The Philippine GDP expanded 7.2% yoy in Q4 of 2022, after a 7.6% increase in Q3 and above the market consensus of 6.5%. This was the 7th straight quarter of growth, as household consumption stayed solid despite intense cost pressures and higher interest rates (7% vs 8% in Q3), and government spending picked up (3.3% vs 0.8%). At the same time, fixed investment grew further (6.3% vs 9.9%). The net trade contributed positively, with exports jumping 14.6% and imports rising 5.9%. However, the output of the industry sector grew slower (4.8% vs 5.8%). Agriculture, forestry, and fishing shrank for the first time in 5 quarters (-0.3% vs 2.1%). For the whole of 2022, the GDP advanced by 7.6%, topping the government's target of 6.5 to 7.5% and marking the best annual expansion since 1976. For this year, Manila is confident that the economy will continue to move upward. source: Philippine Statistics Authority

GDP Annual Growth Rate in Philippines averaged 3.72 percent from 1982 until 2022, reaching an all time high of 12.10 percent in the second quarter of 2021 and a record low of -16.90 percent in the second quarter of 2020. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on February of 2023.

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.

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Philippines GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-11-10 02:00 AM Q3 7.6% 7.5% 6.3% 6.9%
2023-01-26 02:00 AM Q4 7.2% 7.6% 6.5% 7%
2023-05-11 02:00 AM Q1 7.2% 6.6%


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 Constant Prices 5577338.00 4763641.00 PHP Million Dec 2022
Gross National Product 5505956.32 5324025.65 PHP Million Dec 2022
Gross Fixed Capital Formation 1190179.00 1038877.00 PHP Million Dec 2022
Full Year GDP Growth 7.60 5.70 percent Dec 2022
GDP from Utilities 158160.00 179628.00 PHP Million Dec 2022
GDP from Transport 196947.00 170388.00 PHP Million Dec 2022
GDP from Public Administration 272863.00 226227.07 PHP Million Dec 2022
GDP from Mining 35083.00 29587.00 PHP Million Dec 2022
GDP from Manufacturing 1096325.00 761824.00 PHP Million Dec 2022
GDP from Construction 740085.57 310042.05 PHP Million Dec 2022
GDP from Agriculture 552392.57 406550.84 PHP Million Dec 2022

Philippines GDP Annual Growth Rate
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
7.20 7.60 12.10 -16.90 1982 - 2022 percent Quarterly

News Stream
Philippines Q4 GDP Growth Beats Forecasts
The Philippine GDP expanded 7.2% yoy in Q4 of 2022, after a 7.6% increase in Q3 and above the market consensus of 6.5%. This was the 7th straight quarter of growth, as household consumption stayed solid despite intense cost pressures and higher interest rates (7% vs 8% in Q3), and government spending picked up (3.3% vs 0.8%). At the same time, fixed investment grew further (6.3% vs 9.9%). The net trade contributed positively, with exports jumping 14.6% and imports rising 5.9%. However, the output of the industry sector grew slower (4.8% vs 5.8%). Agriculture, forestry, and fishing shrank for the first time in 5 quarters (-0.3% vs 2.1%). For the whole of 2022, the GDP advanced by 7.6%, topping the government's target of 6.5 to 7.5% and marking the best annual expansion since 1976. For this year, Manila is confident that the economy will continue to move upward.
2023-01-26
Philippines Q3 GDP Growth Beats Estimates
The Philippine GDP advanced 7.6% yoy in Q3 of 2022, topping market consensus of 6.3%, after a marginally revised 7.5% rise in Q2 which was the softest expansion since Q3 of 2021. This was the sixth straight quarter of growth, as household consumption stayed strong despite intense cost pressures and high interest rates (8.0% vs 8.5% in Q2) and fixed investment rose for the 6th quarter (10.1% vs 13.6%). Meantime, government spending eased sharply, rising the least in 5 quarters (0.8% vs 11.1%). Net trade contributed negatively, as exports rose 13.1% while imports jumped 17.3% due to high commodity prices and weak peso. All major sectors posted growth: agriculture (2.2% vs 0.2%), industry (5.8% vs 6.4%), and services (9.1% vs 9.1%). Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (9.1%), financials (7.7%), and construction (12.2%). Manila said after the release that the economy was on track to meet 2022's growth target of 6.5 to 7.5%.
2022-11-10
Philippines Economy Grows Less than Expected
The Philippine GDP advanced by 7.4% year-on-year in Q2 of 2022, below market consensus of 8.6% and easing from a downwardly revised 8.2% growth in Q1. The latest reading pointed to the fifth straight quarter of growth but the softest pace since Q3 2021, as household consumption eased (8.6% vs 10.0% in Q1), amid rising inflation, and net external demand contributed negatively to the GDP, as exports rose by 4.3% while imports grew at a faster 13.6%. Meanwhile, both fixed investment (13.2% vs 11.8%) and government spending (11.1% vs 3.6%) expanded faster. On the production side, the largest contributors to the growth were wholesale and retail trade, repair of motor vehicles and motorcycles (9.7% vs 7.0%), construction (19.0% vs 14.7%), and transportation and storage (27.1% vs 26.3%). Considering the first half of the year, the economy expanded by 7.8% from a year earlier. For 2022, the central bank maintained its GDP outlook at 6.5%-7.5%.
2022-08-09