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Philippines' economy in numbers:
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.
Economic structure:
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.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.
53 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 34 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 34 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.