Economy of Philippines
Population: 106.65 M (2018)
GDP per Capita: 3,103 USD (2018)
330,910 M.

GDP USD

(2018)

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104,850 M.

EXPORTS USD

(2018)

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146,840 M.

IMPORTS USD

(2018)

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41.50 %

PUBLIC DEBT

(2019)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 6.24 % (2018)
GDP of 2010 USD USD 322.30 B. (2018)
GDP Current USD USD 330.91 B. (2018)
GDP per Capita Current USD USD 3,103 (2018)
GDP per capita, PPP USD 7,943 (2018)
GDP per Capita, 2010 USD USD 3,022 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 11.93 % (2018)
Government Spending USD 39.47 B. (2018)
Government Debt % GDP 41.50 % (2019)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 79.98 (2018)
Trade Openness 76.06 % (2018)
Exports of Goods and Services % GDP 31.68 % (2018)
Exports Goods & Services USD 104.85 B. (2018)
Exports Annual Growth 13.44 % (2018)
Imports as % GDP 44.37 % (2018)
Total Imports USD 146.84 B. (2018)
Foreign Direct Investment % GDP 2.97 % (2018)
Foreign Direct Investment USD 9.80 B. (2018)
Current Account Balance % GDP USD -2.64 % (2018)
Current Account Balance USD -8.73 B. (2018)
Trade Balance % GDP -12.69 % (2018)
Trade Balance USD -39.35 B. (2018)
Foreign Exchange Reserves incl Gold USD 79.20 B. (2018)
Remittances % GDP 10.22 % (2018)
Remittances USD 25,521 M. (2018)
Balance of Payments USD 274 M. (2016)

Labor Market

Indicator Value
Labor Force 45.05 M. (2019)
Unemployment Rate 2.41 % (2019)
Unemployment Rate Females 2.44 % (2019)
Unemployment Rate Males 1.96 % (2019)
Youth Unemployment (ages 15-24) 6.78 % (2019)
Labor Force Participation Rate 59.93 % (2019)
Labor Force (Percent Female) 38.83 % (2019)
Female Labor Force Participation Rate 45.90 % (2019)
Male Labor Force Participation Rate 74.06 % (2019)
Dependent People 56.46 % (2018)

Agriculture Sector

Indicator Value
Forest Area 27.80 % (2016)
Forest Area km² 82,800 km² (2016)
Agricultural Land 41.72 % (2016)
Agricultural Land km² 124,400 km² (2016)
Employment 24.95 % (2019)
Value added % GDP 9.28 % (2018)
Agriculture Value added USD 30.72 B. (2018)
Crop Production Index 109.60 (2016)
Precipitation 2,348 mm (2014)
Arable Land 19 % (2016)
Cereal Yield 3,692 kg/hectare (2017)
Food production index 114 (2016)
Rural Population 53 % (2018)
Fertilizer use of Arable Land 157 kg/hectare (2016)
Livestock Production Index 127 (2016)
Economy of Philippines

According to the World Bank and its latest published data, the economy of the Philippines presents a growth rate of 6.24 % (2018) to the previous year.

With a population that reaches 106.65 M (2018) and a gross domestic product of USD 330.91 B. (2018), it translates a Gross Domestic Product per Capita of USD 3,103 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Philippines also has a workforce of 45.05 M. (2019) with an unemployment rate of 2.41 % (2019), where women represent 2.44 % (2019) and men 1.96 % (2019), the unemployment rate for young people between 15-24 years old stood at 6.78 % (2019). The total number of dependent people stands at 56.46 % (2018).

The central government spent 11.93 % (2018) of its gross domestic product that year, which in absolute terms is USD 39.47 B. (2018). Its consolidated public debt reached 41.50 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Philippines exported USD 104.85 B. (2018), which represents 31.68 % (2018) of its gross domestic product, in that same sense its imports reached USD 146.84 B. (2018) with a direct foreign investment of USD 9.80 B. (2018).

Philippines has a forest area of 82,800 km² (2016), which represents 27.80 % (2016) of its total area, an average rainfall of 2,348 mm (2014) per year and a population of 53 % (2018) living in rural areas. With a total area of 124,400 km² (2016) available for agriculture and 24.95 % (2019) of its employments, the agricultural sector contributes to the economy of the Philippines about USD 30.72 B. (2018) (9.28 % (2018) of its GDP).