Philippines GDP Growth Rate

The Gross Domestic Product (GDP) in Philippines expanded 1.50 percent in the fourth quarter of 2012 over the previous quarter. GDP Growth Rate in Philippines is reported by the The National Statistical Coordination Board. Historically, from 1998 until 2012, Philippines GDP Growth Rate averaged 1.10 Percent reaching an all time high of 4.10 Percent in March of 2010 and a record low of -2.10 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 includes a chart with historical data for Philippines GDP Growth Rate.

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Philippines GDP Growth Rate
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Philippines' GDP Expanded by 1.5 Percent in the Fourth Quarter of 2012
National Statistical Coordination Board | Nuno Salva | nuno.salva@tradingeconomics.com  |  1/31/2013 9:24:11 AM


Philippine's economy has grown 1.5 percent over the previous quarter, and 6.8 percent over the same quarter of the previous year.

The country’s Gross Domestic Product (GDP) grew by 6.8 percent in the fourth quarter of 2012, paving the way for the full-year GDP estimate to post a broad-based growth of 6.6 percent. The increase was fuelled by the robust performance of the Services sector led by Trade and Real Estate, Renting & Business Activities as well as the substantial improvements of Manufacturing and Construction.

On the demand side, Household Final Consumption Expenditure (HFCE) together with government spending, the recovery of capital formation and the remarkable performance of the external trade contributed to the healthy growth of the economy in the fourth quarter and the whole year of 2012.
 
On an annual basis, Gross National Income (GNI) and Net Primary Income from the rest of the world (NPI) expanded to 5.8 percent and 3.3 percent in 2012 from 3.2 percent and 1.0 percent, respectively in 2011.
 
In the fourth quarter, NPI increased by 0.9 percent in 2012 from 6.2 percent in the same period in 2011 resulting to GNI’s growth of 5.4 percent in 2012 from 4.5 percent in the previous year.
 
Meanwhile, seasonally adjusted GDP and GNI grew by 1.5 percent and 1.2 percent, respectively during the current quarter. The Agriculture, Hunting, Forestry and Fishing (AHFF) and the Services sectors rose by 0.1 and 1.2 percent, respectively, while the Industry sector expanded by 2.5 percent due to the growth of Construction and Manufacturing.
 
With the robust economic growth in 2012, per capita GDP accelerated to 4.8 percent from 2.2 percent in 2011 while per capita GNI climbed by 4.0 percent in 2012 from 1.5 percent in 2011. On the other hand, per capita Household Final Consumption Expenditure (HFCE), slightly decelerated to 4.4 percent from 4.5 percent.
 
With the 6.8 percent GDP growth in the fourth quarter, per capita GDP, GNI, and HCFE rose to 5.1 percent from 2.3 percent, 3.7 percent from 2.8 percent, and 5.2 percent from 4.6 percent, respectively.

ARCHIVE
Philippines Economy Expands by 1.3 Percent in Q3 Beating expectations, the domestic economy accelerated for the third consecutive quarter to 7.1 percent this year from the 3.2 percent last year. On a seasonally adjusted basis, GDP grew by 1.3 percent from 1.2 percent while GNI grew at a slower pace of 1.2 percent in the third quarter from 1.4 percent in the second quarter of 2012. 2012-12-21



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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