The Philippines GDP advanced at a record pace of 8.0 percent quarter-on-quarter in the third quarter of 2020, as the economy recovered from the COVID-19 shocks. That followed a downwardly revised 14.9 percent contraction in the prior period, which was the steepest fall on record, when the economy was in the strictest lockdown globally. Industry output rose 7.6%, rebounding from an 18% plunge in Q2, largely due to electricity, steam, water, and waste management. Also, the service sector rebounded (9.5% vs -15.8%), led by financial and insurance; public administration and defense; and information and communication. In addition, agriculture, forestry, and fishing rose by 1 percent, after a 1.1 percent gain in Q2. Top contributors to the growth were palay, corn, and agriculture support activities. source: National Statistics Office of Philippines
GDP Growth Rate in Philippines averaged 1.08 percent from 1998 until 2020, reaching an all time high of 8 percent in the third quarter of 2020 and a record low of -15.20 percent in the second quarter of 2020. This page provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Growth Rate in Philippines is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Philippines to stand at 3.00 in 12 months time. In the long-term, the Philippines GDP Growth Rate is projected to trend around 2.00 percent in 2021, according to our econometric models.