Philippines GDP Annual Growth Rate  2001-2016 | Data | Chart | Calendar

The Philippines economy grew an annual 6.9 percent in the March quarter of 2016, accelerating from an upwardly revised 6.5 percent expansion in the previous three months and above market consensus of a 6.6 percent growth. It is the fastest expansion since the September quarter 2013 as a faster increase in household spending and investment offset a slowdown in government expenditure and exports. On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.1 percent, slowing from a 2.0 percent expansion in the quarter and missing market estimates. It is the weakest growth since the June quarter 2015. GDP Annual Growth Rate in Philippines averaged 5.17 percent from 2001 until 2016, reaching an all time high of 8.90 percent in the second quarter of 2010 and a record low of 0.50 percent in the third quarter of 2009. GDP Annual Growth Rate in Philippines is reported by the Philippine National Statistical Coordination Board.

Philippines GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
6.90 6.50 8.90 0.50 2001 - 2016 percent Quarterly
Services are the biggest sector of the Filipino economy and account for 57 percent of total GDP. Within services the most important segments are: trade, repair of motor vehicles and household goods (17 percent of total GDP); real estate, renting and business activities (11 percent); transport, storage and communication (8 percent); financial services (7 percent) and public administration, defense and social security (4 percent). Industry accounts for 31 percent of GDP. Within industry, manufacturing (22 percent of total GDP) and construction (5 percent) are the most important. Agriculture contributes the remaining 12 percent of GDP. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-01-28 02:00 AM Q4 6.3% 6.1% 5.9% 5.9%
2016-01-28 02:00 AM 2015 5.8% 6.1% 5.7%
2016-05-19 02:00 AM Q1 6.9% 6.5% 6.6% 6.9%
2016-08-18 02:00 AM Q2 6.9% 6.7%
2016-11-17 02:00 AM Q3 6.6%

Philippines GDP Growth Strongest in 2-1/2 Years


The Philippines economy grew an annual 6.9 percent in the March quarter of 2016, accelerating from an upwardly revised 6.5 percent expansion in the previous three months and above market consensus of a 6.6 percent growth. It is the strongest expansion since the September quarter 2013 as a faster increase in household spending and investment offset a slowdown in government expenditure and exports.

In the first quarter, household consumption expanded by 7.0 percent year-on-year, as compared to a 6.5 percent increase in the December quarter 2015. Government expenditure rose 9.9 percent, slowing from a 15.8 percent growth in the previous three months. Gross domestic capital formation increased by 23.8 percent, accelerating from a 13.3 percent growth in the previous quarter, as investment  expanded for all categories. Investment on durable equipment rose 36.6 percent year-on-year, followed by construction (+12.0 percent), breeding stocks & orchard development (+4.1 percent) and intellectual property products (+24.3 percent). Exports expanded by 6.6 percent, slower than a 10.9 percent growth in the fourth quarter, as sales of goods   eased (+5.2 percent from +9.0 percent +11.1 percent). Those of  services also slowed (+ 11.1 percent from +19.1 percent). Imports grew by 16.2 percent, faster than a 14.9 percent in the December quarter.

On the production side, the services sector advanced by 7.9 percent, compared to a 7.8 percent growth in the December quarter, supported by financial intermediation (+9.1 percent), real estate (+9.0 percent), trade and repair of motor vehicles, motorcycles, personal and household goods (+8.0 percent), other services (+8.0 percent), public administration & defense; compulsory social security (+6.8 percent) and transportation, storage and communication (+5.4 percent). The industry sector expanded 8.7 percent, following a 6.5 percent in the preceding quarter quarter. Growth in the sector were contributed the most by mining & quarrying (+11.3 percent), followed by construction (+10.8 percent); electricity, gas and water supply (+9.7 percent) and manufacturing (+8.1 percent). In contrast, agriculture, hunting, forestry and fishing contracted by 4.4 percent, following a 0.2 percent decline in the December quarter.

For 2016, the economy is targeted to grow by 6.8 to 7.8 percent.

The incoming administration of President-elect Rodrigo Duterte plans to achieve annual economic growth of 7.0 to 8.0 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.1 percent in the first quarter of 2016, slowing from an upwardly revised 2.1 percent expansion in the December quarter 2015 and missing market estimates. It is the weakest growth since the June quarter 2015.

PSA l Rida Husna | rida@tradingeconomics.com
5/19/2016 5:31:42 AM

Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.10 2.10 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.90 6.50 8.90 0.50 percent [+]
GDP 291.97 284.78 291.97 4.40 USD Billion [+]
GDP Constant Prices 1973891.00 1952223.00 1973891.00 825496.00 PHP Million [+]
Gross National Product 2378578.00 2336585.00 2378578.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 509481.02 518857.06 518857.06 163357.69 PHP Million [+]
GDP per capita 2635.04 2529.66 2635.04 1059.33 USD [+]
GDP per capita PPP 6925.52 6648.55 6925.52 3796.61 USD [+]
GDP From Agriculture 144889.30 175788.62 175788.62 114778.44 PHP Million [+]
GDP From Construction 158024.46 194529.59 194529.59 85502.67 PHP Million [+]
GDP From Manufacturing 459225.67 501178.30 501178.30 252377.26 PHP Million [+]
GDP From Mining 23531.08 15209.45 30306.94 10394.10 PHP Million [+]
GDP From Transport 61901.34 55928.54 65700.05 34827.71 PHP Million [+]
GDP From Utilities 59256.72 60133.05 69086.22 42117.43 PHP Million [+]




Last
Ivory Coast 10.30 Dec/15
Ethiopia 9.60 Dec/15
Papua New Guinea 9.00 Dec/15
Palestine 8.00 Mar/16
India 7.90 Mar/16
Uzbekistan 7.80 Jun/16
Congo 7.70 Dec/15
Rwanda 7.30 Mar/16
Monaco 7.20 Dec/14
Tanzania 7.10 Dec/15
Bangladesh 7.05 Dec/16
Laos 7.00 Dec/15
Myanmar 7.00 Dec/15
Cambodia 6.90 Dec/15
Philippines 6.90 Mar/16
China 6.70 Jun/16
Djibouti 6.70 Dec/15
Tajikistan 6.50 Mar/16
Turkmenistan 6.50 Dec/15
Senegal 6.40 Mar/16
Dominican Republic 6.10 Dec/15
Togo 6.00 Dec/15
Bolivia 5.95 Dec/15
Kenya 5.90 Mar/16
Cape Verde 5.80 Mar/16
Benin 5.70 Dec/15
Chad 5.60 Dec/15
Vietnam 5.55 Jun/16
Bhutan 5.50 Dec/15
Sri Lanka 5.50 Mar/16
Mozambique 5.30 Mar/16
Sao Tome and Principe 5.30 Dec/15
Malta 5.20 Mar/16
Guinea Bissau 5.00 Dec/15
Zambia 5.00 Dec/15
Indonesia 4.92 Mar/16
Angola 4.90 Dec/15
Central African Republic 4.90 Dec/15
Ghana 4.90 Mar/16
Niger 4.90 Dec/15
Sudan 4.90 Dec/15
Costa Rica 4.80 Mar/16
Turkey 4.80 Mar/16
Gambia 4.70 Dec/15
Mali 4.70 Dec/15
Panama 4.60 Mar/16
Bahrain 4.50 Mar/16
Armenia 4.40 Mar/16
Luxembourg 4.40 Mar/16
Peru 4.40 Mar/16
Cuba 4.30 Dec/15
East Timor 4.30 Dec/15
Romania 4.30 Mar/16
Seychelles 4.30 Dec/15
Pakistan 4.24 Dec/15
Burkina Faso 4.20 Dec/15
Gabon 4.20 Dec/15
Iceland 4.20 Mar/16
Malaysia 4.20 Mar/16
Sweden 4.20 Mar/16
Nicaragua 4.10 Mar/16
Fiji 4.00 Dec/15
Qatar 4.00 Dec/15
Algeria 3.90 Dec/15
United Arab Emirates 3.90 Dec/15
Egypt 3.80 Dec/15
Kosovo 3.80 Mar/16
Mauritius 3.70 Mar/16
Brunei 3.60 Mar/16
Honduras 3.60 Dec/15
Namibia 3.50 Mar/16
Serbia 3.50 Mar/16
Lesotho 3.40 Dec/15
Slovakia 3.40 Mar/16
Spain 3.40 Mar/16
Comoros 3.20 Dec/15
Thailand 3.20 Mar/16
Australia 3.10 Mar/16
Mauritania 3.10 Dec/15
Mongolia 3.10 Mar/16
Albania 3.00 Mar/16
Czech Republic 3.00 Mar/16
Guyana 3.00 Dec/15
Madagascar 3.00 Dec/15
Poland 3.00 Mar/16
Bulgaria 2.90 Mar/16
Malawi 2.90 Dec/15
Maldives 2.90 Dec/15
Botswana 2.80 Mar/16
Guatemala 2.80 Mar/16
New Zealand 2.80 Mar/16
South Korea 2.80 Mar/16
Croatia 2.70 Mar/16
Cyprus 2.70 Mar/16
Cameroon 2.60 Dec/15
El Salvador 2.60 Dec/15
Georgia 2.60 Mar/16
Mexico 2.60 Mar/16
Somalia 2.60 Dec/14
Colombia 2.50 Mar/16
Lithuania 2.50 Mar/16
Slovenia 2.50 Mar/16
Iraq 2.40 Dec/15
Ireland 2.30 Mar/16
Jordan 2.30 Mar/16
Singapore 2.20 Jun/16
Afghanistan 2.10 Dec/15
Bosnia and Herzegovina 2.10 Mar/16
Latvia 2.10 Mar/16
United States 2.10 Mar/16
Chile 2.00 Mar/16
Macedonia 2.00 Mar/16
United Kingdom 2.00 Mar/16
Cayman Islands 1.90 Sep/15
European Union 1.80 Mar/16
Estonia 1.70 Mar/16
Euro Area 1.70 Mar/16
Haiti 1.70 Dec/15
Israel 1.70 Mar/16
Swaziland 1.70 Dec/15
Austria 1.60 Mar/16
Finland 1.60 Mar/16
Belgium 1.50 Mar/16
Netherlands 1.50 Mar/16
Paraguay 1.50 Mar/16
Saudi Arabia 1.50 Mar/16
Zimbabwe 1.50 Dec/15
Morocco 1.40 Jun/16
France 1.30 Mar/16
Germany 1.30 Mar/16
Bahamas 1.20 Dec/15
Republic of the Congo 1.20 Dec/15
Canada 1.10 Mar/16
Montenegro 1.10 Mar/16
Italy 1.00 Mar/16
Lebanon 1.00 Dec/15
Tunisia 1.00 Mar/16
Barbados 0.90 Dec/15
Hungary 0.90 Mar/16
Portugal 0.90 Mar/16
Hong Kong 0.80 Mar/16
Moldova 0.80 Mar/16
Nepal 0.77 Dec/15
Jamaica 0.70 Dec/15
Norway 0.70 Mar/16
Switzerland 0.70 Mar/16
Iran 0.60 Mar/15
Argentina 0.49 Mar/16
Denmark 0.30 Mar/16
Eritrea 0.30 Dec/15
Liberia 0.30 Dec/15
New Caledonia 0.30 Dec/14
Suriname 0.20 Dec/15
Guinea 0.10 Dec/15
Japan 0.10 Mar/16
Kazakhstan 0.10 Jun/16
Ukraine 0.10 Mar/16
South Africa -0.20 Mar/16
Nigeria -0.40 Mar/16
Uruguay -0.50 Mar/16
Puerto Rico -0.60 Dec/15
Taiwan -0.68 Mar/16
Liechtenstein -0.80 Dec/14
North Korea -1.10 Dec/15
Russia -1.20 Mar/16
Greece -1.30 Mar/16
Uganda -1.30 Mar/16
Kuwait -1.60 Dec/14
Belize -1.96 Mar/16
Kyrgyzstan -2.30 Jun/16
Syria -2.30 Dec/11
Ecuador -3.00 Mar/16
Trinidad and Tobago -3.00 Dec/15
Azerbaijan -3.50 Mar/16
Belarus -3.60 Mar/16
Burundi -4.10 Dec/15
South Sudan -5.30 Dec/15
Brazil -5.40 Mar/16
Libya -6.00 Dec/15
Venezuela -7.10 Sep/15
Equatorial Guinea -10.60 Dec/15
Macau -13.30 Mar/16
Oman -14.10 Dec/15
Sierra Leone -21.50 Dec/15
Yemen -28.10 Dec/15