Economy Of Philippines - Philippines Information

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Economy Of Philippines
Philippines Information - Country Guides

Economy overview	The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by annual remittances of $6-7 billion from overseas workers. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to 4.4% in 2002 and 4.2% in 2003, reflecting the continued resilience of the service sector, gains in industrial output, and improved exports. Nonetheless, it will take a higher, sustained growth path to make appreciable progress in poverty alleviation given the Philippines' high annual population growth rate and unequal distribution of income. The MACAPAGAL-ARROYO Administration has promised to continue economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving the infrastructure, strengthening tax collection to bolster government revenues, furthering deregulation and privatization of the economy, enhancing the viability of the financial system, and increasing trade integration with the region. Prospects for 2004 will depend on the economic performance of two major trading partners, the US and Japan, and on increased confidence on the part of the international investment community.
GDP	purchasing power parity - $390.7 billion (2004 est.)
GDP - real growth rate	4.5% (2004 est.)
GDP - per capita	purchasing power parity - $4,600 (2004 est.)
GDP - composition by sector	agriculture: 14.5% industry: 32.3% services: 53.2% (2004 est.)
Investment gross fixed	18.1% of GDP (2004 est.)
Population below poverty line	40% (2001 est.)
Household income or consumption by percentage share	lowest 10%: 1.7% highest 10%: 38.4% (2000)
Distribution of family income - Gini index	48.1 (2000)
Inflation rate consumer prices	3.1% (2004 est.)
Labor force	34.56 million (2004 est.)
Labor force by occupation	agriculture 45%, industry 15%, services 40% (2003 est.)
Unemployment rate	11.4% (2004 est.)
Budget	revenues: $11.56 billion expenditures: $15.25 billion, including capital expenditures of $2.4 million na (2004 est.)
Public debt	77% of GDP (2004 est.)
Agriculture products	rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes, pork, eggs, beef, fish
Industries	electronics assembly, textiles, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Industrial production growth rate	-0.1% (2004 est.)
Electricity production	45.21 billion kWh (2001)
Electricity production by source	fossil fuel: 55.6% hydro: 17.5% other: 26.9% (2001) nuclear: 0%
Electricity consumption	42.04 billion kWh (2001)
Electricity exports	0 kWh (2001)
Electricity imports	0 kWh (2001)
Oil production	8,460 bbl/day (2001 est.)
Oil consumption	343,000 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves	164 million bbl (1 January 2002)
Natural gas production	10 million cu m (2001 est.)
Natural gas consumption	10 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	0 cu m (2001 est.)
Natural gas proved reserves	104.6 billion cu m (1 January 2002)
Current account balance	$3.349 billion (2004 est.)
Exports	$34.56 billion f.o.b. (2004 est.)
Exports commodities	electronic equipment, machinery and transport equipment, garments, coconut products, chemicals
Exports partners	US 20.1%, Japan 15.9%, Hong Kong 8.5%, Netherlands 8.1%, Taiwan 6.9%, Malaysia 6.8%, Singapore 6.7%, China 5.9% (2003)
Imports	$35.97 billion f.o.b. (2003 est.)
Imports commodities	raw materials, machinery and equipment, fuels, chemicals
Imports partners	Japan 20.4%, US 19.8%, Singapore 6.8%, South Korea 6.4%, Taiwan 5%, China 4.8%, Hong Kong 4.3% (2003)
Reserves of foreign exchange gold	$16.87 billion (2004 est.)
Debt external	$57.96 billion (2004 est.)
Economic aid recipient	ODA commitments, $1.2 billion (2002)
Currency	Philippine peso (PHP)
Currency code	PHP
Exchange rates	Philippine pesos per US dollar - 54.2033 (2003), 51.6036 (2002), 50.9926 (2001), 44.1922 (2000), 39.089 (1999)
Fiscal year	calendar year

Philippine Flag Map Of Philippines Bikol language Cebuano language Ilokano language

Economy Of PhilippinesPhilippines Information - Country Guides

Economy Of Philippines
Philippines Information - Country Guides