Philippines/Economy

Economy of Philippines

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$437.1B(2023)
GDP PPP (USD)
$1.3T(2023)
GDP per Capita (USD)
$3,805(2023)
GDP Growth (inflation-adjusted)
5.5%(2023)
Inflation (CPI Annual %)
3.2%(2024)

Trade & Finance

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Exports (as share of GDP)
26.7%(2023)
Imports (as share of GDP)
40.7%(2023)
FDI Inflows (as share of GDP)
2.1%(2023)
Remittance Inflow (USD)
$39.1B(2023)
Tax Revenue (as share of GDP)
14.1%(2023)

Labor & Income

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Unemployment Rate
2.2%(2024)
Employment in Services
59.2%(2023)
Poverty Rate
15.5%(2023)
GINI Index
39.3(2023)
GNI per Capita (USD)
$4,320(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
551 kg oil eq.(2022)
Renewable Energy Consumption (%)
28%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Philippines

  • The economic architecture of Philippines is substantial, anchored by a Gross Domestic Product (GDP) of approximately $437.15B
    2023
    . This places it as the 34th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $3.8K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $1.26T, reflecting the population's domestic purchasing power. The economy is experiencing robust expansion, with a high growth rate of 5.5%
    2023
    , while managing moderate inflation, with a CPI of 3.2%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The nation runs a trade deficit, with exports at 26.7% of GDP and imports at 40.7%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting 2.09% of the economy
    2023
    . This performance positions the country 88th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $39.1B annually
    2023
    , highlighting the economic importance of its diaspora. The government faces fiscal constraints, with tax revenue representing only 14.1% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $4,320
    2023
    . Globally, this ranks the nation 117th out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The labor market is robust, with a low unemployment rate of 2.2%
    2024
    . The services sector is a primary driver of the labor market, accounting for 59.2% of total employment
    2023
    . Poverty remains a key issue, with 15.5% of the population living below the national poverty line
    2023
    . There is a moderate level of income inequality, with a Gini index of 39.3
    2023
    .
  • On the environment and energy front, energy consumption per capita is 550.794 kg of oil equivalent
    2022
    . There is a growing focus on sustainability, with renewable energy accounting for 28.0% of consumption
    2021
    . Its commitment to clean energy places it 107th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

The economy is in a "Goldilocks" state of strong growth, low inflation, and low unemployment, indicating robust macroeconomic health.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

Transitioning to a sustainable energy model is critical for mitigating climate risk and ensuring long-term energy security.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.