The Philippines economy shrank a record 11.5% year-on-year in the third quarter of 2020, following an upwardly revised 16.9 contraction in the previous quarter and worse than market expectations of a 9.8 percent contraction, as the coronavirus pandemic impacted businesses and consumers. Private consumption dropped 9.3 percent (vs -15.3%) and fixed investment contracted 37.1% (vs -36.5% in Q1). Also, net external demand contributed negatively to GDP, as exports tumbled (-14.7% vs -35.8%), while imports fell faster (-21.7% vs -37.9%). Meanwhile, government spending growth eased (5.8% vs 21.8%). On the production side, activity contracted mainly for mining and quarrying (-15.6% vs -22.8%), manufacturing (-9.7% vs -20.7%), construction (-39.8% vs -30.4%); transportation and storage (-28.1% vs -58.5%), accommodation and food services activities (-52.7% vs -67.2%), wholesale and retail trade, repair of motor vehicles and motorcycles (-5.4% vs -13.9%). source: National Statistics Office of Philippines
GDP Annual Growth Rate in Philippines averaged 3.60 percent from 1982 until 2020, reaching an all time high of 12.40 percent in the fourth quarter of 1988 and a record low of -16.90 percent in the second quarter of 2020. This page provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Philippines GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Annual Growth Rate in Philippines is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Philippines to stand at 7.30 in 12 months time. In the long-term, the Philippines GDP Annual Growth Rate is projected to trend around 7.50 percent in 2021 and 9.00 percent in 2022, according to our econometric models.