The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 404.28 billion U.S. dollars in 2022. 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 709.64 billion U.S. dollars by 2029. 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 (GDP) in Philippines expanded 1.80 percent in the fourth quarter of 2024 over the previous quarter. This dataset provides - Philippines GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The Gross Domestic Product (GDP) in Philippines was worth 437.15 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Philippines represents 0.41 percent of the world economy. This dataset provides - Philippines GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The growth of the real gross domestic product (GDP) in the Philippines was forecast to increase between 2024 and 2029 by in total 0.6 percentage points. This overall increase does not happen continuously, notably not in 2029. The growth is estimated to amount to 6.31 percent in 2029. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Vietnam, Laos, and Malaysia.

GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The Gross Domestic Product per capita in Philippines was last recorded at 3745.65 US dollars in 2023. The GDP per Capita in Philippines is equivalent to 30 percent of the world's average. This dataset provides - Philippines GDP per capita - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product (GDP) per capita in the Philippines was forecast to continuously increase between 2024 and 2029 by in total 1,773.8 U.S. dollars (+42.71 percent). After the ninth consecutive increasing year, the GDP per capita is estimated to reach 5,927.36 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Indonesia, Singapore, and Vietnam.

PDB (Produk Domestik Bruto) di Filipina tumbuh 5,20 persen pada kuartal keempat tahun 2024 dibandingkan dengan kuartal yang sama tahun sebelumnya. Nilai saat ini, data historis, perkiraan, statistik, grafik dan kalender ekonomi - Filipina - Pertumbuhan PDB (y-on-y).

In 2023, the real gross domestic product (GDP) in the Philippines grew by approximately 5.55 percent, marking the highest growth rate in Southeast Asia. In comparison, Singapore's real GDP growth rate dropped to less than 1.1 percent. Most Southeast Asian economies are projected to see an increase in their real GDP growth rates in 2025 compared to 2023, except for Laos and Myanmar. 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 11 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.

Philippines gdp growth rate for 2023 was 5.55%, a 2.04% decline from 2022.

• Philippines gdp growth rate for 2022 was 7.58%, a 1.87% increase from 2021.
• Philippines gdp growth rate for 2021 was 5.71%, a 15.23% increase from 2020.
• Philippines gdp growth rate for 2020 was -9.52%, a 15.64% decline from 2019.

Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

GDP from Transport in Philippines increased to 236997.13 PHP Million in the fourth quarter of 2024 from 202482.25 PHP Million in the third quarter of 2024. This dataset provides the latest reported value for - Philippines Gdp From Transport - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

This statistic shows the share of economic sectors in the gross domestic product (GDP) in the Philippines from 2013 to 2023. In 2023, the share of agriculture in the Philippines' gross domestic product was 9.4 percent, industry contributed approximately 28.18 percent and the services sector contributed about 62.42 percent.

GDP from Services in Philippines increased to 3841361.67 PHP Million in the fourth quarter of 2024 from 3497684.72 PHP Million in the third quarter of 2024. This dataset provides - Philippines Gdp From Services- actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

In 2022, the estimated total GDP of all ASEAN states amounted to approximately 3.67 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.

GDP from Agriculture in Philippines increased to 522710.71 PHP Million in the fourth quarter of 2024 from 399110.91 PHP Million in the third quarter of 2024. This dataset provides the latest reported value for - Philippines Gdp From Agriculture - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The current health expenditure as a share of the GDP in the Philippines was forecast to continuously increase between 2024 and 2029 by in total one percentage points. After the seventh consecutive increasing year, the share is estimated to reach 6.24 percent and therefore a new peak in 2029. According to Worldbank health spending includes expenditures with regards to healthcare services and goods. It is depicted here in relation to the total gross domestic product (GDP) of the country or region at hand.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in up to 150 countries and regions worldwide. All indicators are sourced from international and national statistical offices, trade associations and the trade press and they are processed to generate comparable data sets (see supplementary notes under details for more information).Find more key insights for the current health expenditure as a share of the GDP in countries like Thailand and Cambodia.

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.

In terms of real gross domestic product (GDP) growth in selected countries across all regions, India is estimated to have the largest growth in 2023, followed by the Philippines and Kazakhstan. Moreover, GDP growth rates are estimated to be negative in Germany, Argentina, and Pakistan that year.

GDP Deflator in Philippines increased to 122.33 points in the fourth quarter of 2024 from 117.63 points in the third quarter of 2024. This dataset provides - Philippines GDP Deflator - actual values, historical data, forecast, chart, statistics, economic calendar and news.