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The GDP growth rate in the context of the World Development Indicators (WDI) refers to the annual percentage increase or decrease in a country's Gross Domestic Product (GDP), adjusted for inflation. The WDI is a comprehensive database maintained by the World Bank that tracks various economic, social, and environmental development indicators across the globe.
Key Takeaways
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.
Philippines Sustainability Insights Report 2024
Learn more about sustainability insights in Philippines with TGM StatBox. Explore in-depth insight report, featuring user behavior, trends, and preferences.
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