Philippines:
Economy

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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

Philippines: Economy

Philippines:
Economy