Philippines - Economy
How is the economy of Philippines? Based on the information we have, Philippines has a 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 . Key agricultural products in this country include: sugarcane, rice, coconuts, maize, bananas, vegetables, tropical fruits, plantains, pineapples, cassava (2023).
More about the economy of Philippines
| Labor force | 50.979 million (2024 est.) |
|---|---|
| Industrial production growth rate | 5.6% (2024 est.) |
| 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 |
| Population below poverty line | 15.5% (2023 est.) |
| Taxes and other revenues | 14.1% (of GDP) (2023 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Philippine pesos (PHP) per US dollar - |
| Exchange rates 2024 | 57.291 (2024 est.) |
| Exchange rates 2023 | 55.63 (2023 est.) |
| Exchange rates 2022 | 54.478 (2022 est.) |
| Exchange rates 2021 | 49.255 (2021 est.) |
| Exchange rates 2020 | 49.624 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $63.241 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $106.195 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $103.742 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $96.04 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$17.514 billion (2024 est.) |
| Current account balance 2023 | -$12.387 billion (2023 est.) |
| Current account balance 2022 | -$18.261 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 39.9% of GDP (2017 est.) |
| Budget | |
| Revenues | $65.069 billion (2022 est.) |
| Expenditures | $93.871 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 8.7% of GDP (2024 est.) |
| Remittances 2023 | 8.9% of GDP (2023 est.) |
| Remittances 2022 | 9.4% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.9% (2023 est.) |
| Highest 10% | 31.6% (2023 est.) |
| Average household expenditures | |
| On food | 37.3% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $161.154 billion (2024 est.) |
| Imports 2023 | $151.441 billion (2023 est.) |
| Imports 2022 | $152.638 billion (2022 est.) |
| Imports (partners) | China 25%, Indonesia 8%, Japan 8%, S. Korea 6%, USA 6% (2023) |
| Comodities Imports force | integrated circuits, refined petroleum, cars, crude petroleum, coal (2023) |
| Exports | |
| Imports 2024 | $161.154 billion (2024 est.) |
| Imports 2023 | $151.441 billion (2023 est.) |
| Imports 2022 | $152.638 billion (2022 est.) |
| Exports (partners) | China 19%, USA 13%, Hong Kong 12%, Japan 11%, Germany 5% (2023) |
| Comodities Exports force | integrated circuits, machine parts, gold, insulated wire, semiconductors (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.202 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $1.137 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.078 trillion (2022 est.) |
| GDP (official exchange rate) | $461.618 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $10,400 (2024 est.) |
| Real GDP per capita 2023 | $9,900 (2023 est.) |
| Real GDP per capita 2022 | $9,500 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 9.1% (2024 est.) |
| Industry | 27.7% (2024 est.) |
| Services | 63.2% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 76.1% (2024 est.) |
| Government consumption | 14.5% (2024 est.) |
| Investment in fixed capital | 23.6% (2024 est.) |
| Investment in inventories | 0.1% (2024 est.) |
| Exports of goods and services | 25.8% (2024 est.) |
| Imports of goods and services | -40.1% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 2.2% (2024 est.) |
| Unemployment rate 2023 | 2.3% (2023 est.) |
| Unemployment rate 2022 | 2.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.6% (2024 est.) |
| Male | 5.6% (2024 est.) |
| Female | 8.3% (2024 est.) |
All Important Facts about Philippines
Want to know more about Philippines? Check all different factbooks for Philippines below.
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Philippines Factbook
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The Economy of Philippines
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Learn about the Government of Philippines
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Communication in Philippines
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Popular Universities in Philippines
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Enerny in Philippines
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Transport in Philippines
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The Geography and society of Philippines
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The Environment of Philippines
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Military and security in Philippines