The Philippines GDP contracted 5.1 percent quarter-on-quarter in the three months to March of 2020, swinging from a downwardly revised 1.8 percent growth in Q4. This was the first quarterly contraction since Q1 2009 and the steepest on record, reflecting severe damage caused by Taal Volcano's eruption and the COVID-19 pandemic which forced a domestic lockdown to contain the disease. Industry output slumped (-8% vs 1.9% in Q4), mainly led by manufacturing; mining and quarrying ; and construction. Also, services fell 4.3%, after a 2.2% gain, driven by transportation and storage; accommodation and food service; and other services. At the same time, agriculture, forestry and fishing shrank further (-1.% vs - 0.5%), due to fishing and aquaculture, palay, and coconut. On the demand side, household consumption declined by 3.8 percent, led by restaurants and hotels, transport, and alcoholic beverages and tobacco.
GDP Growth Rate in Philippines averaged 1.19 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 -5.10 percent in the first 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 July of 2020.
GDP Growth Rate in Philippines is expected to be -3.50 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.