Philippines GDP Growth (1961-2023)
The Philippines’ GDP growth reflects resilience amid economic challenges. The economy expanded in the 1960s and 1970s, reaching 8.8% in 1973. Political instability in the 1980s led to contractions, though growth returned in the 2000s. The pandemic caused a severe decline of -9.5% in 2020, but the economy rebounded with 7.6% growth in 2022. By 2023, growth settled at 5.5%, driven by remittances and service sector expansion.
Explore related charts to gain a better understanding of Philippines’ urbanization trend, Philippines’ population data, Annual net ODA for the Philippines.
