The Philippine economy expanded by 5.6 percent in 2021, surpassing the government's 5.0-5.5 percent target and recovering from a 9.6 percent contraction in 2020, as activity and demand rebounded from the COVID-19 hit. The Philippines is aiming to achieve GDP growth rates of 7.0-9.0 percent for 2022 and 6.0-7.0 percent for both 2023 and 2024. source: Philippine Statistics Authority

Full Year GDP Growth in Philippines averaged 4.80 percent from 2001 until 2021, reaching an all time high of 7.30 percent in 2010 and a record low of -9.60 percent in 2020. This page includes a chart with historical data for Philippines Full Year GDP Growth. Philippines Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.

Full Year GDP Growth in Philippines is expected to reach 6.50 percent by the end of 2022, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Full Year GDP Growth is projected to trend around 5.50 percent in 2023 and 6.20 percent in 2024, according to our econometric models.

Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
Philippines Full Year GDP Growth

Calendar GMT Actual Previous Consensus TEForecast
2021-01-28 02:00 AM 2020 -9.5% 5.9% -7.5%
2022-01-27 02:00 AM 2021 5.6% -9.6%

Related Last Previous Unit Reference
GDP Growth Rate 2.90 -0.10 percent Sep 2022
GDP Annual Growth Rate 7.60 7.50 percent Sep 2022
GDP 394.09 361.75 USD Billion Dec 2021

Philippines Full Year GDP Growth
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.
Actual Previous Highest Lowest Dates Unit Frequency
5.60 -9.60 7.30 -9.60 2001 - 2021 percent Yearly