Philippines GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

5.2

Units In

6.3

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

Highest	Lowest	Average	Date Range	Source
12 Dec 1988	-17 Jun 2020	3.8 %	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 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.