The Philippines economy shrank 8.3% yoy in Q4 of 2020, following a marginally revised 11.4 plunge in the previous quarter and compared with market expectations of an 8.5% fall. This was the fourth straight quarter of contraction in the economy, and the smallest contraction since Q1, as the economy continued to recover from the COVID-19 shocks. Private consumption (-7.2% vs -9.2% in Q2) and fixed investment (-28.6% vs -37.1%) contracted less. Also, net external demand contributed negatively to GDP, as exports dropped by 10.5%, while imports fell faster (-18.8%). Meanwhile, government spending growth eased (4.4% vs 5.8%). On the production side, activity contracted mainly for mining and quarrying (-18.8%), manufacturing (-4.3%), construction (-25.3%); transportation and storage (-21.3%), wholesale and retail trade (-4.1%). Considering 2020 full year, the economy shrank 9.5% yoy, the steepest contraction since the series began in 1946, reversing from a 5.9% growth in 2019. source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.53 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 -16.90 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 February of 2021.
GDP Annual Growth Rate in Philippines is expected to be 5.50 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 9.00 percent in 2022, according to our econometric models.