The growth of the real gross domestic product (GDP) in the Philippines stood at about 5.69 percent in 2024. From 1980 to 2024, the growth rose by approximately 0.54 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the growth will rise by around 0.61 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

Key information about Philippines Real GDP Growth

• The Gross Domestic Product (GDP) in Philippines expanded 7.1 % YoY in Dec 2022, following a growth of 8.0 % in the previous quarter.
• Real GDP Growth YoY data in Philippines is updated quarterly, available from Mar 1999 to Dec 2022, with an average rate of 5.9 %.
• The data reached an all-time high of 12.4 % in Jun 2021 and a record low of -16.7 % in Jun 2020.

CEIC calculates Real GDP Growth from quarterly Real GDP. Philippine Statistics Authority provides Real GDP in local currency, at 2018 prices. Real GDP Growth prior to Q1 2001 is calculated from Real GDP at 2000 prices.


Related information about Philippines Real GDP Growth

• In the latest reports, Nominal GDP of Philippines reached 112.5 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.3 % in Dec 2022.
• GDP Per Capita in Philippines reached 3,623.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 10.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 21.5 % in Dec 2022.
• Public Consumption accounted for 13.8 % in Dec 2022.
• Private Consumption accounted for 75.4 % in Dec 2022.

The Gross Domestic Product (GDP) in Philippines expanded 5.40 percent in the first quarter of 2025 over the same quarter of the previous year. This dataset provides - Philippines GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Philippines Nominal GDP

• Philippines Nominal GDP reached 112.5 USD bn in Dec 2022, compared with 93.0 USD bn in the previous quarter.
• Nominal GDP in Philippines is updated quarterly, available from Mar 1981 to Dec 2022, with an average number of 22.7 USD bn.
• The data reached an all-time high of 112.5 USD bn in Dec 2022 and a record low of 7.9 USD bn in Sep 1984.

CEIC converts quarterly Nominal GDP into USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions.


Related information about Philippines Nominal GDP

• In the latest reports, Philippines GDP expanded 7.1 % YoY in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.3 % in Dec 2022.
• Philippines GDP Per Capita reached 3,623.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 10.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 21.5 % in Dec 2022.
• Public Consumption accounted for 13.8 % in Dec 2022.
• Private Consumption accounted for 75.4 % in Dec 2022.

The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 461.62 billion U.S. dollars in 2024. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 757.67 billion U.S. dollars by 2030. The Philippines’ economy GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector . Sectors of the economy The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.

In 2024, the real gross domestic product (GDP) in Vietnam grew by approximately **** percent, marking the highest growth rate in Southeast Asia. In comparison, Myanmar's real GDP growth rate dropped by **** percent. Southeast Asia, a tapestry of economic and cultural complexity Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises ** countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets. ASEAN’s economic significance Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.

Full Year GDP Growth in Philippines remained unchanged at 5.60 percent in 2024 from 5.60 percent in 2023. This dataset includes a chart with historical data for Philippines Full Year GDP Growth.

Philippines PH: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data was reported at 1.187 % in 2023. This records an increase from the previous number of 0.480 % for 2022. Philippines PH: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data is updated yearly, averaging 2.983 % from Dec 1961 (Median) to 2023, with 63 observations. The data reached an all-time high of 10.287 % in 1976 and a record low of -6.972 % in 1998. Philippines PH: GDP: Growth: Gross Value Added: Agriculture, Forestry, and Fishing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate for agricultural, forestry, and fishing value added based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. Agriculture corresponds to ISIC divisions 01-03 and includes forestry, hunting, and fishing, as well as cultivation of crops and livestock production. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 4.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;Note: Data for OECD countries are based on ISIC, revision 4.

Key information about Philippines Investment: % of GDP

• Philippines Investment accounted for 21.4 % of its Nominal GDP in Dec 2024, compared with a ratio of 23.8 % in the previous quarter.
• Philippines investment share of Nominal GDP data is updated quarterly, available from Jun 1972 to Dec 2024, with an average ratio of 22.5 %.
• The data reached an all-time high of 35.3 % in Mar 1983 and a record low of 12.5 % in Jun 2020.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Philippine Statistics Authority provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency. Investment as % of Nominal GDP prior to Q1 1981 is sourced from the International Monetary Fund.


Related information about Philippines Investment: % of GDP

• In the latest reports, Philippines GDP expanded 6.4 % YoY in Mar 2023.
• Philippines Nominal GDP reached 102.1 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 6.8 % in Mar 2023.
• Philippines GDP Per Capita reached 3,623.5 USD in Dec 2022.
• Its Gross Savings Rate was measured at 7.6 % in Mar 2023.

This statistic shows the share of economic sectors in the gross domestic product (GDP) in the Philippines from 2013 to 2023. In 2023, the share of agriculture in the Philippines' gross domestic product was 9.4 percent, industry contributed approximately 28.18 percent and the services sector contributed about 62.42 percent.

The Gross Domestic Product per capita in Philippines was last recorded at 3925.30 US dollars in 2024. The GDP per Capita in Philippines is equivalent to 31 percent of the world's average. This dataset provides - Philippines GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Philippines GDP Deflator Growth

• Philippines GDP deflator (implicit price deflator) increased 6.3 % in Dec 2022, compared with an increase of 5.8 % in the previous quarter.
• Philippines GDP Deflator Growth data is updated quarterly, available from Mar 1982 to Dec 2022, with an average rate of 5.4 %.
• The data reached an all-time high of 63.8 % in Sep 1984 and a record low of -1.6 % in Sep 2015.

CEIC calculates GDP Deflator Growth from quarterly GDP Deflator. Philippine Statistics Authority provides GDP Deflator at 2018 prices. GDP Deflator Growth prior to Q1 2001 is calculated from GDP Deflator at 2010 prices.


Related information about Philippines GDP Deflator Growth

• In the latest reports, Philippines GDP expanded 7.1 % YoY in Dec 2022.
• Its Nominal GDP reached 112.4 USD bn in Dec 2022.
• Philippines GDP Per Capita reached 3,623.5 USD in Dec 2022.
• Its Gross Savings Rate was measured at 10.8 % in Dec 2022.

Philippines GDP: National Capital Region (NCR) data was reported at 8,214,308.357 PHP th in 2024. This records an increase from the previous number of 7,572,877.704 PHP th for 2023. Philippines GDP: National Capital Region (NCR) data is updated yearly, averaging 3,553,088.571 PHP th from Dec 2000 (Median) to 2024, with 25 observations. The data reached an all-time high of 8,214,308.357 PHP th in 2024 and a record low of 1,237,450.701 PHP th in 2000. Philippines GDP: National Capital Region (NCR) data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.A016: PSNA 5th Revision: Gross Domestic Product: by Region and Province: Current Price.

The gross domestic product (GDP) per capita in the Philippines stood at 4,078.98 U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by 3,304.5 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 2,204.23 U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

In 2023, the estimated total GDP of all ASEAN states amounted to approximately 3.8 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

Key information about Philippines Public Consumption: % of GDP

• Philippines Public Consumption accounted for 13.8 % of its Nominal GDP in Dec 2022, compared with a share of 15.0 % in the previous quarter.
• Philippines Public Consumption share of Nominal GDP ratio is updated quarterly, available from Mar 1981 to Dec 2022, with an average number of 10.1 %.
• The data reached an all-time high of 20.0 % in Jun 2020 and a record low of 6.5 % in Jun 1984.

CEIC calculates Government Consumption as % of Nominal GDP from quarterly Government Consumption Expenditure and quarterly Nominal GDP. Philippine Statistics Authority provides Government Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Philippines Public Consumption: % of GDP

• In the latest reports, Philippines GDP expanded 7.1 % YoY in Dec 2022.
• Philippines Nominal GDP reached 112.5 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.3 % in Dec 2022.
• Philippines GDP Per Capita reached 3,623.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 10.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 21.5 % in Dec 2022.
• Private Consumption accounted for 75.4 % in Dec 2022.

Gross National Product in Philippines increased to 6552211.68 PHP Million in the first quarter of 2025 from 6461635.30 PHP Million in the fourth quarter of 2024. This dataset provides - Philippines Gross National Product - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Inflation Rate in Philippines increased to 1.40 percent in June from 1.30 percent in May of 2025. This dataset provides the latest reported value for - Philippines Inflation Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2024, the Philippines’ inflation rate amounted to 3.21 percent. The Philippines are considered “newly industrialized”, but the economy relies on remittances from nationals overseas, and the services sector generates most of its GDP . Emerging and soon to develop?After switching from agriculture to services and manufacturing, the Philippines are now an emerging economy, i.e. the country has some characteristics of a developed nation but is not quite there yet. In order to transition into a developed nation, the Philippines must meet certain requirements, like being able to sustain their economic development, being very open to foreign investors, or maintaining a very high stability of the institutional framework (like law enforcement and the government). Only if these changes are irreversible can they be classified as a developed nation. The Philippines’ switch to servicesEver since the switch to services and manufacturing, employment in these areas has increased and the country is now among those with the highest employment in the tourism industry worldwide. This transition was not entirely voluntary but also due to decreasing government support, the liberalization of trade, and reform programs. Still, agriculture is important for the country: As of 2017, more than a quarter of Filipinos are still working in the agricultural sector, and urbanization has only increased very slightly over the last decade.

Key information about Philippines Private Consumption: % of GDP

• Philippines Private Consumption accounted for 75.6 % of its Nominal GDP in Dec 2024, compared with a ratio of 78.6 % in the previous quarter.
• Philippines Private Consumption contribution to Nominal GDP ratio is updated quarterly, available from Mar 1981 to Dec 2024, with an average share of 72.2 %.
• The data reached an all-time high of 78.7 % in Sep 2022 and a record low of 55.2 % in Mar 1981.

CEIC calculates Private Consumption as % of Nominal GDP from quarterly Private Consumption Expenditure and quarterly Nominal GDP. Philippine Statistics Authority provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Philippines Private Consumption: % of GDP

• In the latest reports, Philippines GDP expanded 6.4 % YoY in Mar 2023.
• Its Nominal GDP reached 102.1 USD bn in Mar 2023.
• Philippines GDP Per Capita reached 3,623.5 USD in Dec 2022.
• Its Gross Savings Rate was measured at 7.6 % in Mar 2023.