Philippines GDP Trends Q3 2023

According to the latest data released on November 9, 2023, by the Philippine Statistics Authority, Philippines' GDP grew by 5.9 per cent in the third quarter of 2023.

The Q3 GDP performance was faster than the 4.3 per cent growth recorded in the second quarter of 2023 and exceeded economists' expectations of 4.9 per cent.

The growth, the highest since the fourth quarter of 2021, was driven by a robust recovery in household consumption, 5 per cent, and the government spending, which increased by 6.7 per cent.

On a quarterly basis, GDP expanded by 3.3 per cent in the third quarter after contracting by 0.9 per cent in the previous quarter.

Additionally, all key economic sectors showed positive growth in the June-August-September period, with the agriculture, forestry, and fishing sector increasing by 1.4 per cent. The industrial sector, especially in construction, saw a rise of 2.9 per cent, and the services sector also grew by 3.8 per cent.

Growth in Q4 2023 will be supported by the continued acceleration of government spending and the rebound in manufacturing activities.

The International Monetary Fund (IMF), its latest World Economic Outlook of October, estimated the Philippines' GDP growth rate to be 5.3 per cent in 2023.