header HomePlacesMapsMap Products & ServicesHotels & TravelDestination GuidesWeb DirectoryContact

Philippines:
Economy

Flag of Philippines
Click to enlarge

Philippines Page


Other pages in this profile of the Philippines:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Economy - overview
Definition
The Philippine economy grew at its fastest pace in three decades with real GDP growth exceeding 7% in 2007. Higher government spending contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. Nevertheless, the Philippines will need still higher, sustained growth to make progress in alleviating poverty, given its high population growth and unequal distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, as well as recent efforts to increase spending on infrastructure and social services have heightened optimism over Philippine economic prospects. Although the general macroeconomic outlook has improved significantly, the Philippines continues to face important challenges and must maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities, and alleviate poverty. Longer-term fiscal stability will require more sustainable revenue sources, rather than non-recurring revenues from privatization.
GDP (purchasing power parity)
Definition - World rank and map
$299.6 billion (2007 est.)
GDP (official exchange rate)
Definition
$144.1 billion (2007 est.)
GDP - real growth rate
Definition - World rank and map
7.3% (2007 est.)
GDP - per capita
Definition - World rank and map
$3,400 (2007 est.)
GDP - composition by sector
Definition
agriculture: 13.7%
industry: 31.4%
services: 54.8% (2007 est.)
Labor force
Definition
36.22 million (2007 est.)
Labor force - by occupation
Definition
agriculture: 35%
industry: 15%
services: 50% (2007 est.)
Unemployment rate
Definition - World rank and map
7.3% (2007 est.)
Population below poverty line
Definition
30% (2003 est.)
Household income or consumption by percentage share
Definition
lowest 10%: 2.4%
highest 10%: 31.2% (2006)
Distribution of family income - Gini index
Definition - World rank and map
45.8 (2006)
Inflation rate (consumer prices)
Definition - World rank and map
2.8% (2007 est.)
Investment (gross fixed)
Definition - World rank and map
14.2% of GDP (2007 est.)
Budget
Definition
revenues: $24.63 billion
expenditures: $24.9 billion (2007 est.)
Public debt
Definition - World rank and map
55.8% of GDP (2007 est.)
Agriculture - products
Definition
sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Industries
Definition
electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate
Definition - World rank and map
6.6% (2007 est.)
Electricity - production
Definition - World rank and map
53.67 billion kWh (2005)
Electricity - consumption
Definition - World rank and map
46.86 billion kWh (2005)
Electricity - consumption per capita
Definition - World rank and map
505.7 kWh (2005)
Electricity - exports
Definition
0 kWh (2005)
Electricity - imports
Definition
0 kWh (2005)
Oil - production
Definition - World rank and map
24,310 bbl/day (2005 est.)
Oil - consumption
Definition - World rank and map
340,000 bbl/day (2005 est.)
Oil - consumption per 1,000 people
Definition - World rank and map
3.7 bbl/day (2005 est.)
Oil - exports
Definition - World rank and map
34,900 bbl/day (2004)
Oil - imports
Definition - World rank and map
353,700 bbl/day (2004)
Oil - proved reserves
Definition - World rank and map
152 million bbl (31 December 2006)
Natural gas - production
Definition - World rank and map
2.781 billion cu m (2005 est.)
Natural gas - consumption
Definition - World rank and map
2.781 billion cu m (2005 est.)
Natural gas - consumption per capita
Definition - World rank and map
30 cu m (2005 est.)
Natural gas - exports
Definition - World rank and map
0 cu m (2005 est.)
Natural gas - imports
Definition - World rank and map
0 cu m (2005)
Natural gas - proved reserves
Definition - World rank and map
107.5 billion cu m (1 January 2006 est.)
Current account balance
Definition - World rank and map
$6.351 billion (2007 est.)
Exports
Definition - World rank and map
$49.32 billion f.o.b. (2007 est.)
Exports - commodities
Definition
semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Exports - partners
Definition
China 29.4%, US 13.4%, Japan 11.8%, Hong Kong 7.9%, Singapore 7.9% (2006)
Imports
Definition - World rank and map
$57.56 billion f.o.b. (2007 est.)
Imports - commodities
Definition
electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Imports - partners
Definition
Japan 14.8%, US 12%, China 11.1%, Singapore 9.5%, Taiwan 7.5%, South Korea 5.7%, Saudi Arabia 5.1%, Thailand 4.5%, Hong Kong 4.1% (2006)
Reserves of foreign exchange and gold
Definition - World rank and map
$33.71 billion (31 December 2007 est.)
Debt - external
Definition - World rank and map
$61.83 billion (31 December 2007 est.)
Stock of direct foreign investment - at home
Definition
$18.4 billion (2007 est.)
Stock of direct foreign investment - abroad
Definition
$5.28 billion (2007 est.)
Market value of publicly traded shares
Definition
$103.4 billion (2007)
Economic aid - recipient
Definition
ODA, $451.4 million in commitments (2006)
Currency (code)
Definition
Philippine peso (PHP)
Exchange rates
Definition
Philippine pesos per US dollar - 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004), 54.203 (2003)
Fiscal year
Definition
calendar year


Google
 
Web sitesatlas.com