Philippines GDP Growth Rate1998-2020 Data | 2021-2023 Forecast | Calendar

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.

The Philippines GDP advanced at a record pace of 8.0 percent quarter-on-quarter in the third quarter of 2020, as the economy recovered from the COVID-19 shocks. That followed a downwardly revised 14.9 percent contraction in the prior period, which was the steepest fall on record, when the economy was in the strictest lockdown globally. Industry output rose 7.6%, rebounding from an 18% plunge in Q2, largely due to electricity, steam, water, and waste management. Also, the service sector rebounded (9.5% vs -15.8%), led by financial and insurance; public administration and defense; and information and communication. In addition, agriculture, forestry, and fishing rose by 1 percent, after a 1.1 percent gain in Q2. Top contributors to the growth were palay, corn, and agriculture support activities.

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.

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.