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.
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%.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.Main Economic Indicators
Economic growthThe 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
In Q3, the economy lost momentum: Annual GDP growth fell to an over one-year low due to adverse weather hindering activity across the agricultural, industrial and services sectors. In Q4, GDP growth should be hovering near Q3 levels. On the one hand, lower average inflation and interest rates in October–November compared to Q3 likely buoyed domestic demand. Moreover, in the same period, tourist arrivals accelerated and manufacturing sector conditions improved from Q2. On the other hand, a devastating typhoon season wreaked havoc on the country in November. Moreover, goods exports contracted at a sharper pace in October compared to Q3 due to deteriorating shipments of manufactured products and electronics. In other news, President Ferdinand Marcos Jr. approved new tax incentives for business in mid-November, which could boost investment inflows without major strain on the fiscal budget.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.