The Philippines GDP advanced 0.3% quarter-on-quarter in Q1 2021, slowing markedly from a downwardly revised 3.8% growth in Q4. Still, this was the third straight quarter of expansion, as the economy continued its battle against the COVID-19 pandemic. The service sector grew much softer (0.4% vs 3.5% in Q4), mainly driven by accommodation and food service activities, education, and financial and insurance. At the same time, activity in the industry sector fell for the first time in three quarters (-0.4% vs 6.7%). By contrast, agriculture, forestry, and fishing rebounded, rising for the first time in three quarters (1.2 % vs -2.5%), led by palay, support activities to agricultulture, and corn. On the demand side, household consumption grew by 2.3%, with restaurants and hotels, education , and health being top contributors. source: National Statistics Office of Philippines
GDP Growth Rate in Philippines averaged 1.12 percent from 1998 until 2021, reaching an all time high of 8 percent in the third quarter of 2020 and a record low of -14.90 percent in the second quarter of 2020. This page provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2021.
GDP Growth Rate in Philippines is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Philippines to stand at 2.00 in 12 months time. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.