Philippines GDP Growth Rate

The Gross Domestic Product (GDP) in Philippines expanded 1.50 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Philippines is reported by the Philippine National Statistical Coordination Board. From 1998 until 2013, Philippines GDP Growth Rate averaged 1.1 Percent reaching an all time high of 3.3 Percent in March of 2010 and a record low of -2.4 Percent in March of 2009. The Philippines has a status of emerging economy. In recent years, the country has been steadily growing mainly due to inflow of foreign direct investment and remittances. The Philippines is the world’s largest center for business process outsourcing. The country also has a strong industrial sector based on the manufacturing of electronics and other high-tech components for overseas corporations. The Philippines is rich in natural resources; it has significant reserves of chromite, nickel, copper, coal and oil. This page provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. 2014-04-20

Actual Previous Highest Lowest Forecast Dates Unit Frequency
1.50 1.30 3.30 -2.40 1.28 | 2014/03 1998 - 2013 Percent Quarterly

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Philippines GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-05-30 02:00 AM Philippines
GDP Growth Rate QoQ
Q1 2013 2.2% 1.90% (R) 1.63% 0.50%
2013-08-29 03:00 AM Philippines
GDP Growth Rate QoQ
Q2 2013 1.4% 2.3% (R) 2.41%
2013-11-28 02:00 AM Philippines
GDP Growth Rate QoQ
Q3 2013 1.1% 1.6% (R) 1.43%
2014-01-30 02:00 AM Philippines
GDP Growth Rate QoQ
Q4 2013 1.5% 1.3% (R) 1.97%
2014-05-29 03:00 AM Philippines
GDP GROWTH RATE QOQ
Q1 2014 1.5% 1.28%
2014-08-28 03:00 AM Philippines
GDP GROWTH RATE QOQ
Q2 2014 1.26%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Constant Prices 1726917.80 2013-11-15 1701550.00 1726917.80 825496.00 1752367.41 2014-03-31 PHP Million [+]
Gross Fixed Capital Formation 388056.35 2013-11-15 343436.01 388056.35 163357.69 384637.78 2014-03-31 PHP Million [+]
Gross National Product 2075531.00 2013-11-15 2047706.00 2080585.00 939555.00 2092458.29 2014-03-31 PHP Million [+]
GDP 250.27 2012-12-31 224.75 250.27 4.40 275.62 2013-12-31 USD Billion [+]
GDP Growth Rate 1.50 2013-12-31 1.30 3.30 -2.40 1.28 2014-03-31 Percent [+]
GDP Annual Growth Rate 6.50 2013-12-31 6.90 8.90 0.50 7.32 2014-03-31 Percent [+]
GDP per capita 1501.83 2012-12-31 1433.48 1501.83 696.02 1563.21 2013-12-31 USD [+]
GDP per capita PPP 3802.99 2012-12-31 3629.90 3802.99 2296.95 3963.20 2013-12-31 USD [+]
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Philippines GDP Expands 1.5% QoQ in Q4 2013

In the fourth quarter of 2013, Philippines GDP advanced 1.5 percent over the previous quarter, slightly up from a revised 1.3 percent in the previous three-month period and boosted by the industrial production.

Both the agriculture sector and the services sector grew by 0.7 percent, slowing from 0.8 percent and 1.6 percent, respectively in the previous quarter. 

In contrast, the industry surged 3.2 percent, accelerating from a 0.3 percent growth rate in the previous three-month period, boosted by the manufacturing sector. 

The GNI rose 1.4 percent qoq in the last quarter of 2013. Year-on-year, the economy expanded 6.5 percent in Q4 2013, down from 6.9 percent in the previous quarter. 

Full 2013 GDP expanded 7.2 percent. Before Typhoon Haiyan, the government expected growth in 2013 to reach 7.3 percent.

National Statistical Coordination Board |Joana Taborda | joana.taborda@tradingeconomics.com
1/30/2014 1:07:16 PM

RECENT RELEASES

Philippines’s GDP Grows 1.1% QoQ in Q3
In the third quarter of 2013, Filipino GDP growth slowed for the second straight quarter to a seasonally adjusted 1.1 percent, from 1.6 percent in the previous period. The government expects full-year GDP growth close to the 6-7 percent goal, targets 6.5 to 7.5 percent in 2014. Published on 2013-11-28

Philippines’ Economy Expands 1.4% QoQ in Q2
In the second quarter of 2013, Philippines' GDP grew a seasonally adjusted 1.4 percent, slowing from 2.3 percent growth recorded in the first three months of 2013. While the agricultural sector contracted over the previous quarter, services and industry eased. Published on 2013-08-29


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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In the fourth quarter of 2013, Philippines GDP advanced 1.5 percent over the previous quarter, slightly up from a revised 1.3 percent in the previous three-month period and boosted by the industrial production.
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