Economy of Philippines
|
|
| Currency | Philippine peso (Filipino: piso; sign: ₱; code: PHP) |
|---|---|
| Calendar year | |
|
Trade organizations
|
APEC, ASEAN, WTO, EAS, AFTA, ADB, and others |
| Statistics | |
| GDP |
(nominal) $348.593 billion (2017 est.) (PPP) $878.980 billion (2017 est.) |
| GDP rank |
 34th nominal (2017) 29th PPP (2017) |
|
GDP growth
|
6.5% (Q2 2017) |
|
GDP per capita
|
(nominal) $3,280 (2017 est.) |
|
GDP by sector
|
agriculture: 9.49% industry: 33.48% services: 57.03% (2015) |
 3.1% (August 2017) |
|
|
Population below poverty line
|
21.6% |
| 43.04 (2012) | |
|
Labor force
|
64.80 million (April 2015) |
|
Labor force by occupation
|
services: 53% agriculture: 32% industry: 15% (2012 est.) |
| Unemployment |
 4.7% (October 2016) |
|
Main industries
|
electronics assembly, aerospace, business process outsourcing, food manufacturing, shipbuilding, chemicals, textiles, garments, metals, petroleum refining, fishing, rice |
|
99th (2017) |
|
| External | |
| Exports | $58.827 billion (2015) |
|
Export goods
|
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
|
Main export partners
|
 Japan 21.3% United States 14.7% China 12.4% Hong Kong 8.0% Singapore 7.3% South Korea 6.0% Germany 4.1% Taiwan 3.5% Thailand 3.4% Indonesia 3.1% (2013 est.) |
| Imports | $71.067 billion (2015) |
|
Import goods
|
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
|
Main import partners
|
China 12.9% United States 11.2% Japan 8.4% Taiwan 7.8% South Korea 7.7% Singapore 6.8% Thailand 5.4% Saudi Arabia 4.5% Indonesia 4.5% Germany 3.8(2013 est.) |
|
FDI stock
|
$8 billion (April 2016) |
|
Gross external debt
|
$75.3 billion (2015) |
| Public finances | |
| 35.5% of GDP (Q3 2016) | |
| Revenues | $58.97 billion (2016 est.) |
| Expenses | $65.73 billion (2016 est.) |
| Economic aid | $1.67 billion |
|
|
|
Foreign reserves
|
$85.90 billion (August 2016) |
|
All values, unless otherwise stated, are in US dollars. |
|
(nominal) $348.593 billion (2017 est.)
(nominal) $3,280 (2017 est.)
The Economy of the Philippines is the world's 34th largest economy by nominal GDP according to the 2017 estimate of the International Monetary Fund's statistics, it is the 13th largest economy in Asia, and the 3rd largest economy in the ASEAN after Indonesia and Thailand. The Philippines is one of the emerging markets and is the sixth richest in Southeast Asia by GDP per capita values, after the regional countries of Singapore, Brunei, Malaysia, Thailand and Indonesia.
The Philippines is primarily considered a newly industrialized country, which has an economy transitioning from one based on agriculture to one based more on services and manufacturing. As of 2017, GDP by Purchasing power parity was estimated to be at $878.980 billion.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the Japan, China, United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. The Philippines has been named as one of the Tiger Cub Economies together with Indonesia, and Thailand. It is currently one of Asia's fastest growing economies. However, major problems remain, mainly having to do with alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth.
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Wikipedia