The ocean and the beach in the Philippines

Philippines Economic Data & Projections

Philippines' Macroeconomic Analysis:

Nominal GDP of USD 404 billion in 2022.

Nominal GDP of USD 437 billion in 2023.

GDP per capita of USD 3,872 compared to the global average of USD 10,589.

GDP per capita of USD 3,621 compared to the global average of USD 10,589.

Average real GDP growth of 5.2% over the last decade.

Average real GDP growth of 5% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 61% of overall GDP, manufacturing 18%, other industrial activity 11%, and agriculture 10%. Looking at GDP by expenditure, private consumption accounted for 75% of GDP in 2021, government consumption 16%, fixed investment 21%, and net exports -12%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2021, manufactured products made up 80% of total merchandise exports, mineral fuels 1%, food 9%, ores and metals 7% and agricultural raw materials 1%, with other categories accounting for 2% of the total. In the same period, manufactured products made up 71% of total merchandise imports, mineral fuels 12%, food 13%, ores and metals 2% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 79 billion in 2022, while total imports were USD 137 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 5.2% in the decade to 2022. To read more about GDP growth in the Philippines, go to our dedicated page.

Fiscal policy

Philippines's fiscal deficit averaged 3.6% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 6.6% in the decade to 2022. For more information on Philippines's unemployment click here.

Inflation

Inflation averaged 3.1% in the decade to 2022. Go to our Philippines inflation page for extra insight.

Monetary Policy

The Philippines monetary policy rate ended 2022 at 5.50%, up from 3.50% a decade earlier. See our Philippines monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the peso weakened by 26.2% vs the U.S. dollar. For more info on the peso, click here.

Economic situation in Philippines

Annual GDP growth fell to 5.2% in Q3 from 6.4% in Q2, as the El Niño weather event and Typhoons Yagi and Gaemi battered the country. On the consumption side, decelerations in public spending and fixed investment plus a larger negative contribution from net exports outweighed stronger private spending growth. Heading into Q4, economic growth is forecast near Q3 levels. That said, a renewed bout of extreme weather in October-November is set to hit agricultural production, fueling inflation and likely depressing goods exports. More positively, tourist arrivals growth roughly doubled from Q3 in October, boding well for services activity. Additionally, lower interest rates should be supporting borrowing, and upbeat PMI survey data points to a sustained improvement in the key manufacturing sector at the start of the quarter.

Philippines Economic Forecasts

Projections out to 2034.

53 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 36 expert analysts.

Want to get insight on the economic outlook for Philippines in the coming years? FocusEconomics collects projections out to 2034 on 53 economic indicators for Philippines from a panel of 36 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Philippines economy. To download a sample report on the Philippines' economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Philippines Economic Indicators

2019 2020 2021 2022 2023
Population (million) 107 109 110 111 112
GDP (USD bn) 377 362 394 404 437
GDP per capita (USD) 3,513 3,314 3,578 3,642 3,906
GDP (PHP bn) 19,518 17,952 19,411 22,028 24,319
Economic Growth (Nominal GDP, ann. var. %) 6.9 -8.0 8.1 13.5 10.4
Economic Growth (GDP, ann. var. %) 6.1 -9.5 5.7 7.6 5.5
Domestic Demand (ann. var. %) 5.6 -12.2 7.4 8.9 5.0
Private Consumption (ann. var. %) 5.9 -8.0 4.2 8.3 5.6
Government Consumption (ann. var. %) 9.1 10.5 7.2 5.1 0.6
Fixed Investment (ann. var. %) 3.9 -27.3 9.8 9.8 8.2
Exports (G&S, ann. var. %) 2.6 -16.1 8.0 11.0 1.4
Imports (G&S, ann. var. %) 2.3 -21.6 12.8 14.0 1.0
Manufacturing Production (ann. var. %) 3.8 -9.8 8.9 4.9 1.3
Unemployment (% of active population, aop) 5.1 10.4 7.8 5.4 4.4
Fiscal Balance (% of GDP) -3.4 -7.6 -8.6 -7.3 -6.2
Public Debt (% of GDP) 39.6 54.6 60.4 60.9 60.1
Money (ann. var. of M2 %) 10.9 10.3 8.9 7.8 6.5
Inflation (CPI, ann. var. %, eop) 2.4 3.3 3.1 8.1 3.9
Inflation (CPI, ann. var. %, aop) 2.4 2.4 3.9 5.8 6.0
Inflation (PPI, ann. var. %, aop) -2.3 -4.6 -1.8 6.5 1.4
Target Reverse Repurchase (RRP) Rate (%, eop) 4.00 2.00 2.00 5.50 6.50
91-Day Treasury Bill (%, eop) 3.00 1.02 1.13 4.09 5.00
10-Year Bond Yield (%, eop) 4.45 3.02 4.82 7.01 5.95
Stock Market (ann. var. of PSEi %) 4.7 -8.6 -0.2 -7.8 -1.8
Exchange Rate (PHP per USD, eop) 50.65 48.02 50.99 55.73 55.38
Exchange Rate (PHP per USD, aop) 51.78 49.60 49.29 54.51 55.63
Current Account Balance (USD bn) -3.0 11.6 -5.9 -18.3 -11.8
Current Account Balance (% of GDP) -0.8 3.2 -1.5 -4.5 -2.7
Merchandise Trade Balance (USD bn) -40.7 -24.6 -42.2 -57.6 -52.6
Merchandise Exports (USD bn) 70.9 65.2 74.7 79.6 73.6
Merchandise Imports (USD bn) 111.6 89.8 116.9 137.2 126.2
Merchandise Exports (ann. var. %) 2.3 -8.1 14.5 6.5 -7.5
Merchandise Imports (ann. var. %) -1.1 -19.5 30.1 17.4 -8.0
Foreign Direct Investment (USD bn) 8.7 6.8 12.0 5.9 6.2
Remittances (USD bn) 25.6 25.6 27.0 28.0 33.5
International Reserves (USD bn) 87.8 110.1 108.8 96.1 103.8
International Reserves (months of imports) 9.4 14.7 11.2 8.4 9.9
External Debt (USD bn) 83.6 98.5 106.4 111.3 125.4
External Debt (% of GDP) 22.2 27.2 27.0 27.5 28.7
Free Sample Report

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