GDP reading: GDP growth moderated to 2.5% in seasonally adjusted annualized rate terms (SAAR) in the final quarter of 2024...
Economic Growth in Philippines
Over the past decade leading to 2022, the Philippines economy experienced an average growth rate of 5.0%, aligning with the 4.4% average in the Asia-Pacific region. In 2022, the real GDP growth was 7.6%. For more GDP information, visit our dedicated page.
Philippines GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Philippines from 2014 to 2024.
Source: Macrobond.
Philippines GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -9.5 | 5.7 | 7.6 | 5.5 | 5.6 |
| GDP (USD bn) | 362 | 394 | 404 | 437 | 462 |
| GDP (PHP bn) | 17,952 | 19,411 | 22,028 | 24,319 | 26,437 |
| Economic Growth (Nominal GDP, ann. var. %) | -8.0 | 8.1 | 13.5 | 10.4 | 8.7 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Philippine GDP projections for the next ten years from a panel of 36 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Philippine GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Philippine GDP projections.
Want to get access to the full dataset of Philippine GDP forecasts? Send an email to info@focus-economics.com.
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