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

The Gross Domestic Product (GDP) in Philippines expanded 6.90 percent in the fourth quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Philippines averaged 5.09 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.

      Forecast    
Philippines GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
6.90 5.30 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. Content for - Philippines GDP Annual Growth Rate - was last refreshed on Friday, January 30, 2015.


Philippines GDP Growth Beats Expectation


The Philippines economy grew 6.9 percent in the last quarter of 2014, faster than a 5.3 percent expansion in the previous three month period. It is the strongest pace in five quarters, as exports and household and government spending showed strong growth.

On the expenditure side, household consumption grew by 5.1 percent year-on-year, following a 5.2 percent  increase in the July to September quarter. Government expenditure expanded by 9.8 percent, recovering from a 2.6 percent decline in the  preceding quarter, mainly due to high cash disbursement of major government expenditures for salaries and wages as well as maintenance and operating expenses.

Exports expanded 15.5 percent, accelerating from a  9.8 percent increase in the previous quarter, mainly due to higher sales of goods and services. Outward shipments of goods increased significantly for: medical/industrial instrumentation (+119.9 percent), control instrumentation (+71.3 percent), componens/devices (semiconductors) (+29.1 percent), office equipment (+32.7 percent), telecommunication (+27.1 percent), coconut oil (+190.0 percent), cathodes & section of cathodes, of refined copper (+73.3 percent), ignition wiring sets (+13.7 percent), basketworks (13.0 percent) and metal components (+11.1 percent). Imports increased by 5.3 percent, following a 5.8 percent fall in the third quarter, mainly driven by higher purchases of artificial resins (+69.5 percent), cereals (+40.8 percent), base metals (+39.5 percent) and mineral fuels (32.4 percent).

Gross fixed capital formation declined by 4.9 percent, following a 10.1 percent increase in the previous quarter, as investments in durable equipment contracted by 0.6 percent year-on-year while investment in construction showed  a strong growth of  21.9 percent year-on-year.

On the production side, the industry sector grew 9.2  percent year-on-year, following a 7.6 percent expansion in the preceding quarter. Construction expanded the most by 25.0 percent, followed by manufacturing (+10.7 percent) and electricity, gas and water supply (+5.5 percent). However, mining & quarrying declined by 3.2 percent after registering a 7.8 percent growth in the third quarter.

The services sector advanced by 6.0 percent, after posting a 5.4 percent growth in the previous quarter, with all subsectors recorded an expansion. Public administration & defense compulsory social security rose the most by 10.9 percent, followed by real estate, renting & business activity (+8.3 percent); financial intermediation (+6.6 percent); transportation, storage and communication (+6.3 percent); trade and repair of motor vehicles, motorcycles, personal and household goods (+5.3 percent) and other services (+2.5 percent).

The agriculture sector expanded 4.7 percent, reversing from a 2.7 percent decline in the third quarter. The top contributors to the growth were: corn (+26.8 percent), agricultural activities and services (+8.1 percent), palay (+6.8 percent), forestry subsector (+5.2 percent), cassava (+3.8 percent), banana (+3.3 percent) and poultry (3.0 percent). In contrast, a decline in this sector came from: mango (-5.6 percent), coffee (-3.1 percent), rubber (-2.0 percent), coconut including copra (-1.4 percent), sugarcane (-1.1 percent) and other crops (-0.3 percent). 

On a quarter-on-quarter seasonally adjusted basis, the GDP advanced 2.5 percent in the fourth quarter of 2014, significantly faster than a revised 0.7 percent growth in the previous three-month period.

For full year of 2014, the country grew by 6.1 percent, as compared to a 7.2 percent expansion in the previous year, missing the goverment's target of 6.5 to 7.5 percent.

National Statistics Coordination Board l Rida Husna l rida@tradingeconomics.com
1/29/2015 9:18:37 AM


Recent Releases

Philippines GDP Growth Slows to Nearly 3-Year Low
The Philippines economy expanded 5.3 percent in the third quarter of 2014, the weakest pace since last three months of 2011. A rise in consumption and investment was not enough to offset a decline in government spending and a slowdown in exports. Published on 2014-11-27

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. Published on 2014-08-28


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-08-28 03:00 AM
GDP Growth Rate YoY  Q2
6.4% 5.6% (R) 6.2% 6.2%
2014-11-27 02:00 AM
GDP Growth Rate YoY  Q3
5.3% 6.4% 6.6% 6.66%
2015-01-29 02:00 AM
GDP Growth Rate YoY  Q4
6.9% 5.3% 6.0% 5.16%
2015-05-28 03:00 AM
GDP Growth Rate YoY  Q1
6.9% 6.27%
2015-08-27 03:00 AM
GDP Growth Rate YoY  Q2
6.62%
2015-11-26 02:00 AM
GDP Growth Rate YoY  Q3
6.52%


Philippines GDP Last Previous Highest Lowest Unit
GDP 272.02 250.18 272.02 4.40 USD Billion [+]
GDP Growth Rate 2.50 0.70 3.30 -2.40 percent [+]
GDP Annual Growth Rate 6.90 5.30 8.90 0.50 percent [+]
GDP Constant Prices 1843175.00 1797421.00 1843175.00 825496.00 PHP Million [+]
Gross National Product 2146264.00 2135713.00 2146264.00 944320.00 PHP Million [+]
GDP per capita 1581.01 1501.83 1581.01 696.02 USD [+]
Gross Fixed Capital Formation 422085.24 376732.82 422085.24 163357.69 PHP Million [+]
GDP per capita PPP 6324.58 6004.78 6324.58 3804.45 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.70 Aug/14 2.70 9.00 -3.40 percent [+]
Brazil -0.20 Aug/14 -0.90 10.10 -3.15 percent [+]
Canada 2.59 Aug/14 2.54 8.80 -3.70 percent [+]
China 7.30 Nov/14 7.30 14.20 3.80 percent [+]
Euro Area 0.80 Aug/14 0.80 5.00 -5.50 percent [+]
France 0.40 Aug/14 0.00 4.90 -4.30 percent [+]
Germany 1.20 Aug/14 1.00 5.20 -6.80 percent [+]
India 5.30 Aug/14 5.70 11.40 -5.20 percent [+]
Indonesia 4.90 Nov/14 5.01 7.16 1.56 percent [+]
Italy -0.50 Aug/14 -0.30 10.30 -6.90 percent [+]
Japan -1.20 Aug/14 -0.20 9.40 -9.40 percent [+]
Mexico 2.20 Aug/14 1.60 8.50 -8.10 percent [+]
Netherlands 1.00 Aug/14 1.10 5.80 -4.40 percent [+]
Russia 0.70 Aug/14 0.80 12.10 -11.20 percent [+]
South Korea 2.70 Nov/14 3.20 18.20 -7.30 percent [+]
Spain 2.00 Nov/14 1.60 5.80 -4.40 percent [+]
Switzerland 1.90 Aug/14 1.60 7.30 -3.70 percent [+]
Turkey 1.70 Aug/14 2.20 12.60 -14.70 percent [+]
United Kingdom 2.70 Nov/14 2.60 9.80 -5.80 percent [+]
United States 2.50 Nov/14 2.70 13.40 -4.10 percent [+]