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Philippines GDP Growth Misses Expectations
The Philippines’ GDP grew 3% year-on-year in Q4 2025, below expectations of 3.8% and slowing from 3.9% in the previous quarter. This marked the softest growth since a contraction in Q1 2021, weighed down by fallout from a high-profile infrastructure corruption scandal, a string of devastating typhoons, and trade pressures that affected the Southeast Asian nation. Growth slowed in both government spending (3.7% vs 5.8% in Q3) and household consumption (3.8% vs 4.1%), while fixed investment fell for the first time in over a year (-7.2% vs 0.5%). Meanwhile, net trade contributed positively, as exports climbed 13.2% (vs 7.4%), while imports rose 3.5% (vs 3.2%). On the production side, activity softened in agriculture, forestry, and fishing (1% vs 2.9%) and in services (5.2% vs 5.4%), while industry output contracted (-0.9% vs 0.7%). For the full year 2025, the Philippine economy expanded 4.4%, missing the government’s target of 5.5%–6.5%.
Published on 2026-01-29

Philippines GDP Growth Misses Expectations
The Philippines’ GDP grew 3% year-on-year in Q4 2025, below expectations of 3.8%, slowing from a 3.9% in the previous quarter. This marked the softest growth since a contraction in Q1 2021, weighed by fallout from a high-profile infrastructure corruption scandal, a string of devastating typhoons, and trade pressures that tore through the Southeast Asian nation. Growth slowed in both government spending (3.7% vs 5.8% in Q3) and household consumption (3.8% vs 4.1%), while fixed investment fell for the first time in over a year (-7.2% vs 0.5%). Meanwhile, net trade contributed positively, as exports climbed 13.2% (vs 7.4%), while imports rose 3.5% (vs 3.2%). On the production side, activity softened in agriculture, forestry, and fishing (1% vs 2.9%) and in services (5.2% vs 5.4%), while industry output contracted (-0.9% vs 0.7%). For the full year 2025, the Philippine economy expanded 4.4%, missing the government’s target of 5.5%–6.5%.
Published on 2026-01-29

Philippines GDP Growth Slowest in Over 4 Years
The Philippines’ GDP grew by 4.4% year-on-year in Q3 2025, missing expectations of a 5.2% expansion and slowing from 5.5% in the previous quarter. This marked the weakest economic growth since the contraction in Q1 2021, as the recent infrastructure scandal curbed public spending and a series of typhoons disrupted activity. Growth slowed sharply for government spending (5.8% vs 8.7% in Q2) and household consumption (4.1% vs 5.3%), while fixed investments barely expanded (0.1% vs 3.1%). Meanwhile, net trade contributed positively to overall GDP, with exports rising 7% (vs 4.7%) and imports growing at a softer 2.6% (vs 3.5%). On the production side, activity weakened across all major sectors, including agriculture, forestry, and fishing (2.8% vs 7%), industry (0.7% vs 2.1%), and services (5.5% vs 7%). The latest GDP print also came in below the government’s 5.5% to 6.5% target range.
Published on 2025-11-07

Philippines Q2 GDP Grows Above Forecasts
The Philippines’ GDP grew by 5.5% year-on-year in Q2 2025, slightly above the 5.4% expansion in the previous quarter and market expectations. This marks the strongest growth since Q3 2024, driven by faster household spending (5.5% vs 5.3% in Q1), supported by easing consumer inflation. Net trade also contributed positively, with exports rising 4.4% (vs 7.1%) and outpacing the 2.9% increase in imports (vs 10.3%). Meanwhile, growth in government spending slowed significantly (8.7% vs 18.7%) due to an election-related ban on public disbursements. Fixed investments also rose at a softer pace of 2.6%, compared to 6.5% previously. On the production side, activity improved in agriculture, forestry, and fishing (7% vs 2.2%), as well as in services (6.9% vs 6.2%), while growth in industry slowed to 2.1% from 4.6%. The latest GDP figures fall within the government’s revised target range of 5.5% to 6.5%.
Published on 2025-08-07

Philippines Q2 GDP Grows Above Forecasts
The Philippines’ GDP grew by 5.5% year-on-year in Q2 2025, slightly above the 5.4% expansion in the previous quarter and market expectations. This marks the strongest growth since Q3 2024, driven by faster household spending (5.5% vs 5.3% in Q1), supported by easing consumer inflation. Net trade also contributed positively, with exports rising 4.4% (vs 7.1%) and outpacing the 2.9% increase in imports (vs 10.3%). Meanwhile, growth in government spending slowed significantly (8.7% vs 18.7%) due to an election-related ban on public disbursements. Fixed investments also rose at a softer pace of 2.6%, compared to 6.5% previously. On the production side, activity improved in agriculture, forestry, and fishing (7% vs 2.2%), as well as in services (6.9% vs 6.2%), while growth in industry slowed to 2.1% from 4.6%. The latest GDP figures fall within the government’s revised target range of 5.5% to 6.5%.
Published on 2025-08-07

Philippines Q1 GDP Growth Below Forecasts
The Philippines’ GDP expanded by 5.4% year-on-year in Q1 2025, slightly up from a revised 5.3% in the previous quarter but below the 5.6% forecast. Growth accelerated across expenditure sectors, with government spending surging 18.7% following a 9% expansion in Q4. Household consumption also picked up, rising 5.3% compared to 4.7% previously, while fixed capital formation increased by 5.9% from 5%. Meanwhile, net trade contributed negatively, as imports advanced 9.9% (vs 2.7% in Q4), outpacing the 6.2% rise in exports (vs 3.2%). On the production side, agriculture, forestry, and fishing rebounded with a 2.2% growth after contracting by 1.6% in the previous quarter. Industry growth remained steady at 4.5%, while the services sector experienced a slight slowdown, expanding by 6.3% compared to 6.7% in Q4. The Philippine government has set its full-year economic growth target at 6% to 8%.
Published on 2025-05-08

Philippines GDP Growth Steady at 5.2% in Q4
The Philippines' GDP expanded by 5.2% year-on-year in Q4 2024, matching the previous quarter’s pace but falling short of the 5.4% forecast. The reading remains at its slowest expansion since Q2 2023, with moderated growth in household spending (4.7% vs. 5.2% in Q3) and fixed investments (4.8% vs. 7.6%). Meanwhile, government spending rose 9.7%, accelerating from 5% in the prior quarter. Net trade was stable, with both exports and imports growing at 3.2%, compared to a 1.4% decline in exports and a 6.4% rise in imports in Q3. On the production side, industry growth eased (4.4% vs. 5.1%), while services growth accelerated (6.7% vs. 6.3%), and output continued to contract in agriculture, forestry, and fishing (-1.8% vs. -2.7%). For the year, the economy grew 5.6%, below the government’s target of 6% to 6.5%.
Published on 2025-01-30

Philippines GDP Growth Slows to 1-Year Low
The Philippine GDP expanded by 5.2% year-on-year in the third quarter of 2024, slowing from an upwardly revised 6.4% growth the previous period and coming below market forecasts of 5.7%. This marks the slowest economic expansion since the second quarter of 2023, as growth moderated for government spending (5% vs 11.9% in Q2), and fixed investments (7.5% vs 9.7%). Meanwhile, the rise for household consumption accelerated by 5.1% after a 4.7% increase in the prior quarter. Net trade contributed negatively to the GDP, as exports fell 1% (vs 4.2%), while imports jumped 6.4% (vs 5.3%). On the production side, growth eased for the industry (5% vs 7.9%), and services (6.3% vs 6.8%), while output continued to contract for agriculture, forestry and fishing (-2.8% vs -2.3%). The government targets a growth rate of 6% to 7% for this year.
Published on 2024-11-07

Philippines Q2 GDP Growth Accelerates to 6.3%
The Philippines GDP expanded 6.3% year-on-year in the second quarter of 2024, accelerating from an upwardly revised 5.8% growth in the previous period and beating market forecasts of 6.2%. It marked the fastest economic expansion since the first quarter of 2023, driven by a sharp increase in government spending (10.7% vs 1.7% in Q1) and fixed investments (9.5% vs 2.1%). Meanwhile, the growth for household consumption was unchanged during the quarter (4.6%). Net trade contributed negatively to the GDP, as imports advanced 5.2% (vs 2.2%), while exports rose at a softer 4.2% (vs 8.4%). On the production side, growth accelerated for the industry (7.7% vs 5.1%), while it slightly moderated for services (6.8% vs 6.9%), and output declined for agriculture, forestry & fishing (-2.3% vs 0.5%). The government is expecting that the economy will grow between 6% to 7% this year.
Published on 2024-08-08

Philippines Q1 GDP Annual Growth Below Forecasts
The Philippines GDP expanded 5.7% year-on-year in the first quarter of 2024, up from a downwardly revised 5.5% growth in the previous period but below market forecasts of 5.9%. It also marked a year-long sequence of expansion, boosted by the rebound in government spending (1.7% vs -1.0% in Q4). Net trade also contributed positively to the GDP growth, as exports advanced 7.5% (vs -2.5%), while imports rose at a softer 2.3% (vs 2.0%). Meanwhile, household consumption (4.6% vs 5.3%) and fixed investments (2.3% vs 10.2%) grew at a slower pace. On the production side, growth accelerated for the industry (5.1% vs 3.1%) and services (6.9% vs 7.4%) sector, while it moderated for agriculture, forestry & fishing (0.4% vs 1.3%) amid dry weather and droughts. The government is expecting that the economy will grow between 6% to 7% this year.
Published on 2024-05-09

Philippines Q4 GDP Growth Beats Expectations
The Philippine GDP expanded 5.6% year-on-year in the fourth quarter of 2023, slowing from an upwardly revised 6% growth in the previous period but beating market expectations of 5.2%. It marked the 11th consecutive quarter of yearly expansion, supported by a further increase in household consumption (5.3% vs 5.1% in Q3) and fixed investments (10.2% vs 8.1%). Conversely, government spending declined (-1.8% vs 6.7%), while net trade contributed negatively to the GDP, as exports fell 2.6% (vs 2.6%) and imports grew 2.9% (vs -1.1%). On the production side, growth accelerated to agriculture, forestry & fishing (1.4% vs 0.9%) and services (7.4% vs 6.8%), while it slowed for the industry sector (3.2% vs 5.6%). For the whole of 2023, the GDP growth eased sharply to 5.6% compared to 7.6% last year and below the government’s target of 6% to 7%.
Published on 2024-01-31

Philippines Q3 GDP Growth Beats Forecasts
The Philippine GDP expanded 5.9% year-on-year in the third quarter of 2023, up from a 4.3% growth in the previous period and beating market forecasts of a 4.7% rise. It marked the 10th consecutive quarter of yearly expansion, supported by a strong rebound in government spending (6.7% vs -7.1% in Q2) and a further rise in fixed investments (7.9% vs 4.0%). Also, net trade contributed positively to the GDP, as exports grew 2.6% (vs 4.4%), while imports fell 1.3% (vs 0.2%). In contrast, growth slightly eased for household consumption (5.0% vs 5.5%). On the production side, all major economic sectors showed accelerated upturns, namely agriculture, forestry & fishing (0.9% vs 0.2%), industry (5.5% vs 2.1%), and services (6.8% vs 6.1%). For January-September, the GDP growth is at 5.5%, remaining below the government's full-year target of 6% to 7%.
Published on 2023-11-09

Philippines Q2 GDP Growth Below Forecasts
The Philippine GDP expanded 4.3% yoy in Q2 of 2023, missing market consensus of 6% and slowing from a 6.4% gain in Q1. This was the 9th straight quarter of yearly expansion but the softest pace in the sequence, amid intense cost pressures and higher interest rates. Both household consumption (5.5% vs 6.4% in Q1) and fixed investment (3.9% vs 10.9%) eased amid sharp declines in government spending (-7.1% vs 6.2%). Meanwhile, net trade contributed positively, with exports advancing 4.1% while imports edged up 0.4%. The latest GDP figure was below the government's 6-7% target for 2023. Output growth weakened for the industry (2.1% vs 4.0%), service sector (6.0% vs 8.4%), and agriculture (0.2% vs 2.2%). Among services, activity softened for wholesale and retail trade; repair of motor vehicles (5.3% vs 6.8%), financials (5.0% vs 8.8%), information and communication (4.1% vs 4.7%), and real estate (2.8% vs 3.2%). In 2022, the GDP grew by 7.6%, the best annual expansion since 1976.
Published on 2023-08-10

Philippines Q1 GDP Annual Growth Beats Estimates
The Philippine GDP advanced 6.4% yoy in Q1 of 2023, beating the market consensus of 6.1%, after a downwardly revised 7.1% gain in Q4 of 2022. This was the 8th straight quarter of expansion but the lowest growth in the sequence, amid intense cost pressures and higher interest rates. The GDP growth stayed within the government's 6-7% target for 2023. Household consumption eased (6.3% vs 7% in Q4), while both government spending (6.2% vs 3.3%) and fixed investment (10.4% vs 6.0%) rose faster. Meantime, the net trade contributed negatively, with exports rising 0.4% and imports climbing at a faster 4.2%. However, the output of the industry (3.9% vs 4.6%) and service sector (8.4% vs 9.8%) grew slower, while agriculture rebounded (2.2% vs -0.3%). Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (7.0%), financials (8.8%), and other services (35.5%). In 2022, the GDP grew by 7.6%, marking the best annual expansion since 1976.
Published on 2023-05-11

Philippines Q4 GDP Growth Revised to 7.1%
The economy of the Philippines expanded 7.1% year-on-year in the fourth quarter of 2022, slightly lower than the initial report of a 7.2% growth and easing from a 7.6% advance in the third quarter, revised data showed. It marked the seventh consecutive quarter of expansion, driven mainly by consumption and services. Meanwhile, the full-year GDP growth rate was maintained at a robust 7.6%.
Published on 2023-05-10

Philippines Q4 GDP Growth Beats Forecasts
The Philippine GDP expanded 7.2% yoy in Q4 of 2022, after a 7.6% increase in Q3 and above the market consensus of 6.5%. This was the 7th straight quarter of growth, as household consumption stayed solid despite intense cost pressures and higher interest rates (7% vs 8% in Q3), and government spending picked up (3.3% vs 0.8%). At the same time, fixed investment grew further (6.3% vs 9.9%). The net trade contributed positively, with exports jumping 14.6% and imports rising 5.9%. However, the output of the industry sector grew slower (4.8% vs 5.8%). Agriculture, forestry, and fishing shrank for the first time in 5 quarters (-0.3% vs 2.1%). For the whole of 2022, the GDP advanced by 7.6%, topping the government's target of 6.5 to 7.5% and marking the best annual expansion since 1976. For this year, Manila is confident that the economy will continue to move upward.
Published on 2023-01-26

Philippines Q3 GDP Growth Beats Estimates
The Philippine GDP advanced 7.6% yoy in Q3 of 2022, topping market consensus of 6.3%, after a marginally revised 7.5% rise in Q2 which was the softest expansion since Q3 of 2021. This was the sixth straight quarter of growth, as household consumption stayed strong despite intense cost pressures and high interest rates (8.0% vs 8.5% in Q2) and fixed investment rose for the 6th quarter (10.1% vs 13.6%). Meantime, government spending eased sharply, rising the least in 5 quarters (0.8% vs 11.1%). Net trade contributed negatively, as exports rose 13.1% while imports jumped 17.3% due to high commodity prices and weak peso. All major sectors posted growth: agriculture (2.2% vs 0.2%), industry (5.8% vs 6.4%), and services (9.1% vs 9.1%). Among services, robust output was registered for wholesale and retail trade; repair of motor vehicles (9.1%), financials (7.7%), and construction (12.2%). Manila said after the release that the economy was on track to meet 2022's growth target of 6.5 to 7.5%.
Published on 2022-11-10

Philippines Economy Grows Less than Expected
The Philippine GDP advanced by 7.4% year-on-year in Q2 of 2022, below market consensus of 8.6% and easing from a downwardly revised 8.2% growth in Q1. The latest reading pointed to the fifth straight quarter of growth but the softest pace since Q3 2021, as household consumption eased (8.6% vs 10.0% in Q1), amid rising inflation, and net external demand contributed negatively to the GDP, as exports rose by 4.3% while imports grew at a faster 13.6%. Meanwhile, both fixed investment (13.2% vs 11.8%) and government spending (11.1% vs 3.6%) expanded faster. On the production side, the largest contributors to the growth were wholesale and retail trade, repair of motor vehicles and motorcycles (9.7% vs 7.0%), construction (19.0% vs 14.7%), and transportation and storage (27.1% vs 26.3%). Considering the first half of the year, the economy expanded by 7.8% from a year earlier. For 2022, the central bank maintained its GDP outlook at 6.5%-7.5%.
Published on 2022-08-09

Philippines Q1 GDP Annual Growth Beats Estimates
The Philippine GDP expanded by 8.3% year-on-year in Q1 of 2022, topping market consensus of 6.6% and after a marginally revised 7.8% advance in Q4. The latest reading pointed to the fourth straight quarter of growth and the fastest pace since Q2 2021, boosted by election-related spending. Household consumption quickened amid further easing of COVID-19 restrictions (10.1% vs 7.5% in Q4), and fixed investment rose slightly faster (11.0% vs 10.8%). Meanwhile, government spending growth hit its lowest in three quarters (3.6% vs 7.8%); and net external demand contributed negatively to the GDP, as exports rose by 10.3% while imports gained at a faster 15.6%. On the production side, the largest contributors to the growth were manufacturing (10.1% vs 7.3%), wholesale and retail trade, repair of motor vehicles and motorcycles (7.3% vs 7.1%), and transportation and storage (26.5% vs 18.7%). For 2021, the growth outlook was revised marginally higher to 5.7% from 5.6%.
Published on 2022-05-12

Philippines Q4 GDP Annual Growth Beats Forecasts
The Philippine GDP advanced by 7.7 percent year-on-year in the fourth quarter of 2021, faster than a 6.9 percent expansion in the previous period, and exceeding market consensus of 6 percent. The economic growth was mainly supported by robust consumer spending (7.5 percent vs 7.1 percent in Q3) ahead of the Christmas holidays and as mobility curbs were eased. In addition, solid increases were recorded for both government spending (7.4 percent vs 13.8 percent) and fixed investment (9.5 percent vs 15.5 percent). Net external demand, however, contributed negatively to the GDP as imports rose faster than exports. On the production side, the largest contributors to the fourth-quarter growth were manufacturing, wholesale and retail trade, and construction. Considering 2021 full year, the economy grew by 5.6 percent, surpassing the government's 5.0-5.5 percent target and recovering from a 9.6 percent contraction in 2020. For 2022, the GDP is expected to grow between 7 and 9 percent.
Published on 2022-01-27