Philippines GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

5.2

Units In

5.2

Frequency

Quarterly

Next Release

May 08, 2025

Time to Release

3 Months 4 Days 4 Hours

Highest	Lowest	Average	Date Range	Source
12 Dec 1988	-17 Jun 2020	3.81 %	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 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%.