The Philippines GDP advanced 5.6% quarter-on-quarter in Q4 2020, after a record pace of 8.0% growth in Q3. This was the second straight quarter of expansion, amid a further recovery in the economy from the ongoing COVID-19 pandemic and increased spending around the Christmas season. The service sector grew further (4.5% vs 9.7% in Q3), mainly driven by trade, transport and storage, and accommodation and food service activities. Also, Industry output rose 11.6%, following a 7.3% gain in Q3, largely led by manufacturing. In contrast, agriculture, forestry, and fishing fell (-4.1 % vs 0.7%), dragged down by palay, livestock and corn. On the demand side, household consumption grew by 2.9%, with food and non-alcoholic beverages, restaurants and hotels, and transports being top contributors. source: National Statistics Office of Philippines
GDP Growth Rate in Philippines averaged 1.13 percent from 1998 until 2020, 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 April of 2021.
GDP Growth Rate in Philippines is expected to be 3.00 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.