Philippines GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Philippines expanded 6.50 percent in the fourth quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines is reported by the Philippine National Statistical Coordination Board. From 2001 until 2013, Philippines GDP Annual Growth Rate averaged 5.0 Percent reaching an all time high of 8.9 Percent in June of 2010 and a record low of 0.5 Percent in September of 2009. 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. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
6.50 6.90 8.90 0.50 7.32 | 2014/03 2001 - 2013 Percent Quarterly

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Philippines GDP Annual Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-05-30 02:00 AM Philippines
GDP Growth Rate YoY
Q1 2013 7.8% 7.10% (R) 6.10% 6.40%
2013-08-29 03:00 AM Philippines
GDP Growth Rate YoY
Q2 2013 7.5% 7.7% (R) 7.3% 8.18%
2013-11-28 02:00 AM Philippines
GDP Growth Rate YoY
Q3 2013 7% 7.6% (R) 7.3% 7.13%
2014-01-30 02:00 AM Philippines
GDP Growth Rate YoY
Q4 2013 6.5% 6.9% (R) 6.2% 6.5%
2014-05-29 03:00 AM Philippines
GDP Growth Rate YoY
Q1 2014 6.5% 7.32%
2014-08-28 03:00 AM Philippines
GDP GROWTH RATE YOY
Q2 2014 7.62%
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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 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 [+]
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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.

On the expenditure side, all the main sectors slowed in the last three months of 2013. Household consumption eased to 5.6 percent from 6.2 percent in the previous quarter.

Government spending shrank 5.2 percent. The contraction can be attributed to lower expenditures for both personnel services and maintenance of the government.

Capital investment slowed to 5.7 percent, after growing 15.5 percent in the September quarter. While construction investment fell 0.5 percent, investment in durable equipment surged 15.5 percent.

The external sector also grew at a slower pace. Exports rose 6.4 percent on the year, down from 10.6 percent in the previous quarter, mainly hurt by lower shipments of goods. Imports increased 1.9 percent after recording a 14.6 percent growth in Q3.

On the production side, the industrial sector recorded the highest annual growth rate (8.4 percent yoy), boosted by manufacturing (12.3 percent yoy) and electricity, gas and water supply (2.5 percent). Mining production fell 10.4 percent and construction dropped 0.8 percent on the year. Agriculture rose a meager 1.1 percent yoy and the services sector increased 6.5 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP rose 1.5 percent, up from 1.3 percent in the previous three-month period.

National Statistical Coordination Board | Joana Taborda | joana.taborda@tradingeconomics.com
1/30/2014 12:23:21 PM

RECENT RELEASES

Philippine Economy Expands at a Slower Rate in Q3
Philippines' GDP advanced 7.0 percent in the third quarter of 2013 from 7.6 percent in the previous three-month period and 7.3 percent a year earlier. It is the slowest growth rate in the last five quarters, as a rebound in the external sector was not enough to offset a slowdown in government spending. Published on 2013-11-28

Philippines GDP Expands 7.5% YoY in Q2
In the second quarter of 2013, Philippines’ GDP expanded an annual 7.5 percent, from 7.7 percent in the previous quarter and 6.3 percent a year earlier. Strong consumer and public spending, together with increasing investment were enough to offset a drop in the external sector. Published on 2013-08-29


GDP Annual Growth Rate | Notes
The annual growth rate in Gross Domestic Product measures the increase in value of the goods and services produced by an economy over the period of a year. Therefore, unlike the commonly used quarterly GDP growth rate the annual GDP growth rate takes into account a full year of economic activity, thus avoiding the need to make any type of seasonal adjustment.


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