Philippines GDP Annual Growth Rate  1982-2016 | Data | Chart | Calendar

The Philippines economy grew an annual 7.1 percent in the September quarter of 2016, following a 7.0 percent expansion in the second quarter and above market consensus of a 6.7 percent growth. It was the strongest expansion since the June quarter 2013, mainly supported by strong private consumption while government spending, investment and exports eased. GDP Annual Growth Rate in Philippines averaged 3.63 percent from 1982 until 2016, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -11.10 percent in the first quarter of 1985.

Philippines GDP Annual Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-05-19 02:00 AM Q1 6.8% 6.5% 6.6% 6.9%
2016-08-18 02:00 AM Q2 7.0% 6.8% 6.7% 6.7%
2016-11-17 02:00 AM Q3 7.1% 7% 6.7% 6.7%
2017-01-28 02:00 AM 2016
2017-01-28 02:00 AM Q4
2017-05-19 02:00 AM Q1




Philippines GDP Growth Beats Expectations in Q3


The Philippines economy grew an annual 7.1 percent in the September quarter of 2016, following a 7.0 percent expansion in the second quarter and beating market consensus of a 6.7 percent growth. It was the strongest expansion since the June quarter 2013, mainly supported by strong private consumption while government spending, investment and exports eased.

In the three months to September, household consumption expanded 7.3 percent year-on-year, compared to a 7.4 percent increase in the second quarter. Government expenditure advanced 3.1 percent, easing  significantly from a 13.5 percent growth in the previous three months, as programs and projects were evaluated relative to the plans and policies of the new administration of President Rodrigo Duterte, who began a six-year term at the end of June. Gross domestic capital formation increased by 20.0 percent, compared to a 25.0 percent growth in the previous quarter, supported by construction: +16.8 percent, durable equipment: +29.6 percent, breeding stocks & orchard development:+3.4 percent and intellectual property products:+29.2 percent.

Exports grew by 8.8 percent, slower than a 10.0 percent rise in the June quarter. While sales of goods rose 7.8 percent (from +7.2 percent in the second quarter), those of  services went up 14.2 percent (from +19.5 percent). Imports increased by 14.2 percent, following a 23.3 percent in the preceding quarter.

On the production side, the services sector advanced by 6.9 percent, compared to a 8.3 percent growth in the second quarter and accounted for a 49.1 percent of the total economy. Growth in the sector was supported by real estate (+8.8 percent), financial intermediation (+8.1 percent), other services (+7.0 percent), trade and repair of motor vehicles, motorcycles, personal and household goods (+6.5 percent), transport, storage & communication (+4.9 percent) and public administration & defense; compulsory social security (+3.7 percent). The industry sector expanded 8.6 percent, following a 7.1 percent growth in the preceding quarter. Construction recorded the highest increase (+15.5 percent), followed by electricity, gas and water supply (+9.5 percent) and manufacturing (+6.9 percent). In contrast, mining & quarrying shrank by 0.4 percent, following a 7.1 percent rise in the June quarter. Agriculture, hunting, forestry and fishing grew by 2.9 percent, rebounding from a 2.0 percent contraction in the previous period. 

For the first nine months of 2016, the economy expanded 7.0 percent, faster than a 5.7 percent growth in the same period a year earlier.

For 2016, the economy is expected to grow between 6.0 to 7.0 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.2 percent, slowing from an upwardly revised 2.1 percent expansion in the three months to June but slightly higher than estimates of a 1.1 percent growth. 

PSA l Rida Husna | rida@tradingeconomics.com
11/17/2016 4:31:47 AM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.20 2.10 3.40 -2.30 percent [+]
GDP Annual Growth Rate 7.10 7.00 12.40 -11.10 percent [+]
GDP 291.97 284.78 291.97 4.40 USD Billion [+]
GDP Constant Prices 2039955.00 2011857.00 2039955.00 825496.00 PHP Million [+]
Gross National Product 2442142.00 2417063.00 2442142.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 529415.83 514040.43 529415.83 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 128819.17 135287.70 175788.62 114778.44 PHP Million [+]
GDP From Construction 193310.28 213768.39 213768.39 85502.67 PHP Million [+]
GDP From Manufacturing 428371.89 461712.83 501178.30 252377.26 PHP Million [+]
GDP From Mining 16378.55 25028.78 30306.94 10394.10 PHP Million [+]
Gdp From Public Administration 75637.54 87977.98 87977.98 43289.41 PHP Million [+]
GDP From Transport 56984.47 71482.79 71482.79 34827.71 PHP Million [+]
GDP From Utilities 75660.94 69504.84 75660.94 42117.43 PHP Million [+]



Philippines GDP Annual Growth Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
7.10 7.00 12.40 -11.10 1982 - 2016 percent Quarterly



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