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. 2014-04-24

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

TO

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%
[+]

GDP Last Previous Highest Lowest Forecast Unit
GDP Constant Prices 1726917.80 2013-11-15 1701550.00 1726917.80 825496.00 1789945.49 2014-06-30 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 4.40 290.03 2014-06-30 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 1588.06 2014-06-30 USD [+]
GDP per capita PPP 3802.99 2012-12-31 3629.90 3802.99 2296.95 4004.98 2014-06-30 USD [+]
[+]


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.


RELATED NEWS

Philippines Inflation Rate Edges Down in March  
Philippines annual consumer prices decelerated for the second straight month to 3.9 percent, the lowest rate in four months, due to a slowdown in prices of alcoholic beverages, tobacco, housing, water, electricity, gas, recreation and restaurants.
Philippines Leaves Rates on Hold, Raises Bank Reserve Requirements  
At its March 27th, 2014 meeting, Philippines' Central Bank decided to leave the key policy rate steady at 3.50 percent, but raised banks' reserve requirements by 1 percentage point effective on April 4th, 2014 to curb excess liquidity.
Philippines’ Trade Deficit Doubles in January  
The trade deficit widened in January of 2014 to USD -1.38 billion from USD -0.72 billion a year earlier and USD -0.70 billion in December of 2013. While exports climbed for the eighth consecutive month, imports posted the highest increase in nearly 3 years.
Philippines Unemployment Rate Up to 7.5%  
In January of 2014, Philippines jobless rate rose to 7.5 percent, up from 6.5 percent in the previous period and 7.1 percent a year ago. Typhoon-hit region VIII was not covered in the survey.
Philippines Inflation Rate Slows in February  
Philippines annual inflation fell to 4.1 percent in February from 4.2 percent in January, as alcoholic beverages, tobacco and transport prices rose at a slower pace. On a monthly basis, the inflation rate eased from 0.7 percent in January to 0.1 percent in February, as the country starts to recover from supply shocks caused by November’s Typhoon Haiyan.
Philippines Trade Deficit Narrows in 2013  
In 2013, Philippines trade deficit decreased 23 percent to USD 7.73 billion, from USD 10.03 billion in the previous year, due to a 3.6 percent rise in sales. Considering the last month of 2013, the trade deficit narrowed to USD 695 million.
Philippines Monetary Policy Unchanged in February  
At its February 2nd meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent as recent inflationary pressures are mainly due to adverse weather conditions.
Philippines Inflation Rate Accelerates in January  
In January of 2014, Philippines annual inflation rate rose to 4.2 percent, up from 4.1 percent recorded in December and closer to the upper end of the central bank's 3.4 to 4.3 percent estimate for the month.
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.
Philippines Q4 2013 GDP Growth Hurt by Typhoon Haiyan  
In the fourth quarter of 2013, Philippines GDP slowed to an annual growth rate of 6.5 percent, down from a revised 6.9 percent in the previous three months and 7.1 percent a year earlier. Although Typhoon Haiyan hit the economy, robust household consumption made the GDP figures better than initial government estimates. Full 2013 GDP expanded 7.2 percent.
MORE RELATED NEWS

LATEST NEWS

South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
US Markit Manufacturing PMI Steady in April  
At 55.4 in April, the Markit Flash U.S. Manufacturing PMI was down fractionally from 55.5 in March, but still well above the neutral 50.0 value. Sharper rates of output and new business growth boosted the Manufacturing PMI during April, while the main negative influence on the headline index was a rise in the suppliers’ delivery times component.
Bank of Thailand Leaves Interest Rate Unchanged  
At its April 23rd, 2014 meeting, the Monetary Policy Committee left the benchmark interest rate on hold at 2.0 percent. Policymakers expect 2014 growth to be lower than previous assessed due to prolonged political unrest.
South Africa Inflation Rate Back to 6%  
South African annual consumer prices accelerated for the fourth straight month in March of 2014 to a six-month high 6 percent. On a monthly basis, prices advanced 1.3 percent, the fastest pace in five years.
Singapore Inflation Rate Edges Up in March  
Annual consumer prices rose 1.2 percent in March of 2014, up from a 0.4 percent increase in February, mainly due to a smaller fall in car prices. Contributions from all other major categories, except accommodation, were also slightly higher.
Australia Inflation Rate Accelerates Further in Q1  
Australian annual consumer prices advanced 2.9 percent in the first three months of 2014, up from 2.7 percent in the previous quarter, but below market forecasts. The rise was driven by seasonal increases in cost of healthcare, transport and school fees, and by a large hike in tobacco duties.
Mexico Unemployment Rate Up to 4.8% in March  
Mexican unadjusted jobless rate rose to 4.8 percent in March of 2014, up from 4.65 percent in February and 4.51 percent a year earlier. Upon seasonal adjustment, the unemployment rate rose to its highest in more than one year to 5.25 percent.
MORE TOP NEWS

OVERVIEW    |     WORLBANK    |     [+] Calendar    |     [+] Countries    |     [+] Indicators    |     News