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%. source: Philippine Statistics Authority
GDP Annual Growth Rate in Philippines averaged 3.68 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 September of 2022.
GDP Annual Growth Rate in Philippines is expected to be 7.50 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 6.40 percent in 2023 and 6.00 percent in 2024, according to our econometric models.