Philippines GDP Annual Growth Rate 2001-2014 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Philippines expanded 6.40 percent in the second quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.02 Percent from 2001 until 2014, 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


Actual Previous Highest Lowest Dates Unit Frequency
6.40 5.60 8.90 0.50 2001 - 2014 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, October 26, 2014.


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.

The industry sector expanded 7.8 percent year-on-year in the second quarter, down from 10.5 percent on the same quarter last year, but higher than 5.3 percent in the first quarter this year. The services sector grew 6.0 percent, down from 7.8 percent in the corresponding period a year ago and 6.8 percent during January – March 2014. Agriculture rebounded to 3.6 percent during the second quarter after a 0.2 percent decline last year. All industry sub-sectors, led by manufacturing; utilities; mining and quarrying and construction spurred to the robustness of the sector. All sub-sector of services also posted strong growth with real estate, renting and business activities became the main driver along with trade and repair service; transportation, storage and communication and financial inter-mediation. Mango, corn, cassava and Palay were recorded as the leading growth movers for the rebounding of agriculture.

On the expenditure side, household consumption rose 5.3 percent year-on-year from 5.1 percent last year and from 5.8 percent on the previous quarter. Food and non-alcoholic beverages expenditures, which accounted for 41.2 percent of the total private spending, grew by 4 percent annually from 5.0 percent in the previous year. Government expenditure in the second quarter of 2014 decelerated to 0.02 percent from 12.1 percent in 2013 due to the slowdown of major government expenditures for salaries and operating expenses. In the first quarter of 2014, government spending posted a 2 percent expansion. Gross fixed capital formation shrank to 4 percent yoy from 13.6 last year and following a 7.7 percent increase in the first quarter, as investment in construction and breeding stocks and orchard development declined by 5.1 percent and 2 percent respectively, while inventories diminished.

Exports surged 10.3 percent yoy from a decline 7.7 percent last year, but slowing from 12.6 percent on the first quarter of 2014, supported by double digit growth in both exports of goods and exports of services. Sales of electronic data processing surged 76.7 percent annually from a 12.6 percent contraction a year ago, articles of apparel and clothing grew 23.4 percent after a 21.9 percent fall in the previous year and ignition wiring set 22.1 percent from a 2.9 percent fall. Imports grew 1.4 percent from a 4.6 percent decline a year ago, largely due to the robust imports of services.

For the first half of 2014, the country’s GDP grew by 6.0 percent from 7.8 percent in the same period last year.

On a quarter-on-quarter seasonally adjusted basis, the Philippines GDP rose 1.9 percent in Q2, up from a revised 1.4 percent expansion in the previous three-month period.

National Statistics Coordination Board l Rida l rida@tradingeconomics.com
8/28/2014 9:13:11 AM


Recent Releases

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 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. Published on 2014-01-30


Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 5.7% 6.3% (R) 6.8% 6.62%
2014-08-28 03:00 AM Philippines
GDP Growth Rate YoY
Q2 2014 6.4% 5.6% (R) 6.2% 6.2%
2014-11-27 02:00 AM Philippines
GDP Growth Rate YoY
Q3 2014 6.4% 7.46%


Philippines GDP Last Previous Highest Lowest Unit
GDP 272.02 250.18 272.02 4.40 USD Billion [+]
GDP Growth Rate 1.90 1.40 3.20 -2.40 Percent [+]
GDP Annual Growth Rate 6.40 5.60 8.90 0.50 Percent [+]
GDP Constant Prices 1784735.00 1752094.00 1784735.00 825496.00 PHP Million [+]
Gross National Product 2103052.00 2072082.00 2103052.00 939555.00 PHP Million [+]
GDP per capita 1581.01 1501.83 1581.01 696.02 USD [+]
Gross Fixed Capital Formation 351803.34 409067.78 409067.78 163357.69 PHP Million [+]
GDP per capita PPP 6324.58 6004.78 6324.58 3804.45 USD [+]