Philippines GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Philippines expanded 5.70 percent in the first quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.04 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
5.70 6.30 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.

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.

On the production side, the first quarter GDP growth was mainly driven by the services sector which grew 6.8 percent year-on-year. All subsectors, led by real estate, renting and business activities and financial intermediation spurred to the robustness of the sector. Industrial production advanced 5.5 percent and agriculture grew a meager 0.9 percent, led by palay, sugarcane and poultry production. 

On the expenditure side, household consumption rose 5.8 percent year-on-year, marginally lower than a revised 5.9 percent growth rate in the previous quarter. Government expenditure increased 2 percent, following last quarter’s 0.4 percent contraction. Gross fixed capital formation grew at a slower 7.7 percent yoy after a 22.4 percent surge in the previous three months, as private investment in construction fell 6 percent. 

Exports surged 12.6 percent yoy, up from a 3.2 percent increase in the previous quarter, mainly supported by a 14.2 percent rise in shipment of goods. Sales of electronic components, accounting for nearly 48 percent of total merchandise exports increased 11.5 percent. Imports grew at a faster 8 percent, driven by a 25.3 percent increase in purchases of services. 

On a quarter-on-quarter seasonally adjusted basis, the Philippines GDP rose 1.2 percent in Q1, down from a revised 1.7 percent expansion in the previous three-month period.

National Statistical Coordination Board | Joana Taborda |
5/29/2014 11:09:21 AM

Recent Releases

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

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

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
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 5.7% 6.3% (R) 6.8% 6.62%
2014-08-28 03:00 AM Philippines
GDP Growth Rate YoY
Q2 2014 5.7% 7.62%

GDP Last Previous Highest Lowest Unit
GDP 272.02 250.18 272.02 4.40 USD Billion [+]
GDP Growth Rate 1.20 1.70 3.20 -2.40 Percent [+]
GDP Annual Growth Rate 5.70 6.30 8.90 0.50 Percent [+]
GDP Constant Prices 1748231.00 1728247.00 1748231.00 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 409839.11 390318.37 409839.11 163357.69 PHP Million [+]
GDP per capita PPP 3802.99 3629.90 3802.99 2296.95 USD [+]

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