The Philippines economy grew an annual 6.1 percent year-on-year in the September quarter of 2018, following an upwardly revised 6.2 percent expansion in the previous quarter and below market consensus of a 6.3 percent growth. It was the slowest pace of expansion since the second quarter of 2015, mainly due to a slowdown in private consumption and investment while net external contributed negatively to GDP growth and government spending grew firmly. GDP Annual Growth Rate in Philippines averaged 3.79 percent from 1982 until 2018, 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 6.70 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 6.80 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
2018-05-10 02:00 AM GDP Growth Rate YoY 6.8% 6.5% 6.8% 7%
2018-08-09 02:00 AM GDP Growth Rate YoY 6% 6.6% 6.7% 6.6%
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 2018 6.7%
2019-01-24 02:00 AM GDP Growth Rate YoY 6.1% 6.7%



Philippines Q3 GDP Growth Weakest in Over 3 Years


The Philippines economy grew an annual 6.1 percent year-on-year in the September quarter of 2018, following an upwardly revised 6.2 percent expansion in the previous quarter and below market consensus of a 6.3 percent growth. It was the slowest pace of expansion since the second quarter of 2015, mainly due to a slowdown in private consumption and investment while net external contributed negatively to GDP growth.

In the three months to September, household consumption expanded 5.2 percent year-on-year, compared to a 5.9 percent increase in the second quarter. Also, gross domestic capital formation rose by 16.7 percent, easing from a 21.5 percent growth in the previous quarter. The growth was driven by investment in intellectual property products (22.9 percent), followed by durable equipment (17.5 percent), construction (14.9 percent) and breeding stocks & orchard development (6.2 percent).

Net external contributed negatively to growth as exports rose less than imports. Exports increased by 14.3 percent, following a 12.6 percent rise in the second quarter. Sales of goods went up 16.9 percent (from 13.9 percent in Q2) and those of services rose 2.2 percent (from 8.4 percent). Meantime, imports increased faster by 18.9 percent, following an 18.5 percent rise in the preceding quarter, mainly driven by purchases of services (10.6 percent from 5.2 percent).

Meanwhile, government expenditure went up 14.3 percent, faster than an 11.9 percent growth in the June quarter.

On the production side, the services sector advanced 6.9 percent, compared to a 6.8 percent growth in the three months to June. Growth in the sector was supported by public administration & defense, compulsory social security (17.8 percent); financial intermediation (7.6 percent); transport, storage & communication (5.4 percent); trade & repair of motor vehicles, motorcycles, personal & household goods (5.6 percent); other services (7.5 percent) and real estate (5.3 percent). 

The industry sector expanded 6.2 percent, following a 6.5 percent growth in the preceding quarter. Output increases were seen in construction (16.1 percent), followed by electricity, gas & water supply (5.0 percent) and manufacturing (4.0 percent). Meantime, mining & quarrying went down by 1.1 percent, after a 6.9 percent drop in the prior quarter. Also, agriculture, hunting, forestry & fishing contracted 0.4 percent, after a 0.3 percent expansion in the previous period.

The Philippine government has revised down its gross domestic product growth target for this year to 6.5-6.9 percent from 7-8 percent previously.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.4 percent, following an upwardly revised 1.5 percent expansion in the June quarter.


Philippine National Statistical Coordination Board l Chusnul Ch Manan| chusnul@tradingeconomics.com
11/8/2018 2:56:22 PM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.40 1.50 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.10 6.20 12.40 -11.10 percent [+]
GDP 313.60 304.90 313.60 4.40 USD Billion [+]
GDP Constant Prices 2221342.94 2356653.67 2356653.67 487413.68 PHP Million [+]
Gross National Product 2784498.00 2728917.00 2784498.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 704050.49 695427.33 704050.49 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 163797.00 174325.00 179824.38 114778.44 PHP Million [+]
GDP From Construction 232896.53 260401.00 260401.00 85502.67 PHP Million [+]
GDP From Manufacturing 430229.00 525280.00 579551.71 252377.26 PHP Million [+]
GDP From Mining 17207.00 28252.08 31708.83 10394.10 PHP Million [+]
GDP From Public Administration 96479.00 109633.48 109633.48 43289.41 PHP Million [+]
GDP From Services 1316267.00 1380883.00 1380883.00 675416.60 PHP Million [+]
GDP From Transport 146883.00 180214.00 180214.00 34827.71 PHP Million [+]
GDP From Utilities 82731.00 74351.00 82731.00 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 November of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
6.10 6.20 12.40 -11.10 1982 - 2018 percent Quarterly




Country Last
India 8.20 Jun/18
China 6.50 Sep/18
Turkey 5.20 Jun/18
Indonesia 5.17 Sep/18
Australia 3.40 Jun/18
Switzerland 3.40 Jun/18
United States 3.00 Sep/18
Mexico 2.60 Sep/18
Singapore 2.60 Sep/18
Spain 2.50 Sep/18
Netherlands 2.40 Sep/18
South Korea 2.00 Sep/18
Canada 1.90 Jun/18
Euro Area 1.70 Sep/18
Saudi Arabia 1.61 Jun/18
France 1.50 Sep/18
United Kingdom 1.50 Sep/18
Russia 1.30 Sep/18
Germany 1.10 Sep/18
Brazil 1.00 Jun/18
Italy 0.80 Sep/18
South Africa 0.40 Jun/18
Japan 0.30 Sep/18
Argentina -4.20 Jun/18


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