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

The Gross Domestic Product (GDP) in Philippines expanded 5.60 percent in the second quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.09 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.

Philippines GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
5.60 5.00 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 Tuesday, September 1, 2015.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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 5.6% 5.0% 5.6% 5.0%
2015-11-26 02:00 AM Q3 5.6% 5.4%


Philippines GDP Growth Accelerates in Q2


The Philippines economy expanded 5.6 percent in the second quarter of 2015, accelerating from a downwardly revised 5.0 percent growth in the previous three months and matching market consensus. An increase in consumption and invesment offset a slowdown in exports.

On the expenditure side, household consumption grew by 6.2 percent year-on-year, following a 6.0 percent increase in the first quarter 2015. Government expenditure expanded by 3.9 percent, accelerating from a 1.7 percent expansion in the  preceding quarter, mainly due to  a sustained growth in maintenance and other operating expenses.
 
Gross domestic capital formation increased by 17.4 percent, after registering a 11.6 percent growth in the previous quarter, as construction expanded by 13.1 percent year-on-year, durable equipment grew by 6.6 percent and breeding stocks & orchard development rose by 0.8 percent.
 
Exports expanded by 3.7 percent, slowing from a 6.4 percent growth in the preceding quarter, as sales of goods decline while those of services increased. Outward shipments of goods significantly declined for: principal agricultural products (-44.5 percent), principal fishery products (-32.7 percent), articles of apparel and clothing accessories (-14.2 percent), basketworks (-26.9 percent), cathodes & sections of cathodes, of refined copper (-40.0 percent) and others (-27.1 percent). Growth in exports of services were mainly contributed by miscellaneous sectors (+42.6 percent) and government (+6.8 percent).
 
Imports increased by 12.7 percent, accelerating from a 8.7 percent rise in the March quarter, mainly driven by higher purchases of services (+26.3 percent) while those of goods slightly declined (+9.5 percent). Among services, miscellaneous services rose the most by 73.3 percent, followed by insurance (+15.6 percent), transportation (+10.0 percent) and government (+7.0 percent). Among goods, purchases of electronics increased the most by 53.6 percent, followed by cereals (+41.6 percent), feedstuff (+25.4 percent), machinery and mechanical appliances (+24.9 percent), paper products (+19.1 percent), electrical machinery (+11.0 percent), chemical products (+9.1 percent), medical and pharmaceutical products (+8.2 percent) and textile yarns (+7.5 percent).
 
On the production side, the services sector advanced 5.6 percent year-on-year, accelerating from a 5.4 percent growth in the previous quarter. Growth in the sector were contributed by: transportation, storage and communication (+8.6 percent from +8.3 percent in the previous quarter);  trade and repair of motor vehicles, motorcycles, personal and household goods (+5.4 percent from +5.5 percent); real estate, renting & business activity (+6.4 percent from +6.3 percent) financial intermediation (+ 4.3 percent from +4.3 percent); public administration & defense compulsory social security (+0.2 percent from - 3.5 percent) and other services (+5.8 percent from +6.6 percent).
 
The industry sector grew by 5.5  percent, the same as in the preceding quarter. Mining & quarrying grew by 7.1 percent (after a 3.1 percent decline in the first quarter). Construction expanded by 4.5 percent (from +5.4 percent); manufacturing (+5.9 percent from +6.0 percent); electricity, gas and water supply (+4.1 percent from +5.1 percent).
 
The agriculture, hunting, forestry and fishing (AHFF) expanded by 1.6 percent, accelerating from a 1.1 percent growth in the March quarter. The top contributors to the growth in the agriculture were: cassava (+9.2 percent), poultry (+5.4 percent), agricultural activities & services (+5.1 percent), other crops (+5.0 percent), corn (+4.0 percent), banana (+4.0 percent), livestock (+3.2 percent), pineapple (+1.7 percent) and palay (+1.4 percent).
 
On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 1.8 percent in the second quarter of 2015, outperforming a revised 0.4 percent expansion in the March quarter, as a rebound in the industry sector and an expansion in the services sector offset a alower decline in the agriculture sector.

PSA l Rida Husna l rida@tradingeconomics.com
8/27/2015 10:47:21 AM


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Philippines GDP Last Previous Highest Lowest Unit
GDP 284.58 272.10 284.58 4.40 USD Billion [+]
GDP Growth Rate 1.80 0.30 3.30 -2.40 percent [+]
GDP Annual Growth Rate 5.60 5.00 8.90 0.50 percent [+]
GDP Constant Prices 1877623.00 1843675.00 1877623.00 825496.00 PHP Million [+]
Gross National Product 2255865.00 2215412.00 2255865.00 944320.00 PHP Million [+]
GDP per capita 1649.35 1581.49 1649.35 696.05 USD [+]
Gross Fixed Capital Formation 395214.95 413421.53 422184.11 163357.69 PHP Million [+]
GDP per capita PPP 6597.66 6326.21 6597.66 3804.48 USD [+]
GDP From Agriculture 136240.86 151184.77 174709.50 114778.44 PHP Million [+]
GDP From Construction 190782.96 148016.35 190782.96 85502.67 PHP Million [+]
GDP From Manufacturing 433733.45 424988.46 472363.05 252377.26 PHP Million [+]
GDP From Mining 28600.66 19497.28 28600.66 10394.10 PHP Million [+]
GDP From Transport 65034.58 58251.69 65034.58 34827.71 PHP Million [+]
GDP From Utilities 61671.76 54431.84 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 -2.60 Jun/15 -1.60 10.10 -3.15 percent [+]
Canada 1.00 Jun/15 2.00 8.80 -3.90 percent [+]
China 7.00 Jun/15 7.00 14.20 3.80 percent [+]
Euro Area 1.20 Jun/15 1.00 5.00 -5.60 percent [+]
France 1.00 Jun/15 0.82 12.50 -3.95 percent [+]
Germany 1.60 Jun/15 1.20 6.00 -7.90 percent [+]
India 7.00 Jun/15 7.50 11.40 -5.20 percent [+]
Indonesia 4.67 Jun/15 4.71 7.16 1.56 percent [+]
Italy 0.70 Jun/15 0.20 10.30 -7.20 percent [+]
Japan 0.70 Jun/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.20 Jun/15 2.50 8.50 -8.10 percent [+]
Netherlands 1.60 Jun/15 2.50 5.80 -4.40 percent [+]
Russia -4.60 Jun/15 -2.20 12.10 -11.20 percent [+]
South Korea 2.20 Jun/15 2.50 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.60 -4.30 percent [+]
Switzerland 1.20 Jun/15 1.20 5.40 -3.60 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.60 Jun/15 2.90 9.80 -5.80 percent [+]
United States 2.70 Jun/15 2.90 13.40 -4.10 percent [+]