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 Gross Domestic Product (GDP) in Philippines expanded 1.20 percent in the first 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.

During the fourth quarter of 2024, the gross domestic product (GDP) of the Philippines amounted to approximately 6.19 trillion Philippine pesos, the highest since the first quarter of 2018. The country's GDP fluctuated in the observed period.

The Gross Domestic Product (GDP) in Philippines was worth 437.15 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Philippines represents 0.41 percent of the world economy. This dataset provides - Philippines GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 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.

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 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.

The Gross Domestic Product per capita in Philippines was last recorded at 3745.65 US dollars in 2023. The GDP per Capita in Philippines is equivalent to 30 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 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.

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.

In 2024, the wholesale retail and trade and the repair of motor vehicles and motorcycles sector contributed the highest gross domestic product (GDP) in the Philippines, which amounted to **** trillion Philippine pesos. This was followed by the manufacturing sector, which was valued at **** trillion Philippine pesos.

Historical chart and dataset showing Philippines GDP by year from 1960 to 2023.

GDP, billion currency units in the Philippines, March, 2025 The most recent value is 6586.75 billion Philippine Peso as of Q1 2025, a decline compared to the previous value of 7577.84 billion Philippine Peso. Historically, the average for the Philippines from Q1 1981 to Q1 2025 is 1891.9 billion Philippine Peso. The minimum of 73.85 billion Philippine Peso was recorded in Q3 1981, while the maximum of 7577.84 billion Philippine Peso was reached in Q4 2024. | TheGlobalEconomy.com

Philippines GDP: Davao Region data was reported at 1,376,650.876 PHP th in 2024. This records an increase from the previous number of 1,255,297.156 PHP th for 2023. Philippines GDP: Davao Region data is updated yearly, averaging 454,315.711 PHP th from Dec 2000 (Median) to 2024, with 25 observations. The data reached an all-time high of 1,376,650.876 PHP th in 2024 and a record low of 152,937.206 PHP th in 2000. Philippines GDP: Davao Region 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.

GDP from Transport in Philippines decreased to 226091.71 PHP Million in the first quarter of 2025 from 237285.02 PHP Million in the fourth quarter of 2024. This dataset provides the latest reported value for - Philippines Gdp From Transport - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

GDP from Mining in Philippines increased to 44280.48 PHP Million in the first quarter of 2025 from 37293.71 PHP Million in the fourth quarter of 2024. This dataset provides the latest reported value for - Philippines Gdp From Mining - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Economic growth, quarterly in the Philippines, March, 2025 The most recent value is 1.25 percent as of Q1 2025, a decline compared to the previous value of 1.5 percent. Historically, the average for the Philippines from Q2 2000 to Q1 2025 is 1.23 percent. The minimum of -13.85 percent was recorded in Q2 2020, while the maximum of 6.89 percent was reached in Q3 2020. | TheGlobalEconomy.com

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.

Consumption as percent of GDP in the Philippines, March, 2025 The most recent value is 78.21 percent as of Q1 2025, an increase compared to the previous value of 75.61 percent. Historically, the average for the Philippines from Q1 1981 to Q1 2025 is 71.88 percent. The minimum of 55.18 percent was recorded in Q1 1981, while the maximum of 78.69 percent was reached in Q3 2022. | TheGlobalEconomy.com