The Gross Domestic Product (GDP) in Philippines expanded 1.50 percent in the second quarter of 2025 over the previous quarter. This dataset provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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.

The latest data from show economic growth of 5.48 percent, which is an increase from the rate of growth of 5.38 percent in the previous quarter and
a decrease compared to the growth rate of 6.45 percent in the same quarter last year. The economic growth time series for the Philippines cover the...

The Philippines: Economic growth forecast: The latest value from 2030 is 6.3 percent, an increase from 6.28 percent in 2029. In comparison, the world average is 3.25 percent, based on data from 182 countries. Historically, the average for the Philippines from 1980 to 2030 is 4.09 percent. The minimum value, -9.52 percent, was reached in 2020 while the maximum of 7.58 percent was recorded in 2022.

As of the fourth quarter of 2024, the gross domestic product (GDP) of the Philippines was at 5.2 percent. This reflects significant growth in comparison to the quarterly GDP growth rate during the COVID-19 pandemic.

The Gross Domestic Product (GDP) in Philippines was worth 461.62 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Philippines represents 0.43 percent of the world economy. This dataset provides - Philippines GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 latest data from show economic growth of 5.48 pour cent, which is an increase from the rate of growth of 5.38 pour cent in the previous quarter and
a decrease compared to the growth rate of 6.45 pour cent in the same quarter last year. The economic growth time series for Philippines cover...

Key information about Philippines Nominal GDP Growth

• Philippines Nominal GDP Growth was reported at 7.442 % in Dec 2024.
• This records a decrease from the previous number of 8.556 % for Sep 2024.
• Philippines Nominal GDP Growth data is updated quarterly, averaging 10.256 % from Mar 1982 to Dec 2024, with 172 observations.
• The data reached an all-time high of 45.960 % in Sep 1984 and a record low of -14.953 % in Jun 2020.
• Philippines Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. Philippine Statistics Authority provides Nominal GDP in local currency.

Key information about Philippines Foreign Direct Investment: % of GDP

• Philippines Foreign Direct Investment (FDI) registered a growth equal to 1.6 % of the country's Nominal GDP in Dec 2024, compared with a growth equal to 2.1 % in the previous quarter.
• Philippines Foreign Direct Investment: % of Nominal GDP data is updated quarterly, available from Mar 2005 to Dec 2024.
• The data reached an all-time high of 5.1 % in Mar 2007 and a record low -0.3 % in Sep 2010.

CEIC calculates Foreign Direct Investment as % of Nominal GDP from monthly Foreign Direct Investment and quarterly Nominal GDP. Bangko Sentral ng Pilipinas provides Foreign Direct Investment in 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 Foreign Direct Investment: % of GDP

• In the latest reports of Philippines, Current Account recorded a deficit of 2.2 USD bn in Sep 2024.
• Foreign Direct Investment (FDI) increased by 109.8 USD mn in Dec 2024.
• Philippines Direct Investment Abroad fell by 56.0 USD mn in Sep 2024.
• Its Foreign Portfolio Investment increased by 4.3 USD bn in Sep 2024.
• The country's Nominal GDP was reported at 102.1 USD bn in Mar 2023.

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.

In 2023, the gross value added (GVA) of the agriculture, forestry, and fishing sector in the Philippines expanded by *** percent in comparison to the previous year. The industry's growth was fueled by the recovery of the poultry and egg production as well as the livestock sector.

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.

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.

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.

In 2024, the wholesale retail and trade and the repair of motor vehicles and motorcycles sector contributed the highest share of gross domestic product (GDP) in the Philippines at **** percent. This was followed by the manufacturing sector, accounting for **** percent.

Philippines GDP: GFCF: Breeding Stock & Orchard Development data was reported at 121,112.859 PHP mn in Mar 2025. This records a decrease from the previous number of 133,093.899 PHP mn for Dec 2024. Philippines GDP: GFCF: Breeding Stock & Orchard Development data is updated quarterly, averaging 60,351.048 PHP mn from Mar 2000 (Median) to Mar 2025, with 101 observations. The data reached an all-time high of 133,093.899 PHP mn in Dec 2024 and a record low of 16,813.283 PHP mn in Sep 2000. Philippines GDP: GFCF: Breeding Stock & Orchard Development data remains active status in CEIC and is reported by Philippine Statistics Authority. The data is categorized under Global Database’s Philippines – Table PH.A001: PSNA 5th Revision: Gross Domestic Product: by Expenditure: Current Price.

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.