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 18.6 percent. This was followed by the manufacturing sector, accounting for 17.6 percent.

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 (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 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.

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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.

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.

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.

The growth of the real gross domestic product (GDP) in the Philippines amounts to approximately 5.48 percent in 2025.Fluctuating rise between 1980 and 2025A total increase by approximately 0.33 percentage points can be seen between 1980 and 2025. This increase however did not happen continuously.Continuous rise between 2025 and 2030The growth will be roughly 6.30 percent in 2030, according to forecasts. This indicates an overall increase by approximately 0.82 percentage points since 2025. This growth reflects a steady upward trend.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.

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.

Philippines PH: General Government: Revenue: % of GDP data was reported at 20.086 % in 2023. This records an increase from the previous number of 20.049 % for 2022. Philippines PH: General Government: Revenue: % of GDP data is updated yearly, averaging 18.901 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 21.304 % in 1997 and a record low of 16.802 % in 2010. Philippines PH: General Government: Revenue: % of GDP data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Philippines – Table PH.IMF.FM: Government Finance Statistics.

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.

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.

GDP from Services in Philippines decreased to 3403785.26 PHP Million in the first quarter of 2025 from 3838020.27 PHP Million in the fourth quarter of 2024. This dataset provides - Philippines Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

The agriculture, forestry, and fishing sector industry contributed * percent to the GDP of the Philippines in 2024. The industry's GDP contribution has been declining since 2020.

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.

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.

Philippines PH: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita data was reported at 9.077 % in 2008. This records an increase from the previous number of 8.670 % for 2007. Philippines PH: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita data is updated yearly, averaging 8.996 % from Dec 1997 (Median) to 2008, with 9 observations. The data reached an all-time high of 10.675 % in 1997 and a record low of 8.670 % in 2007. Philippines PH: Government Expenditure per Student: Secondary: % of(GDP) Gross Domestic Productper Capita 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: Education Statistics. Government expenditure per student is the average general government expenditure (current, capital, and transfers) per student in the given level of education, expressed as a percentage of GDP per capita.; ; United Nations Educational, Scientific, and Cultural Organization (UNESCO) Institute for Statistics.; Median;