Republic of the Philippines

Philippine Statistics Authority

Performance of the Philippine

Economy
Second Quarter 2020
Dennis S. Mapa, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

06 August 2020

Press Conference on the Q2 2020 Performance of the Philippine Economy

 Republic of the Philippines
Philippine Statistics Authority

Economic Performance
10.0
(Growth Rates*, in Percent)

-16.5
6.7
6.3
5.4
Growth Rate (At constant 2018 prices), In Percent

5.0

0.0

-0.7
(5.0)

(10.0) Q2 2020
(15.0)
Gross Domestic Product
(GDP)
-16.5

Q2 Q3 Q4 Q1 Q2
(20.0) 2019 2019 2019 2020 2020
* At Constant 2018 Prices
Press Conference on the Q2 2020 Performance of the Philippine Economy 1
 Republic of the Philippines
Philippine Statistics Authority

Economic Performance
(Year-on-Year Growth Rates*, in Percent)

4.9 -17.0
0.3 -22.0 Q2 2019 Q2 2020

Q2 2019 Q2 2020 Gross National Income

(GNI)
Net Primary Income
(NPI)
* At Constant 2018 Prices
Press Conference on the Q2 2020 Performance of the Philippine Economy 2
 Republic of the Philippines
Philippine Statistics Authority

Seasonal Adjustment
(Quarter-on-Quarter Growth Rates*, In Percent)
* At Constant 2018 Prices

2019 2020
Q3 Q4 Q1 Q2
GDP 2.5 2.0 - 5.7 -15.2
GNI 1.6 1.3 - 5.4 -14.8

Press Conference on the Q2 2020 Performance of the Philippine Economy 3

 Republic of the Philippines
Philippine Statistics Authority

Major Industries
(Year-on-Year Growth Rates*, In Percent)

Q2 2019 Q2 2020

0.7 1.6
2.5 -22.9
7.5 -15.8 * At Constant 2018 Prices
Press Conference on the Q2 2020 Performance of the Philippine Economy 4
 Republic of the Philippines
Philippine Statistics Authority

Seasonal Adjustment
(Quarter-on-Quarter Growth Rates*, In Percent)
* At Constant 2018 Prices

2019 2020
Q3 Q4 Q1 Q2
Agriculture 1.6 - 0.3 - 1.1 1.2
Industry 4.8 2.5 - 8.4 -21.7
Services 1.6 2.2 - 5.1 -14.5
Press Conference on the Q2 2020 Performance of the Philippine Economy 5
 Republic of the Philippines
Philippine Statistics Authority

Second Quarter
Per Capita
2019 2020 GDP, GNI,
HFCE
Per Capita GDP 3.9 -17.6 (Year-on-Year
Growth Rates*, In
Percent)
Per Capita GNI 3.4 -18.1
Per Capita
HFCE 4.1 -16.7
* At Constant 2018 Prices

Press Conference on the Q2 2020 Performance of the Philippine Economy 6

 Republic of the Philippines
Philippine Statistics Authority

Contribution 0.1
Agriculture

-16.5
to GDP
Growth - 6.9 GDP
(In Percentage Point) Industry
Second Quarter

- 9.7
Services

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 Republic of the Philippines
Philippine Statistics Authority

8.3 6.8 6.6

1.6
PAD FIA IAC AFF ESWW EDUC TRD HHSW PBS REOD MFG MAQ CNS TAS OS AFSA
-5.8
-12.2 -13.1
-15.4 -18.4
-20.1 -21.3
-24.5
-33.5
Production
(Year-on-year Growth Rates*, In Percent)
* At Constant 2018 Prices
-59.2
-63.0
-68.0
Press Conference on the Q2 2020 Performance of the Philippine Economy 8
 Republic of the Philippines
Philippine Statistics Authority

Production
(Contribution to Growth, In Percentage Point)

Top Contributors to Q2 Top Contributors to Q2

Growth 2020 Decline 2020
Financial and insurance activities 0.6 Manufacturing -3.9
Public administration and defense; Construction
0.4 -2.5
compulsory social security
Transportation and storage
Information and communication 0.2 -2.5

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 Republic of the Philippines
Philippine Statistics Authority

Expenditure
22.1 (Year-on-year Growth Rates*, In Percent)
* At Constant 2018 Prices

2.2
GFCE BSOD HFCE IOS IPP EOG CNS IOG EOS VAL DEQ

-15.5

-27.6 -27.7
-31.1 -32.9
-42.3
-43.4
-56.9
-62.1
Press Conference on the Q2 2020 Performance of the Philippine Economy 10
 Republic of the Philippines
Philippine Statistics Authority

Expenditure
(Contribution to Growth, In Percentage Point)

Top Contributors Q2 Top Contributors Q2

to Growth 2020 to Decline 2020
Net exports Household final consumption
4.9 expenditure
-10.7
Government final consumption Construction
expenditure
3.1 -5.5
Breeding stocks and orchard Durable Equipment
development
0.04 -4.2

Press Conference on the Q2 2020 Performance of the Philippine Economy 11

 Republic of the Philippines
Philippine Statistics Authority

Thank You!

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Philippine Statistics Authority

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Press Conference on the Q2 2020 Performance of the Philippine Economy 13