The Philippines economy shrank a record 16.5% year-on-year in the second quarter of 2020, the most since the series began in 1981, following an upwardly revised 0.7 contraction in the previous quarter and entering technical recession. The reading came above market expectations of a 9% decline as the coronavirus pandemic impacted businesses and consumers. Private consumption slumped 15.5 percent (vs 0.2%) and fixed investment contracted (-37.8% vs -4.4% in Q1). Also, net external contributed negatively to GDP, as exports tumbled (-37% vs -4.4%), while imports dropped faster (-40% vs -8.7%). Conversely, government spending growth jumped by 22.1 (vs 7%). On the production side, activity contracted mainly for mining and quarrying (-32.1% vs -21.1%), manufacturing (-22.1% vs -7.1%), construction (-27.9% vs 0.3%); transportation and storage (-55.7% vs -11.1%), accommodation and food services activities (-64.9% vs -10.1%). source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.71 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 -16.50 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 October of 2020.
GDP Annual Growth Rate in Philippines is expected to be 2.00 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 7.50 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 7.50 percent in 2021 and 6.50 percent in 2022, according to our econometric models.