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. 2014-04-19

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


Philippines GDP Annual Growth Rate

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
Q2 2014 7.62%

GDP Last Previous Highest Lowest Forecast Unit
GDP Constant Prices 1726917.80 2013-11-15 1701550.00 1726917.80 825496.00 1752367.41 2014-03-31 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 4.40 275.62 2013-12-31 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 1563.21 2013-12-31 USD [+]
GDP per capita PPP 3802.99 2012-12-31 3629.90 3802.99 2296.95 3963.20 2013-12-31 USD [+]

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 |
1/30/2014 12:23:21 PM


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.


Philippines Inflation Rate Edges Down in March  
Philippines annual consumer prices decelerated for the second straight month to 3.9 percent, the lowest rate in four months, due to a slowdown in prices of alcoholic beverages, tobacco, housing, water, electricity, gas, recreation and restaurants.
Philippines Leaves Rates on Hold, Raises Bank Reserve Requirements  
At its March 27th, 2014 meeting, Philippines' Central Bank decided to leave the key policy rate steady at 3.50 percent, but raised banks' reserve requirements by 1 percentage point effective on April 4th, 2014 to curb excess liquidity.
Philippines’ Trade Deficit Doubles in January  
The trade deficit widened in January of 2014 to USD -1.38 billion from USD -0.72 billion a year earlier and USD -0.70 billion in December of 2013. While exports climbed for the eighth consecutive month, imports posted the highest increase in nearly 3 years.
Philippines Unemployment Rate Up to 7.5%  
In January of 2014, Philippines jobless rate rose to 7.5 percent, up from 6.5 percent in the previous period and 7.1 percent a year ago. Typhoon-hit region VIII was not covered in the survey.
Philippines Inflation Rate Slows in February  
Philippines annual inflation fell to 4.1 percent in February from 4.2 percent in January, as alcoholic beverages, tobacco and transport prices rose at a slower pace. On a monthly basis, the inflation rate eased from 0.7 percent in January to 0.1 percent in February, as the country starts to recover from supply shocks caused by November’s Typhoon Haiyan.
Philippines Trade Deficit Narrows in 2013  
In 2013, Philippines trade deficit decreased 23 percent to USD 7.73 billion, from USD 10.03 billion in the previous year, due to a 3.6 percent rise in sales. Considering the last month of 2013, the trade deficit narrowed to USD 695 million.
Philippines Monetary Policy Unchanged in February  
At its February 2nd meeting, Philippines' Central Bank decided to keep its key policy rate unchanged at 3.50 percent as recent inflationary pressures are mainly due to adverse weather conditions.
Philippines Inflation Rate Accelerates in January  
In January of 2014, Philippines annual inflation rate rose to 4.2 percent, up from 4.1 percent recorded in December and closer to the upper end of the central bank's 3.4 to 4.3 percent estimate for the month.
Philippines GDP Expands 1.5% QoQ in Q4 2013  
In the fourth quarter of 2013, Philippines GDP advanced 1.5 percent over the previous quarter, slightly up from a revised 1.3 percent in the previous three-month period and boosted by the industrial production.
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.


Chile Leaves Monetary Policy Unchanged  
At its April 17th, 2014 meeting, Central Bank of Chile left the benchmark interest rate on hold at 4 percent, following last month's cut, citing low output and demand, but hinted possible future rate cuts, depending on domestic and external conditions.
Russia Unemployment Drops in March  
Russian jobless rate fell for the first time in four months to 5.4 percent, after remaining stable at 5.6 percent in the previous two months.
Canada Inflation Rises Above Forecasts in March  
The annual consumer prices in Canada accelerated to 1.5 percent in March of 2014 following a 1.1 increase in the previous month, as energy prices surged.
US Jobless Claims Rise Slightly  
In the week ending April 12, the advance figure for seasonally adjusted initial claims was 304,000, an increase of 2,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 300,000 to 302,000. There were no special factors impacting this week's initial claims.
Brazil Unemployment Rate Down to 5%  
In March of 2014, Brazil’s jobless rate fell by 0.1 percentage point to 5 percent, below market forecasts. A year earlier, unemployment reached 5.7 percent.
Dutch Unemployment Rate Falls for the First Time in 2014  
In March of 2014, Netherlands’ seasonally adjusted jobless rate fell to 8.7 percent from 8.8 percent in the previous month and 8.1 percent a year earlier, as more people left permanently the labor market rather than found jobs.
Singaporean Trade Surplus Narrows Sharply in March  
The trade surplus decreased 51.1 percent in March of 2014 over a year earlier and 47.2 percent from February to SGD 2.3 billion. Imports rose at a faster pace than exports, as sales of pharmaceuticals and electronics fell, while shipments of petrochemicals and re-exports contributed to overall increase.
Mozambique Leaves Lending Rate Steady at 8.25%  
At its April 16th, 2014 meeting, Bank of Mozambique left its benchmark interest rate unchanged at 8.25 percent for the sixth consecutive meeting, saying this was consistent with meeting domestic economic targets for 2014.
Spanish Trade Deficit Narrows to 4-Month Low  
In February of 2014, Spanish trade gap decreased to € 1.62 billion, down from € 2.82 billion in the previous month. Compared with the same month a year earlier, the trade deficit widened 37 percent.
Angolan Inflation Rate Down To 7.32% in March  
The annual consumer prices in Angola decelerated for the second consecutive month to 7.32 percent in March of 2014, from 7.48 percent recorded in February of 2014.

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