The Philippines economy shrank 4.2% yoy in Q1 of 2021, following an 8.3 plunge in the previous quarter and compared with market expectations of a 3% fall. This was the fifth straight quarter of contraction in the economy, but the least in the sequence, amid pandemic-induced lockdowns. Private consumption (-4.8% vs -7.3% in Q4) and fixed investment (-20.2% vs -30.0%) contracted less. Also, net external demand contributed negatively to GDP, as exports dropped by 3.0% (vs -10.2%), while imports fell faster (-8.3% vs -20.2%). Meanwhile, government spending growth accelerated (16.1% vs 5.1%). On the production side, activity contracted mainly for mining and quarrying (-1.0% vs -16.4%), construction (-24.2% vs -26.8%); transportation and storage (-18.8% vs -20.1%), wholesale and retail trade (-3.9% vs -4.0%). source: National Statistics Office of Philippines

GDP Annual Growth Rate in Philippines averaged 3.48 percent from 1982 until 2021, 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 May of 2021.

GDP Annual Growth Rate in Philippines is expected to be 13.00 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 6.50 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.

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Philippines GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-4.20 -8.30 12.40 -17.00 1982 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-11-10 02:00 AM YoY Q3 -11.5% -16.9% -9.8% -9.2%
2021-01-28 02:00 AM YoY Q4 -8.3% -11.4% -8.5% -8%
2021-01-28 02:00 AM Full Year GDP Growth 2020 -9.5% 5.9% -7.5%
2021-05-11 02:00 AM YoY Q1 -4.2% -8.3% -3% -3.5%
2021-08-10 02:00 AM YoY Q2 -4.2%
2021-11-09 02:00 AM YoY Q3


News Stream
Philippines Economy Shrinks More than Expected
The Philippines economy shrank 4.2% yoy in Q1 of 2021, following an 8.3 plunge in the previous quarter and compared with market expectations of a 3% fall. This was the fifth straight quarter of contraction in the economy, but the least in the sequence, amid pandemic-induced lockdowns. Private consumption (-4.8% vs -7.3% in Q4) and fixed investment (-20.2% vs -30.0%) contracted less. Also, net external demand contributed negatively to GDP, as exports dropped by 3.0% (vs -10.2%), while imports fell faster (-8.3% vs -20.2%). Meanwhile, government spending growth accelerated (16.1% vs 5.1%). On the production side, activity contracted mainly for mining and quarrying (-1.0% vs -16.4%), construction (-24.2% vs -26.8%); transportation and storage (-18.8% vs -20.1%), wholesale and retail trade (-3.9% vs -4.0%).
2021-05-11
Philippines Q4 Economy Shrinks Less than Expected
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 pace 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.
2021-01-28
Philippines Economy Shrinks More than Expected in Q3
The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). Also, net external demand contributed negatively to GDP, as exports tumbled (-14.7% vs -35.8%), while imports fell faster (-21.7% vs -37.9%). Meanwhile, government spending growth eased (5.8% vs 21.8%). On the production side, activity contracted mainly for mining and quarrying (-15.6% vs -22.8%), manufacturing (-9.7% vs -20.7%), construction (-39.8% vs -30.4%); transportation and storage (-28.1% vs -58.5%), accommodation and food services activities (-52.7% vs -67.2%), wholesale and retail trade, repair of motor vehicles and motorcycles (-5.4% vs -13.9%).
2020-11-10
Philippines Economy Enters Recession
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%).
2020-08-06

Philippines GDP Annual Growth Rate
Services are the biggest sector of the Filipino 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.