An Overview of the Economy
Despite the country's numerous shortfalls, it still managed to
achieve GDP growth of 7.3% in 2007 meaning seasonally adjusted GDP
is now on its 27th quarter of positive growths. This growth is
expected to be maintained over 2008 and 2009 at a rate of around
5.8%. In addition, the Philippine Central Bank (BSP) expects
foreign direct investment to increase by a substantial 100% over
2008 to $6.9bn, a reflection of the confidence other countries have
in the Philippines' future. And with interest rates at historic
lows and over €61 million of EU aid (even though the Philippines
are theoretically a little outside the EU catchment area) to be
dedicated to ameliorating basic social services including health
and the protection of human rights, it is easy to see why this
country is beginning to make waves across the developed world.
Indeed, the President is engaged in plans to upgrade up to 20
airports as well as many railway, road, bridge, port and irrigation
improvements.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
299.6 |
| GDP (PPP) (CIA) (US$Billions) |
299.6 |
| GDP Growth (IMF) (%) |
7.3% |
| GDP Growth (CIA) (%) |
7.3% |
| GDP Per Capita (PPP) (IMF) (US$) |
3,377 |
| GDP Per Capita (PPP) (CIA) (US$) |
3,400 |
| GDP by Sector (%) |
Agriculture: 13.7%
Services: 54.9
Industry: 31.4% |
| Inflation (%) |
2.8% |
| Population Below the Poverty Line (%) |
30% |
| Labour Force (Millions) |
36.2 |
| Labour Force by Occupation (%) |
Agriculture: 35%
Services: 50%
Industry: 15% |
| Unemployment (%) |
7.3% |
| Main Industries |
Electronics assembly, garments, footwear,
pharmeceuticals, chemicals, wood products,
food processing, petroleum refining, fishing. |
Sources: CIA World Factbook, IMF
GDP
In 2007, the Philippine economy grew at its fastest pace in
three decades with real GDP growth exceeding 7% in 2007. The IMF
predicts that this rate will fall to 5.8% in 2008.
| economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
79.6 |
86.9 |
95.7 |
117.6 |
144.1 |
| GDP Growth (%) |
4.5% |
5.9% |
4.8% |
5.4% |
7.3% |
| GDP Per Capita (US$) |
951 |
1,010 |
1,111 |
1,159 |
1,624 |
| GDP Per Capita (PPP) (US$) |
2,606 |
2,763 |
2,931 |
3,126 |
3,400 |
| Inflation (%) |
301% |
5.5% |
7.6% |
6.2% |
2.8% |
| Unemployment (%) |
10.2% |
11.4% |
11.7% |
8.7% |
7.3% |
Foreign-Exchanage
& Gold Reserves (US$Billions) |
16.9 |
16.1 |
18.5 |
23.0 |
33.7 |
| Mobile Phone Users |
15,201,000 |
15,201,000 |
32,810,000 |
32,810,000 |
42,869,000 |
| Internet Users |
3,500,000 |
3,500,000 |
7,820,000 |
7,820,000 |
4,615,000 |
Sources: CIA World Factbook, IMF
Major Exports & Imports
The Philippines has large export and import markets, trading
with many countries around the world. Its total revenue for exports
in 2007 was $49.32 billion. Many international companies have
offices and factories based in the country, with representatives
from the automotive, electronic and computing industries as
examples.
major exports 2007
Semiconductors and electronic products, transport equipment,
garments, copper products, petroleum products, coconut oil,
fruits.
major imports 2007
Electronic products, mineral fuels, machinery, transport
equipment, iron, steel, textile fabrics, grains, chemicals and
plastics.
| export partners |
% of total |
| 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% |
| import partners |
% of total |
| US |
16.3% |
| Japan |
13.6% |
| Singapore |
8.5% |
| Taiwan |
8.0% |
| China |
7.1% |
| South Korea |
6.2% |
| Saudi Arabia |
5.8% |
| Malaysia |
4.1% |
| Thailand |
4.1% |
| Hong Kong |
4.0% |
Source: CIA World Factbook
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