In the third quarter, GDP expanded 7.1% over the same period last year. The reading came in above both the 6.0% increase observed in the second quarter (previously reported: +5.9% year-on-year) and market expectations of a 5.4% expansion. In fact, the reading represented the fastest pace of economic expansion observed in two years. The acceleration in economic growth mainly reflected faster growth in both consumer and government spending. Private consumption accelerated from a 5.9% increase in the second quarter to a 6.2% rise in the third, while government consumption rose a hefty 12.0% (Q2: +6.8% yoy). Meanwhile, fixed investment expanded 8.7% in the third quarter (Q2: +11.8% yoy). Exports of goods and services slowed from an 8.3% increase in the second quarter to a 6.9% expansion in the third. Simultaneously, imports grew 8.3% (Q2: +10.3% yoy). As a result, the external sector's net contribution to overall economic growth improved from minus 1.2 percentage points in the second quarter to minus 0.8 percentage points in the third.
Economic growth accelerates despite global headwinds
November 28, 2012
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Philippines GDP Chart
Note: Year-on-year changes of GDP in %.
Source: National Statistical Coordination Board (NSCB) and FocusEconomics Consensus Forecast.
Philippines Economic News
October 17, 2016
In August, cash remittances from Overseas Filipino Workers (OFW) grew 16.3% from the same month of last year to USD 2.3 billion.
October 13, 2016
The Philippines’ exports declined for the seventeenth consecutive month in August mainly due to weak demand from Japan, Hong Kong and the USA. Exports dropped an annual 4.4%, which followed July’s sharper 13.0% decrease.
October 6, 2016
In September, consumer prices rose 0.2% from the previous month, marginally up from August’s 0.1% increase.
September 22, 2016
At its meeting on 22 September, the Central Bank decided to leave the Overnight Reverse Repurchase facility (RRP) unchanged at 3.00% as the markets had expected.
September 15, 2016
In July, cash remittances from Overseas Filipino Workers (OFW) dropped 5.4% over the same month last year to USD 2.1 billion.