| People | Philippines |
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Economy - overview:
|
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):
|
$298.9 billion (2007 est.) |
GDP (official exchange rate):
|
$144.1 billion (2007 est.) |
GDP - real growth rate:
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7.3% (2007 est.) |
GDP - per capita (PPP):
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$3,300 (2007 est.) |
GDP - composition by sector:
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agriculture: 14.1%
industry: 31.3%
services: 54.6% (2007 est.) |
Investment (gross fixed):
|
14.2% of GDP (2007 est.) |
Population below poverty line:
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30% (2003 est.) |
Household income or consumption by percentage share:
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lowest 10%: 2.4%
highest 10%: 31.2% (2006) |
Distribution of family income - Gini index:
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45.8 (2006) |
Inflation rate (consumer prices):
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2.8% (2007 est.) |
Labor force:
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36.22 million (2007 est.) |
Labor force participation rate:
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39.08 % of population |
Labor force - by occupation:
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agriculture: 35%
industry: 15%
services: 50% (2007 est.) |
Unemployment rate:
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7.3% (2007 est.) |
Budget:
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revenues: $23.96 billion
expenditures: $25.24 billion (2007 est.) |
Budget revenues per capita:
|
259 USD per capita |
Public debt:
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59.5% of GDP (September 2007 est.) |
Industries:
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electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing |
Industrial production growth rate:
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7% (2007 est.) |
Electricity - production:
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53.67 billion kWh (2005) |
Electricity - production per capita:
|
580 kWh per capita |
Electricity - consumption:
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46.86 billion kWh (2005) |
Electricity - consumption - per capita:
|
506 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
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24,310 bbl/day (2005 est.) |
Oil - production per capita:
|
263 bbl/day per capita |
Oil - consumption:
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340,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
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1.34 bbl/year per capita |
Oil - exports:
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34,900 bbl/day (2004) |
Oil - imports:
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353,700 bbl/day (2004) |
Oil - proved reserves:
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152 million bbl (31 December 2006 est.) |
Natural gas - production:
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2.781 billion cu m (2005 est.) |
Natural gas - production per capita:
|
31 cu m per capita |
Natural gas - consumption:
|
2.781 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
|
31 cu m per capita |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
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107.5 billion cu m (1 January 2006 est.) |
Agriculture - products:
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sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish |
Current account balance:
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$6.7 billion (2007 est.) |
Current account balance - per capita:
|
73 USD per capita |
Exports:
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$48.38 billion f.o.b. (2007 est.) |
Exports per capita:
|
523 USD per capita |
Exports - commodities:
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semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits |
Exports - partners:
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US 18.3%, Japan 16.5%, Netherlands 10.1%, China 9.8%, Hong Kong 7.8%, Singapore 7.3%, Malaysia 5.6%, Taiwan 4.3% (2006) |
Imports:
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$53.96 billion f.o.b. (2007 est.) |
Imports per capita:
|
583 USD per capita |
Imports - commodities:
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electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic |
Imports - partners:
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US 16.3%, Japan 13.6%, Singapore 8.5%, Taiwan 8%, China 7.1%, South Korea 6.2%, Saudi Arabia 5.8%, Malaysia 4.1%, Thailand 4.1%, Hong Kong 4% (2006) |
Reserves of foreign exchange and gold:
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$33.71 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
364 USD per capita |
Debt - external:
|
$62.84 billion (31 December 2007 est.) |
Debt - external - per capita:
|
679 USD per capita |
Stock of direct foreign investment - at home:
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$16.02 billion (2006 est.) |
Stock of direct foreign investment - abroad:
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$2.131 billion (2006 est.) |
Market value of publicly traded shares:
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$103.4 billion (2007) |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
ODA, $451.4 million in commitments (2006) |
Economic aid - recipient per capita:
|
5 USD per capita |
Currency (code):
|
Philippine peso (PHP) |
Exchange rates:
|
Philippine pesos per US dollar - 46.148 (2007), 51.246 (2006), 55.086 (2005), 56.04 (2004), 54.203 (2003) |
Fiscal year:
|
calendar year |
|
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