Economy of the Philippines

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Economy - overview: In 1998 the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 3.6% in 2000. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving infrastructure, overhauling the tax system to bolster government revenues, moving toward further deregulation and privatization of the economy, and increasing trade integration with the region.

GDP: purchasing power parity - $310 billion (2000 est.)
GDP - real growth rate: 2.9% (1999 est.), 3.6% (2000 est.)
GDP - per capita: purchasing power parity - $3,800 (2000 est.)
GDP - composition by sector:
agriculture: 20%
industry: 32%
services: 48% (1997 est.)
Population below poverty line: 32% (1997 est.)
Household income or consumption by percentage share:
lowest 10%: 1.5%
highest 10%: 39.3% (1998)
Inflation rate (consumer prices): 6.8% (1999), 5% (2000 est.)
Labor force: 48.1 million (2000 est.)
Labor force - by occupation: agriculture 39.8%, government and social services 19.4%, services 17.7%, manufacturing 9.8%, construction 5.8%, other 7.5% (1998 est.)
Unemployment rate: 10% (2000)
Budget:
revenues: $14.5 billion
expenditures: $12.6 billion (1998 est.)
Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing
Industrial production growth rate: 4% (2000 est.)
Electricity - production: 40.745 billion kWh (1999)
Electricity - production by source:
fossil fuel:  61.03%
hydro:  18.68%
nuclear:  0%
other:  20.29% (1999)
Electricity - consumption: 37.893 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes; pork, eggs, beef; fish
Exports: $34.8 billion (f.o.b., 1999 est.), $38 billion (f.o.b., 2000 est.)
Exports - commodities: electronic equipment, machinery and transport equipment, garments, coconut products
Exports - partners: US 34%, EU 20%, Japan 14%, Netherlands 8%, Singapore 6%, UK 6%, Hong Kong 4% (1998)
Imports: $30.7 billion (f.o.b., 1999 est.), $35 billion (f.o.b., 2000 est.)
Imports - commodities: raw materials and intermediate goods, capital goods, consumer goods, fuels
Imports - partners: US 22%, Japan 20%, South Korea 8%, Singapore 6%, Taiwan 5%, Hong Kong 4% (1998 est.)
Debt - external: $52 billion (1999)
Economic aid - recipient: ODA, $1.1 billion (1998)
Currency: Philippine peso (PHP)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Philippines > Map Economy History