The Philippines economy advanced 11.8% yoy in Q2 of 2021, rebounding sharply from a downwardly revised 3.9 contraction in Q1 and beating market expectations of a 10% growth. This was the first expansion in the economy since the fourth quarter 2019, and the strongest growth since the fourth quarter 1988, amid a low base effect last year. Private consumption (7.2% vs -4.7% in Q1) and fixed investment (37.4% vs -18.2%) recovered sharply. Also, net external demand contributed positively to GDP, as both exports (27.0% vs -8.8%) and imports (37.8% vs -7.0%) rebounded sharply. Meanwhile, government spending shrank (-4.9% vs 16.1%). On the production side, activity rebounded mainly for construction (25.7% vs -22.6%), transportation and storage (23.4% vs -19.6%), accommodation and food service activities (53.4% vs -22.5%), real estate and ownership of dwelling (16.7% vs -11.7%), wholesale and retail trade (5.4% vs -3.4%), while manufacturing grew much more (22.3% vs 0.5%). source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.54 percent from 1982 until 2021, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -17 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 September of 2021.
GDP Annual Growth Rate in Philippines is expected to be 8.30 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 9.00 percent in 2022, according to our econometric models.