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. source: National Statistics Office of Philippines

GDP Growth Rate in Philippines averaged 1.08 percent from 1998 until 2020, reaching an all time high of 8 percent in the third quarter of 2020 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 January 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 3.00 in 12 months time. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2021, according to our econometric models.

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Philippines GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
8.00 -14.90 8.00 -14.90 1998 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-01-23 02:00 AM Q4 2.2% 1.9% 1.8%
2020-05-07 02:00 AM Q1 -5.1% 1.8% -2.3%
2020-08-06 02:00 AM Q2 -15.2% -5.1% -4.8%
2020-11-10 02:00 AM Q3 8% -14.9% 1%
2021-01-28 02:00 AM Q4 8% 3%
2021-05-11 02:00 AM Q1
2021-08-10 02:00 AM Q2
2021-11-09 02:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Philippines Quarterly GDP Rebounds at Record Pace
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.
2020-11-10
Philippines Quarterly GDP Shrinks at Record Pace
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.
2020-08-06
Philippines Quarterly GDP Shrinks the Most on Record
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.
2020-05-07

Philippines GDP Growth Rate
The Philippines has a status of emerging economy. In recent years, the country has been steadily growing mainly due to inflow of foreign direct investment and remittances. The Philippines is the world’s largest center for business process outsourcing. The country also has a strong industrial sector based on the manufacturing of electronics and other high-tech components for overseas corporations. The Philippines is rich in natural resources; it has significant reserves of chromite, nickel, copper, coal and oil.