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Philippine economy

Economy of the Philippines
Economyphilippines.jpg
3 major business districts of the Philippines
Currency Philippine peso (Filipino: piso; sign: ₱; code: PHP)
Calendar year
Trade organizations
APEC, ASEAN, WTO, EAS, AFTA, ADB, and others
Statistics
GDP

Increase (nominal) $372 billion (2018 est.)

(PPP) $0.961 trillion (2018 est.)
GDP rank Increase34th nominal (2017)
Steady29th PPP (2017)
GDP growth
Increase 6.9% (Q3 2017)
GDP per capita

(nominal) $3,429 (2018 est.)

(PPP) $8,862 (2018 est.)
GDP by sector
agriculture: 9.49%
industry: 33.48%
services: 57.03%
(2015)
Negative increase 3.2% (2017)
Population below poverty line
19%
40.1 (2015)
Labor force
42.7 million (April 2017)
Labor force by occupation
services: 57.1%
agriculture: 25.5%
industry: 17.4%
(2017 est.)
Unemployment Negative increase 5.0% (October 2017)
Main industries
electronics assembly, aerospace, business process outsourcing, food manufacturing, shipbuilding, chemicals, textiles, garments, metals, petroleum refining, fishing, rice
Decrease 113th (2018)
External
Exports $57.406 billion (2016)
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%
 European Union 13.0%
 China 12.4%
 Hong Kong 8.0%
 Singapore 7.3%
 South Korea 6.0%
 Netherlands 3.7%
 Taiwan 3.5%
 Thailand 3.4%
(2013 est.)
Imports $84.108 billion (2016)
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 10.4%
 South Korea 8.8%
 Taiwan 8.5%
 Singapore 7.4%
 Thailand 5.4%
 Saudi Arabia 4.5%
 Indonesia 4.5%
 Malaysia 3.7%
(2013 est.)
FDI stock
$8 billion (April 2016)
Positive decrease $72.36 billion (2017)
Public finances
41.7% of GDP (Q3 2017)
Revenues $58.97 billion (2016 est.)
Expenses $75.57 billion (2018)
Economic aid $1.67 billion
  • Standard & Poor's:
    BBB (Domestic)
    BBB (Foreign)
    BBB+ (T&C Assessment)
    Outlook: Stable
  • Moody's:
    Baa2
    Outlook: Stable
  • Fitch:
    BBB
    Outlook: Positive
Foreign reserves
Increase $81.51 billion (September 2017)

All values, unless otherwise stated, are in US dollars.

Increase (nominal) $372 billion (2018 est.)

(nominal) $3,429 (2018 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 Japan, China, the 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

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