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.