The Philippines GDP expanded 3.8% quarter-on-quarter in Q3 2021, shifting from a revised 1.4 percent contraction in Q2. The upturn marked the strongest growth since Q4 2020, as the economic recovery from the COVID-19 pandemic gained traction following a rapid inoculation drive and easing curbs to Alert Level 1. The service sector grew the most in four quarters (6.6% vs -3.0% in Q2), mainly boosted by wholesale and retail trade; repair of motor vehicles and motorcycles, transportation and storage; and professional and business services. In contrast, the output of industry fell for the first time in five quarters (-0.3% vs 1%) and that of agriculture, forestry, and fishing shrank for the first time since Q4 2020. On the demand side, household consumption rose 7.0%, mainly attributed to growth in transport, miscellaneous goods and services, and health. source: Philippine Statistics Authority

GDP Growth Rate in Philippines averaged 1.11 percent from 1998 until 2021, reaching an all time high of 8 percent in the third quarter of 2020 and a record low of -14.90 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 2022.

GDP Growth Rate in Philippines is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2022, according to our econometric models.

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Philippines GDP Growth Rate


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.
Actual Previous Highest Lowest Dates Unit Frequency
3.80 -1.40 8.00 -14.90 1998 - 2021 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2021-08-10 02:00 AM Q2 -1.3% 0.7% 1.2%
2021-11-09 02:00 AM Q3 3.8% -1.4% 1.2% 1.5%
2022-01-27 02:00 AM Q4 3.8% 3%


Related Last Previous Unit Reference
GDP Growth Rate 3.80 -1.40 percent Sep/21
GDP Annual Growth Rate 7.10 12.00 percent Sep/21
GDP Constant Prices 4428969.00 4636746.00 PHP Million Sep/21
Gross National Product 4739372.31 4730870.30 PHP Million Sep/21
Gross Fixed Capital Formation 942479.18 1154391.16 PHP Million Sep/21
GDP From Utilities 172171.00 155967.00 PHP Million Sep/21
GDP From Transport 136562.00 109450.00 PHP Million Sep/21
GDP From Public Administration 224113.00 268444.00 PHP Million Sep/21
GDP From Mining 25337.00 44532.00 PHP Million Sep/21
GDP From Manufacturing 729091.00 882297.00 PHP Million Sep/21
GDP From Construction 274240.00 345332.00 PHP Million Sep/21
GDP From Agriculture 398213.00 416272.00 PHP Million Sep/21


News Stream
Philippines GDP Rebounds Sharply
The Philippines GDP expanded 3.8% quarter-on-quarter in Q3 2021, shifting from a revised 1.4 percent contraction in Q2. The upturn marked the strongest growth since Q4 2020, as the economic recovery from the COVID-19 pandemic gained traction following a rapid inoculation drive and easing curbs to Alert Level 1. The service sector grew the most in four quarters (6.6% vs -3.0% in Q2), mainly boosted by wholesale and retail trade; repair of motor vehicles and motorcycles, transportation and storage; and professional and business services. In contrast, the output of industry fell for the first time in five quarters (-0.3% vs 1%) and that of agriculture, forestry, and fishing shrank for the first time since Q4 2020. On the demand side, household consumption rose 7.0%, mainly attributed to growth in transport, miscellaneous goods and services, and health.
2021-11-09
Philippines Quarterly GDP Shrinks for 1st Time in A Year
The Philippines GDP shrank 1.3% quarter-on-quarter in Q2 2021, after an upwardly revised 0.7 percent growth in Q1. The latest reading pointed to the first contraction in quarterly GDP since Q2 2020, amid COVID-19 lockdown restrictions and slow vaccinations. Activity in the service sector fell for the first time in a year (-2.8% vs 0.9% in Q1), mainly due to transportation and storage; wholesale and retail; repair of vehicles and motorcycles; and health and social work. At the same time, the output of agriculture, forestry, and fishing rose much softer (0.6% vs 1.3%), mainly led by sugarcane; other agricultural crops; and poultry and eggs. In contrast, the industry sector picked up sharply (1.1% vs 0.1%), led by construction, mining, and electricity. On the demand side, household consumption fell by 2.4%, mainly attributed to declines in transport, restaurant and hotels, and miscellaneous goods and services.
2021-08-10
Philippines Economy Grows 0.3% QoQ in Q1
The Philippines GDP advanced 0.3% quarter-on-quarter in Q1 2021, slowing markedly from a downwardly revised 3.8% growth in Q4. Still, this was the third straight quarter of expansion, as the economy continued its battle against the COVID-19 pandemic. The service sector grew much softer (0.4% vs 3.5% in Q4), mainly driven by accommodation and food service activities, education, and financial and insurance. At the same time, activity in the industry sector fell for the first time in three quarters (-0.4% vs 6.7%). By contrast, agriculture, forestry, and fishing rebounded, rising for the first time in three quarters (1.2 % vs -2.5%), led by palay, support activities to agricultulture, and corn. On the demand side, household consumption grew by 2.3%, with restaurants and hotels, education , and health being top contributors.
2021-05-11