The Gross Domestic Product (GDP) in Philippines was worth 461.62 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Philippines represents 0.43 percent of the world economy. This dataset provides - Philippines GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

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 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.

The gross domestic product (GDP) per capita in the Philippines stood at 4,078.98 U.S. dollars in 2024. Between 1980 and 2024, the GDP per capita rose by 3,304.5 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 2,204.23 U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.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 rates and then divided by the total population. The gross domestic product 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).

Philippines GDP: USD: Seasonally Adjusted data was reported at 461.288 USD bn in 2024. This records an increase from the previous number of 436.654 USD bn for 2023. Philippines GDP: USD: Seasonally Adjusted data is updated yearly, averaging 117.535 USD bn from Dec 1987 (Median) to 2024, with 38 observations. The data reached an all-time high of 461.288 USD bn in 2024 and a record low of 38.406 USD bn in 1987. Philippines GDP: USD: Seasonally Adjusted 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.GEM: Gross Domestic Products: Nominal: Annual.

GDP, PPP (constant 2017 international $) in Philippines was reported at 1201987017722 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - GDP, PPP (constant 2005 international $) - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

The Philippines: Gross Domestic Product, billions of 2015 U.S. dollars: The latest value from 2024 is 454.7 billion U.S. dollars, an increase from 430.2 billion U.S. dollars in 2023. In comparison, the world average is 528.3 billion U.S. dollars, based on data from 177 countries. Historically, the average for the Philippines from 1960 to 2024 is 154.2 billion U.S. dollars. The minimum value, 31.3 billion U.S. dollars, was reached in 1960 while the maximum of 454.7 billion U.S. dollars was recorded in 2024.

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.

GDP of Philippines leapt by 5.62% from 437,055,627,244 US dollars in 2023 to 461,617,509,782 US dollars in 2024. Since the 4.00% downward trend in 2020, GDP rocketed by 27.61% in 2024. 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.

Key information about Philippines Current Account Balance: % of GDP

• Philippines Current Account deficit accounted for 4.3 % of the country's Nominal GDP in Mar 2023, compared with a 0.5 % surplus in the previous quarter.
• Philippines Current Account Balance: % of Nominal GDP data is updated quarterly, available from Mar 1981 to Mar 2023, with an average value of -0.7 %.
• The data reached an all-time high of 8.4 % in Dec 2006 and a record low of -9.8 % in Dec 1983.

CEIC calculates Current Account Balance as % of Nominal GDP from monthly Current Account Balance and quarterly Nominal GDP. Bangko Sentral ng Pilipinas provides Current Account Balance in USD. Philippine Statistics Authority provides Nominal GDP in local currency. Bangko Sentral ng Pilipinas average market exchange rate is used for currency conversions. 3.Current Account Balance as % of Nominal GDP prior to Q1 2005 is calculated from Current Account Balance sourced from the International Monetary Fund.


Key information about Philippines Current Account Balance: % of GDP

• In the latest reports of Philippines, Current Account recorded a deficit of 1.9 USD bn in Mar 2023.
• Foreign Direct Investment (FDI) increased by 548.2 USD mn in Mar 2023.
• Philippines Direct Investment Abroad expanded by 713.9 USD mn in Mar 2023.
• Its Foreign Portfolio Investment increased by 1.0 USD bn in Mar 2023.
• The country's Nominal GDP was reported at 102.1 USD bn in Mar 2023.

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.

GDP, PPP (current international $) in Philippines was reported at 1366276178143 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - GDP, PPP (current international $) - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

PH: GDP: 2015 Price: USD: Exports of Goods and Services data was reported at 125.058 USD bn in 2023. This records an increase from the previous number of 123.284 USD bn for 2022. PH: GDP: 2015 Price: USD: Exports of Goods and Services data is updated yearly, averaging 19.943 USD bn from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 125.058 USD bn in 2023 and a record low of 3.187 USD bn in 1960. PH: GDP: 2015 Price: USD: Exports of Goods and Services 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: Real. Exports of goods and services represent the value of all goods and other market services provided to the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments. Data are in constant 2015 prices, expressed in U.S. dollars.;World Bank national accounts data, and OECD National Accounts data files.;Gap-filled total;

The Philippines: GDP per capita, constant dollars: The latest value from 2024 is 3925.3 U.S. dollars, an increase from 3744.7 U.S. dollars in 2023. In comparison, the world average is 15841.40 U.S. dollars, based on data from 178 countries. Historically, the average for the Philippines from 1960 to 2024 is 1989.58 U.S. dollars. The minimum value, 1123.78 U.S. dollars, was reached in 1960 while the maximum of 3925.3 U.S. dollars was recorded in 2024.

Philippines: Gross Domestic Product, billions of 2010 U.S. dollars: Pour cet indicateur, La Banque mondiale fournit des données pour la Philippines de 1960 à 2023. La valeur moyenne pour Philippines pendant cette période était de 149.5 billion U.S. dollars avec un minimum de 31.3 billion U.S. dollars en 1960 et un maximum de 430.3 billion U.S. dollars en 2023.

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.

GDP growth of Philippines increased by 3.14% from 5.5 % in 2023 to 5.7 % in 2024. Since the 160.04% drop in 2021, GDP growth fell by 0.40% in 2024. Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 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 (current US$) in Philippines was reported at 461617509782 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Philippines - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on September of 2025.

The digital economy in the Philippines was poised for growth in recent periods, as seen in the gross merchandise value that reached roughly ** billion U.S. dollars in 2023. The internet economy will continue to see an upward trend in the following years, growing to around *** billion U.S. dollars in 2030.