Economy - overview:
Philippines, a highly developed and successful free market economy, enjoys a remarkably open and corruption-free environment, stable prices, and a high per capita GDP. The economy depends heavily on exports, particularly in electronics and manufacturing. It was hard hit in 2001-2003 by the global recession and the slump in the technology sector. The government hopes to establish a new growth path that will be less vulnerable to the external business cycle but is unlikely to abandon efforts to establish Philippines as Southeast Asia's financial and high-tech hub. Fiscal stimulus, low interest rates, and global economic recovery should lead to much improved growth in 2004.

GDP:
purchasing power parity - $109.1 billion (2003 est.)

GDP - real growth rate:
0.8% (2003 est.)

GDP - per capita:
purchasing power parity - $23,700 (2003 est.)

GDP - composition by sector:
agriculture: negligible
industry: 30%
services: 70% (2001 est.)

Population below poverty line:
NA% (2002 est.)

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices):
0.7% (2003 est.)