ARCHIVE // PH // TIME-SERIES
Economic overview
Philippines — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | The economy continues to recover from the political turmoil following the ouster of former President Marcos and several coup attempts. After two consecutive years of economic contraction (1984 and 1985), the economy has since 1986 had positive growth. The agricultural sector, together with forestry and fishing, plays an important role in the economy, employing about 50% of the work force and providing almost 30% of GDP. The Philippines is the world's largest exporter of coconuts and coconut prod |
| 1991 | The economy continues to recover from the political turmoil following the ouster of former President Marcos and several coup attempts. After two consecutive years of economic contraction (1984 and 1985), the economy has since 1986 had positive growth, although in 1990 the economy slowed considerably from 1989. The agricultural sector together with forestry and fishing, plays an important role in the economy, employing about 45% of the work force and providing almost 30% of GDP. The Philippines i |
| 1992 | Following the recession of 1984-85, the Philippine economy grew on the average of 5.0% per year during 1986-89. It slowed again during the period 1990-91. The agricultural sector together with forestry and fishing, plays an important role in the economy, employing about 45% of the work force and providing almost 30% of GDP. The Philippines is the world's largest exporter of coconuts and coconut products. Manufacturing contributes about 35% of GDP. Major industries include food processing, chemic |
| 1993 | Domestic output in this primarily agricultural economy remained the same in 1992 as in 1991. Drought and power supply problems hampered production, while inadequate revenues prevented government pump priming. Despite a flat GDP performance, GNP mustered a small 0.6% expansion, attributable to inflows of workers' remittances combined with smaller foreign interest payments. A marked increase in capital goods imports, particularly power generations equipment, telecommunications equipment, and elect |
| 1994 | Domestic output in this primarily agricultural economy failed to grow in 1992 and rose only slightly in 1993. Drought and power supply problems hampered production, while inadequate revenues prevented government pump priming. Worker remittances helped to supplement GDP. A marked increase in capital goods imports, particularly power generating equipment, telecommunications equipment, and electronic data processors, contributed to 20% import growth in both 1992 and 1993. |
| 1995 | Domestic output in this primarily agricultural economy failed to grow in 1992 and rose only slightly in 1993. Drought and power supply problems hampered production, while inadequate revenues prevented government pump priming. Worker remittances helped to supplement GDP. A marked increase in capital goods imports, particularly power generating equipment, telecommunications equipment, and electronic data processors, contributed to 20% annual import growth in 1992-94. Provided the government can co |
| 1996 | The Philippine economy, primarily a mixture of agriculture and light industry, continued its third year of recovery in 1995, led by growth in exports and investments. Officials have targeted 5%-6% growth for 1996 after achieving 4.8% growth in 1995. The government is continuing its economic reforms to enable the Philippines to move closer to the development of the newly industrialized countries of East Asia. The strategy includes improving infrastructure and plans to overhaul the tax system to b |
| 1997 | The Philippine economy, primarily a mixture of agriculture and light industry, continued its fourth year of recovery in 1996, led by growth in exports and investments. Officials have targeted 7.1%-7.8% growth for 1997 after achieving an estimated 5.5% growth in 1996. The government is continuing its economic reforms to enable the Philippines to move closer to the development of the newly industrialized countries of East Asia. The strategy includes improving infrastructure, overhauling the tax sy |
| 1998 | In 1997 the Philippine economy, primarily a mixture of agriculture and light industry, continued its fifth year of positive economic growth, led by expansion of exports and investment. The government expects growth to slow to about 3% in 1998 due to spillover effects of the financial crisis in East Asia. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes impro |
| 1999 | In 1998 the Philippine economy?a mixture of agriculture, light industry, and supporting services--deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but is expected to recover to more than 2% in 1999. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving |
| 2000 | In 1998 the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to 2.9% in 1999. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving infrastructure, ov |
| 2001 | In 1998 the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to about -0.5% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 3.6% in 2000. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improvi |
| 2002 | In 1998 the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to 0.6% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 4% in 2000. The government has promised to continue its economic reforms to help the Philippines match the pace of development in the newly industrialized countries of East Asia. The strategy includes improving infras |
| 2003 | In 1998, the Philippine economy - a mixture of agriculture, light industry, and supporting services - deteriorated as a result of spillover from the Asian financial crisis and poor weather conditions. Growth fell to 0.6% in 1998 from 5% in 1997, but recovered to about 3.3% in 1999, 4.5% in 2000, and 4.5% in 2001. In 2002, the Philippines recorded GDP growth of 4.4% but also incurred a record budget deficit. As a result, the Philippines is burdened with a public sector debt equal to more than 100 |
| 2004 | The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by annual remittances of $6-7 billion from overseas workers. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to 4.4% in 2002 and 4.2% in 2003, reflecting the continued resilience of the service sector, gain |
| 2005 | The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by annual remittances of $7-8 billion from overseas workers and no sustained runup in asset prices or foreign borrowing prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to 4.3% in 2002, |
| 2006 | The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by its high level of annual remittances from overseas workers, and no sustained runup in asset prices or foreign borrowing prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. GDP growth accelerated to about 5% be |
| 2007 | The Philippines was less severely affected by the Asian financial crisis of 1998 than its neighbors, aided in part by its high level of annual remittances from overseas workers, no sustained runup in asset prices, and more moderate debt, prior to the crisis. From a 0.6% decline in 1998, GDP expanded by 2.4% in 1999, and 4.4% in 2000, but slowed to 3.2% in 2001 in the context of a global economic slowdown, an export slump, and political and security concerns. Average GDP growth accelerated to abo |
| 2008 | The Philippine economy grew at its fastest pace in three decades with real GDP growth exceeding 7% in 2007. Higher government spending contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. Nevertheless, the Philippines will need still higher, sustained growth to make progress in alleviating pover |
| 2009 | Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, and increased spending on infrastructure and social services bolstered optimism over Philippine economic prospects. Although the general macroeconomic outlook improved significantly in recent years, the economy still faces se |
| 2010 | Philippine GDP grew nearly 7% in 2010. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to securities issued by troubled global financial institutions; lower dependence on exports; relatively resilient domestic consumption, supported by large remittances from four-to five-million overseas Filipino workers; and a growing business process outsourcing industry. Economic growth in the Philippines has averaged 4.5% per year since 2001, when for |
| 2011 | Philippine GDP grew 7.3% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process outsourcing industry. Economic growth in the Phili |
| 2012 | Philippine GDP grew 7.6% in 2010, spurred by consumer demand, a rebound in exports and investments, and election-related spending, before cooling to 3.9% in 2011, and 4.8% in 2012. The economy weathered the 2008-09 global recession better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a growing business process |
| 2013 | Philippine GDP growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted 6%-7% growth range. The 2012 expansion partly reflected a rebound from depressed 2011 export and public sector spending levels. The economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large rem |
| 2014 | The economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking sys |
| 2015 | The economy has weathered global economic shocks better than its regional peers due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable; the stock |
| 2016 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. The current account balance has recorded consecutive surpluses since 2003, international reserves remain at comfortable levels, and the banking system is stable. | Efforts to |
| 2017 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding outsourcing industry. During 2016, the current account balance narrowed to its lowest level since the 2008 global financial crisis, but nevertheless mustered a surplus for a 14th consecutive year. |
| 2018 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spend |
| 2019 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spend |
| 2020 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spend |
| 2021 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spend |
| 2022 | The economy has been relatively resilient to global economic shocks due to less exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from about 10 million overseas Filipino workers and migrants, and a rapidly expanding services industry. During 2017, the current account balance fell into the negative range, the first time since the 2008 global financial crisis, in part due to an ambitious new infrastructure spend |
| 2023 | growing East Asian economy; hard post-pandemic recovery; key electronics exporter; significant remittances; growing regional tensions with China; declining unemployment; climate change risk to food security; major equity concerns |
| 2024 | growing Southeast Asian economy; commercial rebound led by transportation, construction and financial services; electronics exports recovering from sector slowdown; significant remittances; interest rate rises following heightened inflation; uncertainties due to increased regional tensions with China |
| 2025 | growing Southeast Asian economy; commercial rebound led by transportation, construction and financial services; electronics exports recovering from sector slowdown; significant remittances; interest rate rises following heightened inflation; uncertainties due to increased regional tensions with China |