Philippines GDP Annual Growth Rate  1982-2017 | Data | Chart | Calendar

The Philippines economy grew an annual 6.6 percent in the December quarter of 2016, following a downwardly revised 7.0 percent expansion in the previous two quarters but slightly above market consensus of a 6.5 percent growth. It was the weakest expansion since the fourth quarter 2015, as private consumption and investment slowed while government spending and exports rose further. For full 2016, the economy grew by 6.8 percent, faster than a 5.9 percent expansion in 2015. For 2017, the economy is expected to advance between 6.5 to 7.5 percent. On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.7 percent in the fourth quarter 2016, compared to an upwardly revised 1.5 percent growth in the September quarter while market estimated a 1.6 percent growth. GDP Annual Growth Rate in Philippines averaged 3.66 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)
2016-11-17 02:00 AM Q3 7.1% 7% 6.7% 6.7%
2017-01-26 02:00 AM Q4 6.6% 7.0% 6.5% 6.7%
2017-01-26 02:00 AM 2016 6.8% 5.9% 7%
2017-05-18 02:00 AM Q1 6.6% 6.55%
2017-08-17 02:00 AM Q2 6.28%
2017-11-16 02:00 AM Q3 6.01%




Philippines GDP Growth Slowest In A Year in Q4


The Philippines economy grew an annual 6.6 percent in the December quarter of 2016, following a downwardly revised 7.0 percent expansion in the previous two quarters but slightly above market consensus of a 6.5 percent growth. It was the weakest expansion since the fourth quarter 2015, as private consumption and investment slowed while government spending and exports rose further.

In the three months to December, household consumption expanded 6.3 percent year-on-year, compared to a 7.1 percent increase in the second quarter. Government expenditure advanced 4.0 percent, faster than a 3.1 percent growth in the September quarter, as some programs under the new administration of President Rodrigo Duterte, who began a six-year term at the end of June 2016, were already completed.

Gross domestic capital formation increased by 15.0 percent, slowing from a 18.6 percent growth in the previous quarter but marking the seven straight quarters of double-digit growth. Investment in construction grew by 9.5 percent, followed by durable equipment (3.7 percent), breeding stocks & orchard development:(3.7 percent) and intellectual property products (28.7 percent).

Exports increased by 10.4 percent, faster than a 8.8 percent rise in the third quarter. While sales of goods rose 9.6 percent (from 7.8 percent in the third quarter), those of  services went up 13.6 percent (from +14.2 percent). Imports increased by 15.0 percent, following a 13.6 percent in the preceding quarter.

On the production side, the services sector advanced 7.4 6.9 percent, compared to a 6.8 percent growth in the three months to September quarter and accounted for 46.7 percent of the total economy. Growth in the sector was supported by public administration & defense; compulsory social security (12.1 percent), real estate (9.0 percent), trade and repair of motor vehicles, motorcycles, personal and household goods (6.9 percent), other services (6.5 percent), transport, storage & communication (6.3 percent) and financial intermediation (6.0 percent). The industry sector expanded 7.6 percent, following a 8.4 percent growth in the preceding quarter. Construction recorded the highest increase (11.0 percent), followed by electricity, gas and water supply (8.9 percent) and manufacturing (6.9 percent). In contrast, mining & quarrying shrank by 0.5 percent, following a 2.6 percent fall in the September quarter.  Agriculture, hunting, forestry and fishing declined by 1.1 percent, following a 2.9 percent growth in the previous period. 

For full 2016, the economy grew by 6.8 percent, faster than a 5.9 percent expansion in 2015.

For 2017, the economy is expected to advance between 6.5 to 7.5 percent.

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.7 percent in the fourth quarter 2016, compared to an upwardly revised 1.5 percent growth in the September quarter while market estimated a 1.6 percent growth.

PSA l Rida Husna | rida@tradingeconomics.com
1/26/2017 5:57:59 AM



Philippines GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.70 1.50 3.40 -2.30 percent [+]
GDP Annual Growth Rate 6.60 7.00 12.40 -11.10 percent [+]
GDP 292.45 284.80 292.45 4.40 USD Billion [+]
GDP Constant Prices 2079491.00 2039955.00 2079491.00 825496.00 PHP Million [+]
Gross National Product 2494692.00 2442142.00 2494692.00 944320.00 PHP Million [+]
Gross Fixed Capital Formation 615842.39 529415.83 615842.39 163357.69 PHP Million [+]
GDP per capita 2639.90 2531.90 2639.90 1059.33 USD [+]
GDP per capita PPP 6938.21 6654.49 6938.21 3796.61 USD [+]
GDP From Agriculture 174563.28 128819.17 175788.62 114778.44 PHP Million [+]
GDP From Construction 212997.44 193310.28 213768.39 85502.67 PHP Million [+]
GDP From Manufacturing 535769.45 428371.89 535769.45 252377.26 PHP Million [+]
GDP From Mining 15133.33 16378.55 30306.94 10394.10 PHP Million [+]
Gdp From Public Administration 84381.40 75637.54 87977.98 43289.41 PHP Million [+]
Gdp From Services 1229220.40 1147919.50 1229220.40 675416.60 PHP Million [+]
GDP From Transport 60707.69 56984.47 71482.79 34827.71 PHP Million [+]
GDP From Utilities 65483.83 75660.94 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 February of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
6.60 7.00 12.40 -11.10 1982 - 2016 percent Quarterly



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