In 2023, the estimated total GDP of all ASEAN states amounted to approximately 3.8 trillion U.S. dollars, a significant increase from the previous years. In fact, the GDP of the ASEAN region has been skyrocketing for a few years now, reflecting the region’s thriving economy. Power in the EastThe Association of Southeast Asian Nations (ASEAN) comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, and Vietnam. It was established in 1967 among five of these countries (Indonesia, Malaysia, Thailand, Singapore, and the Philippines) to facilitate trade and economic growth, as well as promote cultural development and social structures in the region. To date, they have been joined by another five nations. The ASEAN marketThe founding of the ASEAN organization provides the collaborating nations with more autonomy and influence on the global economy than they would have had by themselves. Additionally, struggling participating countries, such as Laos, are given an opportunity to grow on an ASEAN single market.

Key information about Philippines Nominal GDP

• Philippines Nominal GDP reached 112.5 USD bn in Dec 2022, compared with 93.0 USD bn in the previous quarter.
• Nominal GDP in Philippines is updated quarterly, available from Mar 1981 to Dec 2022, with an average number of 22.7 USD bn.
• The data reached an all-time high of 112.5 USD bn in Dec 2022 and a record low of 7.9 USD bn in Sep 1984.

CEIC converts quarterly Nominal GDP into USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions.


Related information about Philippines Nominal GDP

• In the latest reports, Philippines GDP expanded 7.1 % YoY in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 6.3 % in Dec 2022.
• Philippines GDP Per Capita reached 3,623.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 10.8 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 21.5 % in Dec 2022.
• Public Consumption accounted for 13.8 % in Dec 2022.
• Private Consumption accounted for 75.4 % in Dec 2022.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 461.62 billion U.S. dollars in 2024. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 757.67 billion U.S. dollars by 2030. The Philippines’ economy GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector . Sectors of the economy The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.

The Gross Domestic Product per capita in Philippines was last recorded at 3925.30 US dollars in 2024. The GDP per Capita in Philippines is equivalent to 31 percent of the world's average. This dataset provides - Philippines GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Philippines PH: GDP: USD: Gross National Income: Atlas Method data was reported at 383.509 USD bn in 2017. This records an increase from the previous number of 369.869 USD bn for 2016. Philippines PH: GDP: USD: Gross National Income: Atlas Method data is updated yearly, averaging 43.489 USD bn from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 383.509 USD bn in 2017 and a record low of 5.119 USD bn in 1964. Philippines PH: GDP: USD: Gross National Income: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Gross Domestic Product: Nominal. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.; ; World Bank national accounts data, and OECD National Accounts data files.; Gap-filled total;

The Philippines: Gross Domestic Product, billions of U.S. dollars: The latest value from 2024 is 461.62 billion U.S. dollars, an increase from 437.06 billion U.S. dollars in 2023. In comparison, the world average is 612.35 billion U.S. dollars, based on data from 176 countries. Historically, the average for the Philippines from 1960 to 2024 is 116.33 billion U.S. dollars. The minimum value, 4.95 billion U.S. dollars, was reached in 1962 while the maximum of 461.62 billion U.S. dollars was recorded in 2024.

In 2024, the real gross domestic product (GDP) in Vietnam grew by approximately **** percent, marking the highest growth rate in Southeast Asia. In comparison, Myanmar's real GDP growth rate dropped by **** percent. Southeast Asia, a tapestry of economic and cultural complexity Historically a critical component of global trade, Southeast Asia is a diverse region with heterogeneous economies. The region comprises ** countries in total. While Singapore is a highly developed country economy and Brunei has a relatively high GDP per capita, the rest of the Southeast Asian countries are characterized by lower GDPs per capita and have yet to overcome the middle-income trap. Malaysia is one of these countries, having reached the middle-income level for many decades but yet to grow incomes proportionally to its economic development. Nevertheless, Southeast Asia’s young population will further drive economic growth across the region’s markets. ASEAN’s economic significance Aiming to promote economic growth, social progress, cultural development, and regional stability, all Southeast Asian countries except for Timor-Leste are part of the political and economic union Association of Southeast Asian Nations (ASEAN). Even though many concerns surround the union, ASEAN has avoided trade conflicts and is one of the largest and most dynamic trade zones globally. Factors such as the growing young population, high GDP growth, a largely positive trade balance, and exemplary regional integration hold great potential for future economic development in Southeast Asia.

The Philippines: Percent of world GDP: The latest value from 2023 is 0.41 percent, an increase from 0.4 percent in 2022. In comparison, the world average is 0.53 percent, based on data from 188 countries. Historically, the average for the Philippines from 1980 to 2023 is 0.31 percent. The minimum value, 0.22 percent, was reached in 1990 while the maximum of 0.43 percent was recorded in 2019.

Key information about Philippines Government Debt: % of GDP

• Philippines Government debt accounted for 60.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 61.3 % in the previous quarter.
• Philippines government debt to GDP ratio data is updated quarterly, available from Mar 1993 to Dec 2024.
• The data reached an all-time high of 72.3 % in Sep 2004 and a record low of 39.6 % in Dec 2019.

CEIC calculates quarterly Government Debt as % of Nominal GDP from monthly Government Debt and rolling sum of quarterly Nominal GDP. The Bureau of Treasury provides Government Debt in local currency. The Philippine Statistics Authority provides Nominal GDP in local currency. Government Debt covers Central Government only.


Related information about Philippines Government Debt: % of GDP

• In the latest reports, Philippines National Government Debt reached 276.7 USD bn in Dec 2024.
• The country's Nominal GDP reached 102.1 USD bn in Mar 2023.

In 2024, the wholesale retail and trade and the repair of motor vehicles and motorcycles sector contributed the highest share of gross domestic product (GDP) in the Philippines at **** percent. This was followed by the manufacturing sector, accounting for **** percent.

Philippines PH: GDP: USD: Gross National Income per Capita: Atlas Method data was reported at 3,660.000 USD in 2017. This records an increase from the previous number of 3,580.000 USD for 2016. Philippines PH: GDP: USD: Gross National Income per Capita: Atlas Method data is updated yearly, averaging 730.000 USD from Dec 1962 (Median) to 2017, with 56 observations. The data reached an all-time high of 3,660.000 USD in 2017 and a record low of 170.000 USD in 1964. Philippines PH: GDP: USD: Gross National Income per Capita: Atlas Method data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.World Bank.WDI: Gross Domestic Product: Nominal. GNI per capita (formerly GNP per capita) is the gross national income, converted to U.S. dollars using the World Bank Atlas method, divided by the midyear population. GNI is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

The Philippines: GDP per capita, Purchasing Power Parity: The latest value from 2024 is 10376 U.S. dollars, an increase from 9899 U.S. dollars in 2023. In comparison, the world average is 27291 U.S. dollars, based on data from 177 countries. Historically, the average for the Philippines from 1990 to 2024 is 6342 U.S. dollars. The minimum value, 4283 U.S. dollars, was reached in 1993 while the maximum of 10376 U.S. dollars was recorded in 2024.

This dataset provides values for GDP PER CAPITA reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The statistic shows gross domestic product (GDP) per capita in the ASEAN countries from 2020 to 2023, with projections up until 2030. In 2025, GDP per capita in Singapore was projected to be almost ****** U.S. dollars: more than 10 times the total of most other ASEAN countries, and almost 80 times larger than that of Myanmar.

Philippines recorded a Government Debt to GDP of 60.70 percent of the country's Gross Domestic Product in 2024. This dataset provides - Philippines Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Key information about Philippines Investment: % of GDP

• Philippines Investment accounted for 21.4 % of its Nominal GDP in Dec 2024, compared with a ratio of 23.8 % in the previous quarter.
• Philippines investment share of Nominal GDP data is updated quarterly, available from Jun 1972 to Dec 2024, with an average ratio of 22.5 %.
• The data reached an all-time high of 35.3 % in Mar 1983 and a record low of 12.5 % in Jun 2020.

CEIC calculates Investment as % of Nominal GDP from quarterly Nominal Gross Capital Formation and quarterly Nominal GDP. Philippine Statistics Authority provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency. Investment as % of Nominal GDP prior to Q1 1981 is sourced from the International Monetary Fund.


Related information about Philippines Investment: % of GDP

• In the latest reports, Philippines GDP expanded 6.4 % YoY in Mar 2023.
• Philippines Nominal GDP reached 102.1 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 6.8 % in Mar 2023.
• Philippines GDP Per Capita reached 3,623.5 USD in Dec 2022.
• Its Gross Savings Rate was measured at 7.6 % in Mar 2023.

Time series data for the data Real Gross Domestic Product - Components - Current Local Curreny Unit (CLU) for the country Philippines. Indicator Definition:Real Private Sector Final Consumption Expenditure, Unadjusted, Domestic CurrencyThe indicator "Real Private Sector Final Consumption Expenditure, Unadjusted, Domestic Currency" stands at 15.91 Trillion Philippine Pesos as of 9/30/2024, the highest value at least since 6/30/2001, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 4.95 percent compared to the value the year prior.The 1 year change in percent is 4.95.The 3 year change in percent is 20.68.The 5 year change in percent is 15.15.The 10 year change in percent is 55.75.The Serie's long term average value is 9.86 Trillion Philippine Pesos. It's latest available value, on 9/30/2024, is 61.26 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 3/31/2001, to it's latest available value, on 9/30/2024, is +193.96%.The Serie's change in percent from it's maximum value, on 9/30/2024, to it's latest available value, on 9/30/2024, is 0.0%.Indicator Definition:Real General Government Final Consumption Expenditure, Unadjusted, Domestic CurrencyThe indicator "Real General Government Final Consumption Expenditure, Unadjusted, Domestic Currency" stands at 3.15 Trillion Philippine Pesos as of 9/30/2024, the highest value at least since 6/30/2001, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes an increase of 4.70 percent compared to the value the year prior.The 1 year change in percent is 4.70.The 3 year change in percent is 12.95.The 5 year change in percent is 36.28.The 10 year change in percent is 108.97.The Serie's long term average value is 1.61 Trillion Philippine Pesos. It's latest available value, on 9/30/2024, is 95.81 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 12/31/2002, to it's latest available value, on 9/30/2024, is +300.36%.The Serie's change in percent from it's maximum value, on 9/30/2024, to it's latest available value, on 9/30/2024, is 0.0%.Indicator Definition:Real Gross Fixed Capital Formation, Unadjusted, Domestic CurrencyThe indicator "Real Gross Fixed Capital Formation, Unadjusted, Domestic Currency" stands at 5.15 Trillion Philippine Pesos as of 9/30/2024, the highest value since 6/30/2020. Regarding the One-Year-Change of the series, the current value constitutes an increase of 7.58 percent compared to the value the year prior.The 1 year change in percent is 7.58.The 3 year change in percent is 27.90.The 5 year change in percent is 0.999.The 10 year change in percent is 83.17.The Serie's long term average value is 2.84 Trillion Philippine Pesos. It's latest available value, on 9/30/2024, is 81.03 percent higher, compared to it's long term average value.The Serie's change in percent from it's minimum value, on 3/31/2002, to it's latest available value, on 9/30/2024, is +324.69%.The Serie's change in percent from it's maximum value, on 12/31/2019, to it's latest available value, on 9/30/2024, is -0.536%.Indicator Definition:Real Changes in Inventories, Unadjusted, Domestic CurrencyThe indicator "Real Changes in Inventories, Unadjusted, Domestic Currency" stands at 0.0342 Trillion Philippine Pesos as of 9/30/2024, the highest value since 9/30/2023. Regarding the One-Year-Change of the series, the current value constitutes an increase of 0.0788 Trillion Philippine Pesos compared to the value the year prior.The 1 year change is 0.0788 Trillion Philippine Pesos.The 3 year change is 0.1485 Trillion Philippine Pesos.The 5 year change is 0.1 Trillion Philippine Pesos.The 10 year change is -0.0038 Trillion Philippine Pesos.The Serie's long term average value is -0.0205 Trillion Philippine Pesos. It's latest available value, on 9/30/2024, is 0.0547 Trillion Philippine Pesos higher, compared to it's long term average value.The Serie's change in Philippine Pesos from it's minimum value, on 12/31/2020, to it's latest available value, on 9/30/2024, is +0.4201 Trillion.The Serie's change in Philippine Pesos from it's maximum value, on 3/31/2002, to it's latest available value, on 9/30/2024, is -0.1976 Trillion.Indicator Definition:Net Trade is defined as exports minus imports (measured in local currency units (LCU)).The indicator "Net Trade (Current LCU)" stands at -2.33 Trillion Philippine Pesos as of 9/30/2024, the lowest value at least since 6/30/2001, the period currently displayed. Regarding the One-Year-Change of the series, the current value constitutes a decrease of -9.11 percent compared to the value the year prior.The 1 year change in percent is -9.11.The 3 year change in percent is -39.08.The 5 year change in percent is -7.70.The 10 year change in percent is -219.62.The Serie's long term average value ...

Key information about Philippines External Debt: % of GDP

• Philippines External Debt accounted for 28.7 % of the country's Nominal GDP in 2023, compared with the ratio of 27.5 % in the previous year.
• Philippines External Debt: % of Nominal GDP data is updated yearly, available from Dec 1990 to Dec 2023.
• The data reached an all-time high of 73.9 % in Dec 2001 and a record low of 22.2 % in Dec 2019.

CEIC calculates External Debt as % of Nominal GDP from annual External Debt and annual Nominal GDP. Bangko Sentral ng Pilipinas provides External Debt in USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions. External Debt prior to 2005 is calculated as the sum of discontinued Total External Debt, Intercompany Accounts: Phil Branches of Foreign Banks, Loans without BSP Approval and Private Sector Obligations under Capital Lease Arrangements. These three items have been included in the Total External Debt under the new reporting framework.


Related information about Philippines External Debt: % of GDP

• In the latest reports of Philippines, Current Account recorded a surplus of 106.8 USD mn in Dec 2023.
• Foreign Direct Investment (FDI) increased by 826.1 USD mn in Dec 2023.
• Philippines Direct Investment Abroad expanded by 638.5 USD mn in Dec 2023.
• Its Foreign Portfolio Investment increased by 1.8 USD bn in Dec 2023.
• The country's External Debt reached 125,393.7 in Dec 2023.
• The country's Nominal GDP was reported at 102.1 USD bn in Mar 2023.

Key information about Philippines Household Debt: % of GDP

• Philippines household debt accounted for 11.7 % of the country's Nominal GDP in Dec 2024, compared with the ratio of 11.3 % in the previous quarter.
• Philippines household debt to GDP ratio is updated quarterly, available from Mar 2009 to Dec 2024.
• The data reached an all-time high of 11.7 % in Dec 2024 and a record low of 4.7 % in Mar 2009.

CEIC calculates quarterly Household Debt as % of Nominal GDP from quarterly Household Debt and quarterly Nominal GDP. Bangko Sentral ng Pilipinas provides Household Debt in local currency. Philippine Statistics Authority provides Nominal GDP in local currency. Loans are used due to the lack of Flow of Funds statistics.


Related information about Philippines Household Debt: % of GDP

• In the latest reports, Philippines Household Debt reached 53.2 USD bn in Dec 2024.
• Money Supply M2 in Philippines increased 7.2 % YoY in Jan 2025.
• Philippines Foreign Exchange Reserves was measured at 90.8 USD bn in Dec 2024.
• The Foreign Exchange Reserves equaled 7.6 Months of Import in Jan 2025.
• Philippines Domestic Credit reached 347.3 USD bn in Jan 2025, representing an increased of 10.9 % YoY.
• The country's Non Performing Loans Ratio stood at 3.3 % in Dec 2024, compared with the ratio of 3.5 % in the previous month.