The ocean and the beach in the Philippines

Philippines Fiscal Balance (% of GDP)

Fiscal Balance in Philippines

The economy grew at a softer—albeit still upbeat—rate in Q1 2023. The moderation was driven by plunging exports amid the global economic downturn and the global tech sector’s slump, as well as softer private spending growth due to elevated inflation and interest rates. That said, stronger expansions in fixed investment and public spending prevented a larger deterioration in GDP growth. In Q2, economic activity is likely decelerating further. In April, the manufacturing sector PMI softened from the previous quarter’s average, coming in at an eight-month low due to ebbing production, weaker new business growth and falling employment figures. Meanwhile, official data released in May showed that foreign investment pledges made in Q1 surged by 1,823% year on year, boding well for growth prospects ahead.

Philippines Fiscal Balance Chart

This chart displays Fiscal Balance (% of GDP) for Philippines from 2013 to 2022.

Philippines Fiscal Balance Data

2017 2018 2019 2020 2021
Fiscal Balance (% of GDP) -2.1 -3.1 -3.4 -7.6 -8.6

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