Philippines GDP Annual Growth Rate 2001-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Philippines expanded 5.20 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.08 percent from 2001 until 2015, 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.

      Forecast
Philippines GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
5.20 6.60 8.90 0.50 2001 - 2015 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. Content for - Philippines GDP Annual Growth Rate - was last refreshed on Sunday, July 5, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2014-11-27 02:00 AM Q3 5.3% 6.4% 6.6% 6.66%
2015-01-29 02:00 AM Q4 6.9% 5.3% 6.0% 5.16%
2015-05-28 03:00 AM Q1 5.2% 6.6% 6.6% 6.27%
2015-08-27 03:00 AM Q2 5.2% 6.03%
2015-11-26 02:00 AM Q3 5.9%


Philippines GDP Growth Weakest Since Late 2011


The Philippines economy expanded 5.2 percent in the first quarter of 2015, slowing from a revised 6.6 percent growth in October to December and missing market forecasts. An increase in private consumption and a rebound in investment were unable to offset a slowdown in government expenditure and exports.

On the expenditure side, household consumption grew by 5.4 percent year-on-year, accelerating from a 5.1 percent  increase in the fourth quarter 2014. Government expenditure expanded by 4.8 percent, as compared to a 9.8 percent growth in the  preceding quarter, mainly due to slower cash disbursement of major government expenditures and other operating expenses.
 
Gross domestic capital formation increased by 11.8 percent, reversing from a 4.9 percent decline in the previous quarter, as investments in durable equipment expanded by 14.3 percent year-on-year while investment in construction grew by 5.7 percent and intellectual property products increased by 14.8 percent.
 
Exports expanded 1.0 percent, markedly slowing from a 15.5 percent increase in the previous quarter, mainly due to lower sales of goods and services. Outward shipments of goods significantly declined for: automotive electronics (-53.7 percent), control instrumentation (-44.7 percent), electronic data processing (-8.3 percent), petroleum products (-28.2 percent), metal components (-8.2 percent), sugar (-78.3 percent), bananas (-64.1 percent), copra oil cake or meal (-63.4 percent), dessicated coconut (-13.8 percent), shrimps and prawns (-47.6 percent) and tuna (-50.0 percent).
 
Imports increased by 4.6 percent, following a 5.3 percent growth in the fourth quarter, mainly driven by slower purchases of goods (+2.5 percent from +15.9 percent in the previous quarter) and services (+11.9 percent from +10.8 percent). Among goods, imports of feedstuff fell the most by 38.2 percent, followed by dairy products (-37.2 percent) and transport equipment (-32.5 percent). Among services, insurance rose the most by 24.6 percent, transportation (+21.1 percent), miscellaneous services (+14.0 percent), travel (+8.2 percent) and government (+5.9 percent).
 
On the production side, the services sector advanced 5.6 percent year-on-year, slowing from a 6.0 percent growth in the previous quarter. Growth in the sector were contributed by: transportation, storage and communication (+8.6 percent from +6.3 percent in the previous quarter);  trade and repair of motor vehicles, motorcycles, personal and household goods (+5.4 percent from +5.3 percent); financial intermediation (+ 4.3 percent from 6.6 percent); real estate, renting & business activity (+6.4 percent from +8.3 percent) and public administration & defense compulsory social security (+0.2 percent from + 10.9 percent).
 
The industry sector grew by 5.5  percent, slowing from a 9.2 percent expansion in the preceding quarter. Growth of the sub-sectors mostly slowed except mining & quarrying: construction expanded by 4.5 percent (from +25.0 percent in the previous quarter); manufacturing (+5.9 percent from +10.7 percent); electricity, gas and water supply (+4.1 percent from +5.5 percent). In contrast, mining & quarrying grew by 7.1 percent, reversing from a by 3.2 percent decline in the fourth quarter.
 
The agriculture, hunting, forestry and fishing (AHFF) expanded by 1.6 percent, slowing from a 4.7 percent growth in the December quarter. The top contributors to the growth in the agriculture were: corn (+4.0 percent), banana (+4.0 percent), cassava (+9.2 percent), livestock (+3.1 percent), poultry (+4.7 percent) and palay (+1.4 percent). In contrast, contraction in the AHFF sector were seen for: rubber (-21.6 percent), coffee (-12.1 perccent), mango (-7.5 percent) and sugarcane (-2.9 percent), forestry (-3.9 percent) and fishing (-2.6 percent).
 
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 0.3 percent in the first quarter of 2015, slowing from a 2.5 percent expansion in the December quarter, mainly due to a contraction in the industry and agriculture sector.

National Statistics Coordination Board l Rida Husna l rida@tradingeconomics.com
5/28/2015 12:07:28 PM


Recent Releases

Philippines GDP Growth Beats Expectation
The Philippines economy grew 6.9 percent in the last quarter of 2014, faster than a 5.3 percent expansion in the previous three month period. It is the strongest pace in five quarters, as exports and household and government spending showed strong growth.
Published on 2015-01-29

Philippines GDP Growth Slows to Nearly 3-Year Low
The Philippines economy expanded 5.3 percent in the third quarter of 2014, the weakest pace since last three months of 2011. A rise in consumption and investment was not enough to offset a decline in government spending and a slowdown in exports.
Published on 2014-11-27

Philippines GDP Growth Beats Expectations
Philippine economy grew an annual 6.4 percent in the second quarter of 2014, faster than a revised 5.6 percent expansion in the previous three month period. The expansion was driven by industry, services and agriculture sector while government expenditure declined.
Published on 2014-08-28

Philippines GDP Growth Slows in Q1
The Philippine economy grew an annual 5.7 percent in the first quarter of 2014, slower than a revised 6.3 percent increase in the previous three months. It is the slowest expansion in over two years, as the impact of last year's typhoon still weights on farm output.
Published on 2014-05-29


Philippines GDP Last Previous Highest Lowest Unit
GDP 272.02 250.18 272.02 4.40 USD Billion [+]
GDP Growth Rate 0.30 2.50 3.30 -2.40 percent [+]
GDP Annual Growth Rate 5.20 6.60 8.90 0.50 percent [+]
GDP Constant Prices 1842378.00 1836943.00 1842378.00 825496.00 PHP Million [+]
Gross National Product 2218895.00 2214850.00 2218895.00 944320.00 PHP Million [+]
GDP per capita 1581.01 1501.83 1581.01 696.02 USD [+]
Gross Fixed Capital Formation 413893.83 422184.10 422184.10 163357.69 PHP Million [+]
GDP per capita PPP 6324.58 6004.78 6324.58 3804.45 USD [+]
Gdp From Agriculture 151506.38 174709.50 174709.50 114778.44 PHP Million [+]
Gdp From Construction 146713.83 185590.28 185590.28 85502.67 PHP Million [+]
Gdp From Manufacturing 424355.36 472363.04 472363.04 252377.25 PHP Million [+]
Gdp From Mining 21554.05 13294.95 27935.06 10394.10 PHP Million [+]
Gdp From Transport 58507.46 53325.26 60703.50 34827.70 PHP Million [+]
Gdp From Utilities 53918.44 54142.31 63766.37 42117.43 PHP Million [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.30 Mar/15 2.50 9.00 -3.40 percent [+]
Brazil -1.60 Mar/15 -0.20 10.10 -3.15 percent [+]
Canada 2.06 Mar/15 2.63 8.80 -3.70 percent [+]
China 7.00 Mar/15 7.30 14.20 3.80 percent [+]
Euro Area 1.00 Mar/15 0.90 5.00 -5.60 percent [+]
France 0.82 Mar/15 0.03 12.50 -3.95 percent [+]
Germany 1.10 Mar/15 1.60 5.20 -6.80 percent [+]
India 7.50 Mar/15 6.60 11.40 -5.20 percent [+]
Indonesia 4.71 Mar/15 5.01 7.16 1.56 percent [+]
Italy 0.10 Mar/15 -0.50 10.30 -6.90 percent [+]
Japan -0.90 Mar/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.50 Mar/15 2.60 8.50 -8.10 percent [+]
Netherlands 2.50 Mar/15 1.60 5.80 -4.40 percent [+]
Russia -2.20 Mar/15 0.40 12.10 -11.20 percent [+]
South Korea 2.50 Mar/15 2.70 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.80 -4.40 percent [+]
Switzerland 1.10 Mar/15 1.90 7.30 -3.70 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.90 Mar/15 3.40 9.80 -5.80 percent [+]
United States 2.90 Mar/15 2.40 13.40 -4.10 percent [+]