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.) |
Labor force: |
2 million (June 2003) |
Labor force - by occupation: |
financial, business, and other services 49%, manufacturing 18%, construction
6%, transportation and communication 11%, other 16% (2003) |
Unemployment rate: |
5% (2003 est.) |
Budget: |
revenues: $17.4 billion
expenditures: $17.6 billion,
including capital expenditures of $5.6 billion (FY03/04 est.) |
Industries: |
electronics, chemicals, financial services, oil drilling equipment,
petroleum refining, rubber processing and rubber products, processed food
and beverages, ship repair, offshore platform construction, life sciences,
entrepot trade |
Industrial production growth rate: |
7.5% (2003 est.) |
Electricity - production: |
30.48 billion kWh (2001) |
Electricity - production by source: |
fossil fuel: 100%
hydro: 0%
other: 0%
(2001)
nuclear: 0% |
Electricity - consumption: |
28.35 billion kWh (2001) |
Electricity - exports: |
0 kWh (2001) |
Electricity - imports: |
0 kWh (2001) |
Oil - production: |
0 bbl/day (2001 est.) |
Oil - consumption: |
700,000 bbl/day (2001 est.) |
Oil - exports: |
NA |
Oil - imports: |
NA |
Natural gas - production: |
0 cu m (2001 est.) |
Natural gas - consumption: |
2.5 billion cu m (2001 est.) |
Natural gas - exports: |
0 cu m (2001 est.) |
Natural gas - imports: |
2.5 billion cu m
: Note: from Indonesia and Malaysia (2001
est.) |
Agriculture - products: |
rubber, copra, fruit, orchids, vegetables, poultry, eggs, fish, ornamental
fish |
Exports: |
$142.4 billion f.o.b. (2003 est.) |
Exports - commodities: |
machinery and equipment (including electronics), consumer goods, chemicals,
mineral fuels |
Exports - partners: |
Malaysia 17.4%, US 15.3%, Hong Kong 9.2%, Japan 7.1%, China 5.5%, Taiwan
4.9%, Thailand 4.6%, South Korea 4.2% (2002) |
Imports: |
$121.6 billion (2003 est.) |
Imports - commodities: |
machinery and equipment, mineral fuels, chemicals, foodstuffs |
Imports - partners: |
Malaysia 18.2%, US 14.3%, Japan 12.5%, China 7.6%, Thailand 4.6%, Taiwan
4.6% (2002) |
Debt - external: |
$9.1 billion (2003 est.) |
Economic aid - recipient: |
$NA |
Currency: |
philippines dollar (SGD) |
Currency code: |
SGD |
Exchange rates: |
philippines dollars per US dollar - 1.74 (2003), 1.79 (2002), 1.79 (2001),
1.72 (2000), 1.69 (1999) |
Fiscal year: |
1 April - 31 March |
