The Philippines GDP contracted 15.2 percent quarter-on-quarter in the June quarter of 2020, after a 5.1 percent decline in the prior period. This was the deepest quarterly contraction on record, as the COVID-19 pandemic took a huge toll on the economy. Industry output collapsed (-21.7 percent vs -8.4 percent in Q1), mainly due to manufacturing, construction, mining and quarrying, and electricity, steam, water, and waste management. Also, services plunged 14.5 percent, following a 5.1 percent drop in the prior quarter, driven by transportation and storage, and trade and other services. Meanwhile, agriculture, forestry, and fishing rose by 1.2 percent, after a 1 percent fall in Q1. Top contributors to the growth were palay, sugarcane, and agriculture support activities. On the demand side, household consumption tumbled 14.5 percent, driven by transport, restaurants and hotels, and recreation and culture.
GDP Growth Rate in Philippines averaged 1.01 percent from 1998 until 2020, reaching an all time high of 3.40 percent in the first quarter of 2010 and a record low of -15.20 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 October of 2020.
GDP Growth Rate in Philippines is expected to be 2.50 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 1.00 in 12 months time. In the long-term, the Philippines GDP Growth Rate is projected to trend around 1.50 percent in 2021, according to our econometric models.