The Philippines economy unexpectedly shrank 0.2% year-on-year in the first quarter of 2020, reversing from an upwardly revised 6.7% growth in the previous quarter and missing market consensus of 3.1% expansion. This was the first contraction in the economy since the fourth quarter 1998 as the impact coronavirus pandemic. Fixed investment contracted (-4.3% vs 5.8% in Q4 2019), and net external contributed negatively to GDP, as exports fell 3 percent (vs 0.3%), while imports dropped faster (-9.0% vs -0.7%). In addition, both government spending growth (7.1% vs 17.0%) and private consumption (0.2% vs 5.7%) eased. On the production side, activity contracted for industry; construction; agriculture, forestry, and fishing. Data from the Philippine Statistics Authority showed that the fourth quarter of 2019 GDP growth was revised from an initial estimate of 6.4 percent to 6.7 percent, as it adopted the 2018 as the new base year, instead of 2000.
GDP Annual Growth Rate in Philippines averaged 3.84 percent from 1982 until 2020, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985. 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 June of 2020. source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Philippines to stand at 4.90 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.20 percent in 2021 and 6.40 percent in 2022, according to our econometric models.