The Philippine GDP advanced 6.4% yoy in Q1 of 2023, beating the market consensus of 6.1%, after a downwardly revised 7.1% gain in Q4 of 2022. This was the 8th straight quarter of expansion but the lowest growth in the sequence, amid intense cost pressures and higher interest rates. The GDP growth stayed within the government's 6-7% target for 2023. Household consumption eased (6.3% vs 7% in Q4), while both government spending (6.2% vs 3.3%) and fixed investment (10.4% vs 6.0%) rose faster. Meantime, the net trade contributed negatively, with exports rising 0.4% and imports climbing at a faster 4.2%. However, the output of the industry (3.9% vs 4.6%) and service sector (8.4% vs 9.8%) grew slower, while agriculture rebounded (2.2% vs -0.3%). Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (7.0%), financials (8.8%), and other services (35.5%). In 2022, the GDP grew by 7.6%, marking the best annual expansion since 1976. source: Philippine Statistics Authority

GDP Annual Growth Rate in Philippines averaged 3.74 percent from 1982 until 2023, reaching an all time high of 12.00 percent in the fourth quarter of 1988 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 June of 2023.

GDP Annual Growth Rate in Philippines is expected to be 6.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 6.00 percent in 2024 and 5.80 percent in 2025, according to our econometric models.

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Philippines GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2023-01-26 02:00 AM Q4 7.2% 7.6% 6.5% 7%
2023-05-11 02:00 AM Q1 6.4% 7.1% 6.1% 6.0%
2023-08-10 02:00 AM Q2 6.4% 6.3%


Related Last Previous Unit Reference
GDP Growth Rate 1.10 2.40 percent Mar 2023
GDP Annual Growth Rate 6.40 7.10 percent Mar 2023
GDP Constant Prices 4907180.00 5575144.00 PHP Million Mar 2023
Gross National Product 5604830.57 5505956.32 PHP Million Mar 2023
Gross Fixed Capital Formation 1096759.14 1190179.00 PHP Million Mar 2023
Full Year GDP Growth 7.60 5.70 percent Dec 2022
GDP from Utilities 154939.00 158327.00 PHP Million Mar 2023
GDP from Transport 194800.00 196877.00 PHP Million Mar 2023
GDP from Public Administration 209815.00 272957.00 PHP Million Mar 2023
GDP from Mining 43127.00 35188.00 PHP Million Mar 2023
GDP from Manufacturing 987887.00 1095178.00 PHP Million Mar 2023
GDP from Construction 280399.00 410454.00 PHP Million Mar 2023
GDP from Agriculture 444620.00 525266.00 PHP Million Mar 2023

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
6.40 7.10 12.00 -16.90 1982 - 2023 percent Quarterly

News Stream
Philippines Q1 GDP Annual Growth Beats Estimates
The Philippine GDP advanced 6.4% yoy in Q1 of 2023, beating the market consensus of 6.1%, after a downwardly revised 7.1% gain in Q4 of 2022. This was the 8th straight quarter of expansion but the lowest growth in the sequence, amid intense cost pressures and higher interest rates. The GDP growth stayed within the government's 6-7% target for 2023. Household consumption eased (6.3% vs 7% in Q4), while both government spending (6.2% vs 3.3%) and fixed investment (10.4% vs 6.0%) rose faster. Meantime, the net trade contributed negatively, with exports rising 0.4% and imports climbing at a faster 4.2%. However, the output of the industry (3.9% vs 4.6%) and service sector (8.4% vs 9.8%) grew slower, while agriculture rebounded (2.2% vs -0.3%). Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (7.0%), financials (8.8%), and other services (35.5%). In 2022, the GDP grew by 7.6%, marking the best annual expansion since 1976.
2023-05-11
Philippines Q4 GDP Growth Revised to 7.1%
The economy of the Philippines expanded 7.1% year-on-year in the fourth quarter of 2022, slightly lower than the initial report of a 7.2% growth and easing from a 7.6% advance in the third quarter, revised data showed. It marked the seventh consecutive quarter of expansion, driven mainly by consumption and services. Meanwhile, the full-year GDP growth rate was maintained at a robust 7.6%.
2023-05-10
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