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national income accounts

  • FF2021-34: First Quarter 2021 Philippine Economic Performance

    The Philippine Statistics Authority (PSA) reported that gross domestic product (GDP) contracted by 4.2 percent in the first quarter of 2021 from -0.7 percent in the same period in 2020 (Figure 1). This translates to PhP187.7 billion real value loss, and marks the fifth straight quarter of decline of the GDP since the first quarter of 2020. For each of the next three quarters of 2021, the Philippine economy needs to expand by roughly 10.1 percent in order to reach the lower end of the government’s full year growth target of 6.5 percent.

  • FF2021-51: Second Quarter 2021 Philippine Economic Performance

    The Philippine Statistics Authority (PSA) reported an 11.8% year-on-year (YoY) growth in the Gross Domestic Product (GDP) for the second quarter of 2021. This is the highest quarterly GDP growth registered since 1988, but comes after the record low 17% contraction in the second quarter of 2020. Moreover, quarter-onquarter (QoQ) comparison reveals a contraction of 1.3% (Figure 1) in the second quarter of 2021 from the first quarter.

  • FF2021-72: Third Quarter 2021 Philippine Economic Performance

    The Philippine economy posted a 7.1% year-on-year (Y-o-Y) growth in its Gross Domestic Product (GDP) for the third quarter of 2021, as reported by the Philippine Statistics Authority (PSA). Similarly, quarter-on-quarter (Q-o-Q) comparison shows a 3.8% rebound from the second quarter of 2021, a reversal from the quarterly deceleration since the third quarter of 2020. 

  • FF2022-34: First Quarter 2022 Philippine Economic Performance

    The Gross Domestic Product (GDP) expanded by 8.3% in the first quarter of 2022 from a contraction of 3.8% in the same period in 2021, according to the Philippine Statistics Authority (PSA) (Figure 1). The real GDP (at constant 2018 prices) in the first quarter of 2022 valued at P4.62 trillion has already exceeded the pre-pandemic GDP level of P4.46 trillion in the same period in 2019. The recorded GDP rate is well within the government’s full year growth target of 7 to 9 percent..

  • FF2022-46: Second Quarter 2022 Philippine Economic Performance

    The Philippine Statistics Authority (PSA) reported 7.4% year-on-year (YoY) growth in the Gross Domestic Product (GDP) for the second quarter of 2022. This is the fifth consecutive period of recorded GDP growth (Figure 1). However, quarter-on-quarter comparison reveals a slight decline of 0.1% in the second quarter vis-à-vis its preceding period.


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  • FF2022-65: Third Quarter 2022 Philippine Economic Performance

    The Philippine economy posted a 7.6% year-on-year (Y-o-Y) growth in the Gross Domestic Product (GDP) for the third quarter of 2022. This is the sixth consecutive period of recorded GDP growth since the second quarter of 2021. Similarly, quarter-on-quarter (Q-o-Q) comparison shows a 2.9% expansion in the third quarter vis-à-vis its preceding period.

  • FF2023-06: 2022 Philippine Economic Performance

    According to the Philippine Statistics Authority, the Gross Domestic Product (GDP) expanded by 7.2% in the fourth quarter of 2022, sustaining the 7.8% growth posted in the same period in 2021. It is the seventh consecutive recorded GDP growth since the second quarter of 2021. This brings the whole year of 2022 GDP growth to 7.6% (Figure 1), exceeding the government’s annual upper-end target of 7.5%. The 2022 GDP valued at P19.9 trillion (at constant 2018 prices) stands P1.4 trillion higher than the 2021 GDP, and has already surpassed the 2019 pre-pandemic GDP level of P19.4 trillion.