Philippines GDP


Philippines: Economic growth picks up in Q4

January 29, 2015

GDP expanded 6.9% in Q4 over the same period of the previous year. The reading came in notably above the 5.3% rise recorded in Q3 and market expectations of a 6.0% expansion. In addition, the reading marked the fastest growth rate since Q3 2013.

Q4’s acceleration was mainly driven by a better performance of the external sector. Total consumption accelerated, with private consumption inching up from Q3’s 5.0% expansion to a 5.1% rise in Q4. Government consumption rebounded strongly from Q3’s 2.6% contraction to a 9.8% increase in Q4. However, fixed investment slowed to an 8.1% expansion in Q4 (Q3: +10.5% year-on-year).

In the external sector, exports of goods and services in Q4 expanded a significant 15.5% over the previous year, which was up from the 9.9% increase observed in the third quarter. Imports accelerated slightly to a 5.3% increase (Q3: +5.1% yoy). As a result, the external sector’s net contribution to overall economic growth improved markedly from 2.7 percentage points in the third quarter to 4.7 percentage points in the fourth.

FocusEconomics Consensus Forecast panelists expect the economy to expand 6.2% in 2015, which is unchanged from last month’s estimate. For 2016, they expect economic growth of 6.2%.

Author: Teresa Kersting, Economist

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Philippines GDP Chart

Philippines GDP Q4 2014

Note: Year-on-year changes of GDP in %.
Source: National Statistical Coordination Board (NSCB) and FocusEconomics Consensus Forecast.

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