The Philippine GDP grew 7.6% yoy in the full year 2022, exceeding the government's target of 6.5 to 7.5%, and stronger than the previous year's 5.7% expansion. This was the second straight of expansion in the economy, and the most since 1976, with the most contributing from wholesale and retail trade, repair of motor vehicles and motorcycles (8.7%); manufacturing (5.0%); and construction (12.7%). The government has set a 6.0 to 7.0% GDP growth target for 2023. source: Philippine Statistics Authority

Full Year GDP Growth in Philippines averaged 4.93 percent from 2001 until 2022, reaching an all time high of 7.60 percent in 2022 and a record low of -9.60 percent in 2020. This page includes a chart with historical data for Philippines Full Year GDP Growth. Philippines Full Year GDP Growth - data, historical chart, forecasts and calendar of releases - was last updated on January of 2023.

Full Year GDP Growth in Philippines is expected to reach 5.10 percent by the end of 2023, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines Full Year GDP Growth is projected to trend around 6.00 percent in 2024 and 5.90 percent in 2025, according to our econometric models.

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Philippines Full Year GDP Growth



Calendar GMT Actual Previous Consensus TEForecast
2022-01-27 02:00 AM 2021 5.6% -9.6%
2023-01-26 02:00 AM 2023 7.6% 5.7% 7.3%


Related Last Previous Unit Reference
GDP Growth Rate 2.40 3.30 percent Dec 2022
GDP Annual Growth Rate 7.20 7.60 percent Dec 2022
GDP 394.09 361.75 USD Billion Dec 2021

Philippines Full Year GDP Growth
Services are the biggest sector of the Philippine 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.
Actual Previous Highest Lowest Dates Unit Frequency
7.60 5.70 7.60 -9.60 2001 - 2022 percent Yearly
NSA