The Gross Domestic Product (GDP) in Philippines expanded 5.20 percent in the fourth quarter of 2024 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 was forecast to increase between 2024 and 2029 by in total 0.6 percentage points. This overall increase does not happen continuously, notably not in 2029. The growth is estimated to amount to 6.31 percent in 2029. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Vietnam, Laos, and Malaysia.

The Gross Domestic Product (GDP) in Philippines expanded 1.80 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Philippines GDP Growth Rate - 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.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

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.

The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 404.28 billion U.S. dollars in 2022. 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 709.64 billion U.S. dollars by 2029. 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.

Philippines PH: GDP: Growth: Gross Capital Formation data was reported at 9.003 % in 2017. This records a decrease from the previous number of 23.735 % for 2016. Philippines PH: GDP: Growth: Gross Capital Formation data is updated yearly, averaging 6.400 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 31.614 % in 2010 and a record low of -36.987 % in 1984. Philippines PH: GDP: Growth: Gross Capital Formation 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 of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Philippines PH: GDP: Growth data was reported at 6.685 % in 2017. This records a decrease from the previous number of 6.876 % for 2016. Philippines PH: GDP: Growth data is updated yearly, averaging 4.945 % from Dec 1961 (Median) to 2017, with 57 observations. The data reached an all-time high of 8.921 % in 1973 and a record low of -7.324 % in 1984. Philippines PH: GDP: Growth 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 percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

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.

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.

The latest data from show economic growth of 5.23 pour cent, which is a decrease from the rate of growth of 5.24 pour cent in the previous quarter and
a decrease compared to the growth rate of 5.53 pour cent in the same quarter last year. The economic growth time series for Philippines cover...

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.

Graph and download economic data for Purchasing Power Parity Converted GDP Per Capita (Laspeyres), derived from growth rates of domestic absorption for Philippines (RGDPL2PHA625NUPN) from 1950 to 2010 about Philippines, PPP, domestic, per capita, GDP, and rate.

The gross domestic product (GDP) of the National Capital Region (NCR) or Metropolitan Manila generated a growth rate of about 4.9 percent in 2023 in comparison to the previous year. The region's GDP significantly declined in 2020 as a result of the COVID-19 pandemic but has gradually recovered since then.

Philippines PH: GDP: Growth: Adjusted Net National Income data was reported at 7.635 % in 2016. This records a decrease from the previous number of 8.410 % for 2015. Philippines PH: GDP: Growth: Adjusted Net National Income data is updated yearly, averaging 5.145 % from Dec 1972 (Median) to 2016, with 45 observations. The data reached an all-time high of 11.211 % in 1973 and a record low of -9.685 % in 1984. Philippines PH: GDP: Growth: Adjusted Net National Income 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. Adjusted net national income is GNI minus consumption of fixed capital and natural resources depletion.; ; World Bank staff estimates based on sources and methods described in 'The Changing Wealth of Nations 2018: Building a Sustainable Future' (Lange et al 2018).; Weighted average;

In 2023, the real gross domestic product (GDP) in the Philippines grew by approximately 5.55 percent, marking the highest growth rate in Southeast Asia. In comparison, Singapore's real GDP growth rate dropped to less than 1.1 percent. Most Southeast Asian economies are projected to see an increase in their real GDP growth rates in 2025 compared to 2023, except for Laos and Myanmar. 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 11 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.

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.

Contains data from the World Bank's data portal. There is also a consolidated country dataset on HDX.

Economic growth is central to economic development. When national income grows, real people benefit. While there is no known formula for stimulating economic growth, data can help policy-makers better understand their countries' economic situations and guide any work toward improvement. Data here covers measures of economic growth, such as gross domestic product (GDP) and gross national income (GNI). It also includes indicators representing factors known to be relevant to economic growth, such as capital stock, employment, investment, savings, consumption, government spending, imports, and exports.

In 2018, the industry sector's GDP growth in the Philippines was approximately 6.2 percent and had been sustained at that level over the last four years. In addition, the industry GDP growth of the country is forecasted to reach 6.2 percent in 2021.