The Philippines economy advanced 5.6 percent year-on-year in the first quarter of 2019, easing from an upwardly revised 6.3 percent expansion in the previous quarter and below market consensus of 6.1 percent. It was the weakest growth rate since the first quarter 2015, as government spending and fixed investment slowed, and net external contributed negatively to the GDP. GDP Annual Growth Rate in Philippines averaged 3.82 percent from 1982 until 2019, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985.

GDP Annual Growth Rate in Philippines is expected to be 6.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Philippines to stand at 6.50 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.60 percent in 2020, according to our econometric models.

Philippines GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-11-08 02:00 AM GDP Growth Rate YoY 6.1% 6.2% 6.3% 6.5%
2019-01-24 02:00 AM GDP Growth Rate YoY 6.1% 6% 6.2% 6.1%
2019-01-24 02:00 AM GDP Growth Rate 2018 6.2% 6.7% 6.4%
2019-05-09 02:00 AM GDP Growth Rate YoY 5.6% 6.3% 6.1% 6.5%
2019-08-08 02:00 AM GDP Growth Rate YoY 5.6% 6.5%
2019-11-07 02:00 AM GDP Growth Rate YoY 6.7%



Philippines Q1 GDP Annual Growth Weakest in 4 Years

The Philippines economy advanced 5.6 percent year-on-year in the first quarter of 2019, easing from an upwardly revised 6.3 percent expansion in the previous quarter and below market consensus of 6.1 percent. It was the weakest growth rate since the first quarter 2015, as government spending and fixed investment slowed, and net external contributed negatively to the GDP.

In the three months to March, government expenditure went up 7.4 percent, slower than a 12.6 percent expansion in the last quarter of 2018. Also, fixed capital formation rose 5.7 percent, following a 8.5 percent growth mainly due to a slowdown in construction (5.0 percent from 17.6 percent); intellectual property products (13.8 percent from 26.2 percent); and breeding stocks & orchard development (3.8 percent from 5.2 percent). Additionally, net external contributed negatively to GDP growth as exports rose less than imports. Exports increased by 5.8 percent (vs 14.4 percent in Q4), of which sales of goods (6.1 percent) and services (4.9 percent); and imports advanced 8.3 percent (vs 12.4 percent), namely purchases of goods (8.6 percent) and services (6.8 percent).
 
On the other hand, household consumption expanded 6.3 percent year-on-year, faster than a 5.3 percent increase in the fourth quarter of 2018. 

On the production side, the industry sector grew 4.4 percent, slowing from a 6.6 percent gain in the preceding quarter. Output rose at a softer pace in construction (3.9 percent from 20.0 percent); electricity, gas & water supply (3.1 percent from 6.7 percent); and mining & quarrying (5.3 percent from 8.1 percent) while manufacturing advanced further (4.6 percent from 3.1 percent). Also, agriculture, hunting, forestry & fishing expanded 0.8 percent, after increasing by 1.8 percent in the previous period.

Meanwhile, the services sector advanced 7.0 percent, accelerating from a 6.8 percent growth in the previous period. Output increased at a faster pace in financial intermediation (9.8 percent from 6.3 percent); transport, storage & communication (8.1 percent from 3.7 percent); trade & repair of motor vehicles, motorcycles, personal & household goods (7.4 percent from 6.7 percent). In contrast, growth slowed for public administration & defense, compulsory social security (9.7 percent from 14.7 percent); and other services (5.7 percent from 9.4 percent), while real estate was steady (at 4.1 percent).

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.0 percent, following an upwardly revised 1.8 percent expansion in the December quarter. It was the weakest quarterly growth rate since the third quarter 2014.
 


Philippine National Statistical Coordination Board l Chusnul Ch Manan | chusnul@tradingeconomics.com
5/10/2019 5:35:56 AM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.00 1.80 3.40 -2.30 percent [+]
GDP Annual Growth Rate 5.60 6.30 12.40 -11.10 percent [+]
GDP 313.60 304.90 313.60 4.40 USD Billion [+]
GDP Constant Prices 2257007.26 2494033.36 2494033.36 487413.68 PHP Million [+]
Gross National Product 2831541.89 2801216.28 2831541.89 944320.00 PHP Million [+]
Gross Fixed Capital Formation 707316.26 744263.22 744263.22 163357.69 PHP Million [+]
GDP per capita 2891.36 2752.10 2891.36 1059.30 USD [+]
GDP per capita PPP 7599.19 7233.20 7599.19 3796.90 USD [+]
GDP From Agriculture 157624.77 182717.24 182717.24 114778.44 PHP Million [+]
GDP From Construction 201455.59 270746.77 270746.77 85502.67 PHP Million [+]
GDP From Manufacturing 554839.47 599810.14 599810.14 252377.26 PHP Million [+]
GDP From Mining 22504.43 19323.58 30306.94 10394.10 PHP Million [+]
GDP From Public Administration 91987.01 107130.32 110586.18 43289.41 PHP Million [+]
GDP From Services 1301961.00 1404628.00 1404628.00 675416.60 PHP Million [+]
GDP From Transport 76553.45 65176.38 80056.97 34827.71 PHP Million [+]
GDP From Utilities 67147.30 71199.50 82773.94 42117.43 PHP Million [+]


Philippines GDP Annual Growth Rate

Services are the biggest sector of the Filipino economy and account for 57 percent of total GDP. Within services the most important segments are: trade, repair of motor vehicles and household goods (17 percent of total GDP); real estate, renting and business activities (11 percent); transport, storage and communication (8 percent); financial services (7 percent) and public administration, defense and social security (4 percent). Industry accounts for 31 percent of GDP. Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important. Agriculture contributes the remaining 12 percent of GDP. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
5.60 6.30 12.40 -11.10 1982 - 2019 percent Quarterly




Country Last Previous
India 6.60 Dec/18
China 6.40 Mar/19
Indonesia 5.07 Mar/19
Saudi Arabia 3.60 Dec/18
United States 3.20 Mar/19
Spain 2.40 Mar/19
Australia 2.30 Dec/18
South Korea 1.80 Mar/19
United Kingdom 1.80 Mar/19
Netherlands 1.70 Mar/19
Canada 1.60 Dec/18
Switzerland 1.40 Dec/18
Euro Area 1.20 Mar/19
Mexico 1.20 Mar/19
Singapore 1.20 Mar/19
Brazil 1.10 Dec/18
France 1.10 Mar/19
South Africa 1.10 Dec/18
Japan 0.80 Mar/19
Germany 0.70 Mar/19
Russia 0.50 Mar/19
Italy 0.10 Mar/19
Turkey -3.00 Dec/18
Argentina -6.20 Dec/18


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