Philippines GDP Annual Growth Rate 1982-2018 | Data | Chart | Calendar

Philippines GDP growth for the fourth quarter of 2017 was revised down to 6.5 percent from an initial estimate of 6.6 percent. Major contributors to the downward revision were Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods, Financial Intermediation, and Other Services. Despite the change in quarterly growth data, the annual growth rate for 2017 GDP was maintained at 6.7 percent. GDP Annual Growth Rate in Philippines averaged 3.74 percent from 1982 until 2017, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985.

Philippines GDP Annual Growth Rate
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Philippines Q4 GDP Growth Slightly Below Estimates


The Philippines economy grew an annual 6.6 percent year-on-year in the December quarter of 2017, following an upwardly revised 7 percent expansion in the previous quarter and below market consensus of a 6.7 percent growth. It was the weakest growth since the first quarter 2017, as investment rose at a slower pace while government spending, private consumption, and exports continued to increase.

In the three months to December, gross domestic capital formation increased by 8.2 percent, slowing from a 8.7 percent growth in the previous quarter and marking the third straight quarter of single digit growth after eight quarters of double-digit gains. Investment in intellectual property products grew by 35.3 percent, followed by durable equipment (12.1 percent); construction (2.9 percent), and breeding stocks & orchard development (2.5 percent).

Government expenditure rose 14.3 percent, faster than a 8.3 percent growth in the September quarter amid the release of year-end bonus and cash gift of government employees, the release of performance-based bonus of some agencies, and the filling up of government positions. Household consumption expanded 6.1 percent year-on-year, compared to a 5.3 percent increase in the third quarter.

Exports increased by 18.6 percent, following a 17.7 percent rise in the third quarter. Sales of goods rose 20.2 percent (from 17.2 percent in the third quarter) and those of services went up 12.6 percent (from 19.9 percent). Imports rose by 17.5 percent, following a 15.8 percent rise in the preceding quarter.

On the production side, the services sector advanced 6.8 percent, compared to a 7.2 percent growth in the three months to September. Growth in the sector was supported by public administration & defense, compulsory social security (8.7 percent); trade and repair of motor vehicles, motorcycles, personal and household goods (7.9 percent); real estate (6.6 percent); other services (6.1 percent); financial intermediation (5.9 percent), and transport, storage & communication (5.4 percent). The industry sector expanded 7.3 percent, following a 7.9 percent growth in the preceding quarter. Mining & quarrying went up by 8.8 percent, following a 6.1 percent rise in the September quarter. Manufacturing grew (8.8 percent), followed by electricity, gas and water supply (5.1percent), and construction (2.8 percent). Agriculture, hunting, forestry and fishing rose 2.4 percent following a 2.6 percent expansion in the previous period.

The Philippines had a 6.5-7.5 percent growth target in 2017 year and aims at 7.0-8.0 percent this year. Over the next 6 years, the government is targeting GDP growth within a 7 percent to 8 percent range annually.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.5 percent, compared to an upwardly revised 1.7 percent growth in the September quarter and below market consensus of 1.8 percent.



Philippine National Statistical Coordination Board | Chusnul Ch Manan |
1/23/2018 1:47:30 PM



Calendar GMT Actual Previous Consensus TEForecast
2017-11-16 02:00 AM GDP Growth Rate YoY 6.9% 6.7% 6.5% 6.1%
2018-01-23 02:00 AM GDP Growth Rate 2017 6.7% 6.9% 6.5%
2018-01-23 02:00 AM GDP Growth Rate YoY 6.6% 7% 6.7% 6.4%
2018-05-10 02:00 AM GDP Growth Rate YoY 6.6% 7%
2018-08-09 02:00 AM GDP Growth Rate YoY 6.60%
2018-11-08 02:00 AM GDP Growth Rate YoY 7%


Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.50 1.70 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.50 7.00 12.40 -11.10 percent [+]
GDP 304.90 292.80 304.90 4.40 USD Billion [+]
GDP Constant Prices 2219148.00 2185784.00 2219148.00 825496.00 PHP Million [+]
Gross National Product 2656022.00 2617501.00 2656022.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 681596.63 599595.24 681596.63 163357.69 PHP Million [+]
GDP per capita 2753.30 2615.70 2753.30 1059.30 USD [+]
GDP per capita PPP 7236.50 6874.60 7236.50 3796.90 USD [+]
GDP From Agriculture 179806.91 133922.43 179806.91 114778.44 PHP Million [+]
GDP From Construction 226644.32 204223.78 241418.76 85502.67 PHP Million [+]
GDP From Manufacturing 583093.19 470821.79 583093.19 252377.26 PHP Million [+]
GDP From Mining 18340.28 17103.61 30306.94 10394.10 PHP Million [+]
Gdp From Public Administration 92825.89 81978.52 94739.61 43289.41 PHP Million [+]
Gdp From Services 1310106.00 1229524.00 1310106.00 675416.60 PHP Million [+]
GDP From Transport 63876.73 57802.57 76037.07 34827.71 PHP Million [+]
GDP From Utilities 68547.51 78745.87 78745.87 42117.43 PHP Million [+]


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. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.50 7.00 12.40 -11.10 1982 - 2017 percent Quarterly




GDP annual growth rate by Country
Country Last
Turkey 7.30 Dec/17
India 7.20 Dec/17
China 6.80 Mar/18
Indonesia 5.19 Dec/17
Canada 2.90 Dec/17
Germany 2.90 Dec/17
Netherlands 2.90 Dec/17
Spain 2.90 Mar/18
United States 2.90 Mar/18
South Korea 2.80 Mar/18
Euro Area 2.50 Mar/18
Australia 2.40 Dec/17
Brazil 2.10 Dec/17
France 2.10 Mar/18
Japan 2.00 Dec/17
Switzerland 1.90 Dec/17
Italy 1.40 Mar/18
Mexico 1.20 Mar/18
United Kingdom 1.20 Mar/18
Russia 0.90 Dec/17


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