, marking the best annual expansion since 1976.
2023-05-11
Related
FDI into the Philippines Shrinks 29.6% YoY
Philippines Imports Stall in November
Philippines Exports Drop 13.7% in November
Philippines Logs Largest Trade Gap in 7 Months
Philippines Manufacturing Production Rises 2.2%
Philippines Jobless Rate Hits Record Low
Philippines Food Prices Rise the Least in 19 Months
Philippines Inflation Rate Drops to Near 2-Year Low
Philippine Manufacturing Sector Growth Slows
Philippines Producer Prices Up in November
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