Philippines GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

6.3

Units In

5.7

Frequency

Quarterly

Next Release

Nov 07, 2024

Time to Release

2 Months 28 Days 1 Hours

Highest	Lowest	Average	Date Range	Source
12 Dec 1988	-17 Jun 2020	3.79 %	1982-2024	National Statistics Office of Philippines

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.

Latest Updates

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.