Countries
Philippines
Key Economic Indicators
$1.37 trillion
$11,794
5.69%
3.21%
2.24%
$461.618 billion (2024 est.)
<b>note:</b> central government debt as a % of GDP
$-18,262,196,996
Economic Overview
growing Southeast Asian economy; commercial rebound led by transportation, construction and financial services; electronics exports recovering from sector slowdown; significant remittances; interest rate rises following heightened inflation; uncertainties due to increased regional tensions with China
All Economic Data
Agricultural products
sugarcane, rice, coconuts, maize, bananas, vegetables, tropical fruits, plantains, pineapples, cassava (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.9% of household expenditures (2023 est.)
On food:
37.3% of household expenditures (2023 est.)
Budget
Expenditures:
$93.871 billion (2022 est.)
Note:
<b>note:</b> central government revenues and expenditures (excluding grants and social security funds) converted to US dollars at average official exchange rate for year indicated
Revenues:
$65.069 billion (2022 est.)
Currency
code:
PHP
name:
Philippine peso (PHP) [₱]
Current account balance
$-18,262,196,996
Current account balance 2022:
-$18.261 billion (2022 est.)
Current account balance 2023:
-$12.387 billion (2023 est.)
Current account balance 2024:
-$17.514 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$137.02 billion
Debt - external 2023:
$63.241 billion (2023 est.)
Note:
<strong>note:</strong> present value of external debt in current US dollars
Exchange rates
Currency:
Philippine pesos (PHP) per US dollar -
Exchange rates 2020:
49.624 (2020 est.)
Exchange rates 2021:
49.255 (2021 est.)
Exchange rates 2022:
54.478 (2022 est.)
Exchange rates 2023:
55.63 (2023 est.)
Exchange rates 2024:
57.291 (2024 est.)
Exports
$118.97 billion
Exports 2022:
$98.832 billion (2022 est.)
Exports 2023:
$103.588 billion (2023 est.)
Exports 2024:
$106.99 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
integrated circuits, machine parts, gold, insulated wire, semiconductors (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 19%, USA 13%, Hong Kong 12%, Japan 11%, Germany 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$9.44 billion
GDP - composition, by end use
Exports of goods and services:
25.8% (2024 est.)
Government consumption:
14.5% (2024 est.)
Household consumption:
76.1% (2024 est.)
Imports of goods and services:
-40.1% (2024 est.)
Investment in fixed capital:
23.6% (2024 est.)
Investment in inventories:
0.1% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
9.1% (2024 est.)
Industry:
27.7% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
63.2% (2024 est.)
GDP (official exchange rate)
$461.618 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$3,985
Gini Index coefficient - distribution of family income
42.3 (2018)
Gini Index coefficient - distribution of family income 2023:
39.3 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$521.77 billion
GNI per capita
$4,470
Gross domestic investment
24 % of GDP
Household income or consumption by percentage share
Highest 10%:
31.6% (2023 est.)
Lowest 10%:
2.9% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$185.16 billion
Imports 2022:
$152.638 billion (2022 est.)
Imports 2023:
$151.441 billion (2023 est.)
Imports 2024:
$161.154 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
integrated circuits, refined petroleum, cars, crude petroleum, coal (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 25%, Indonesia 8%, Japan 8%, S. Korea 6%, USA 6% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
5.6% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
semiconductors and electronics assembly, business process outsourcing, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equipment and apparatus, petroleum and fuel, textile and garments, non-metallic minerals, basic metal industries, transport equipment
Inflation rate (consumer prices)
3.21%
Inflation rate (consumer prices) 2022:
5.8% (2022 est.)
Inflation rate (consumer prices) 2023:
6% (2023 est.)
Inflation rate (consumer prices) 2024:
3.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
50.979 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
52.2 million persons
Labor force - by occupation
agriculture:
20.49%
industry:
19.96%
services:
59.55%
Population below poverty line
15.5% (2023 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2017:
39.9% of GDP (2017 est.)
Real GDP (purchasing power parity)
$1.37 trillion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$1.078 trillion (2022 est.)
Real GDP (purchasing power parity) 2023:
$1.137 trillion (2023 est.)
Real GDP (purchasing power parity) 2024:
$1.202 trillion (2024 est.)
Real GDP growth rate
5.69%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
7.6% (2022 est.)
Real GDP growth rate 2023:
5.5% (2023 est.)
Real GDP growth rate 2024:
5.7% (2024 est.)
Real GDP per capita
$11,794
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$9,500 (2022 est.)
Real GDP per capita 2023:
$9,900 (2023 est.)
Real GDP per capita 2024:
$10,400 (2024 est.)
Remittances
$40.28 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
9.4% of GDP (2022 est.)
Remittances 2023:
8.9% of GDP (2023 est.)
Remittances 2024:
8.7% of GDP (2024 est.)
Reserves of foreign exchange and gold
$106.2 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$96.04 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$103.742 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$106.195 billion (2024 est.)
Revenue (excl grants)
16 % of GDP
Tax revenue
14 % of GDP
Taxes and other revenues
14.1% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
2.24%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
2.6% (2022 est.)
Unemployment rate 2023:
2.3% (2023 est.)
Unemployment rate 2024:
2.2% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
8.3% (2024 est.)
Male:
5.6% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
6.6% (2024 est.)
Economic Rankings
External Debt
#15
Reserves
#28
GDP (PPP)
#30
Imports
#33
GDP (Nominal)
#33
GDP Growth Rate
#37
Exports
#44
Gini Index
#49
GDP per Capita
#123
Inflation Rate
#144
Unemployment Rate
#160
Quick Facts
Industries
semiconductors and electronics assembly, business process outsourcing, food and beverage manufacturing, construction, electric/gas/water supply, chemical products, radio/television/communications equi
Agricultural products
sugarcane, rice, coconuts, maize, bananas, vegetables, tropical fruits, plantains, pineapples, cassava (2023)
Labor force
50.979 million (2024 est.)
Exports - partners
China 19%, USA 13%, Hong Kong 12%, Japan 11%, Germany 5% (2023)
Imports - partners
China 25%, Indonesia 8%, Japan 8%, S. Korea 6%, USA 6% (2023)
Exchange rates
Philippine pesos (PHP) per US dollar -
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