- Economy Overview: 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 products. Manufacturing contributed about 25% of GDP. Major industries include food processing, chemicals, and textiles.
GNP: $40.5 billion, per capita $625; real growth rate 5.2% (1989)
Inflation rate (consumer prices): 10.6% (1989)
Unemployment rate: 8.7% (1989)
Budget: $7.2 billion; expenditures $8.12 billion, including capital expenditures of $0.97 billion (1989 est.)
Exports: revenues $8.1 billion (f.o.b., 1989); commodities—electrical equipment 19%, textiles 16%, minerals and ores 11%, farm products 10%, coconut 10%, chemicals 5%, fish 5%, forest products 4%; partners—US 36%, EC 19%, Japan 18%, ESCAP 9%, ASEAN 7%
Imports: $10.5 billion (c.i.f., 1989); commodities—raw materials 53%, capital goods 17%, petroleum products 17%; partners—US 25%, Japan 17%, ESCAP 13%, EC 11%, ASEAN 10%, Middle East 10%
External debt: $27.8 billion (1988)
Industrial production: growth rate 7.3% (1989)
Electricity: 6,700,000 kW capacity; 25,000 million kWh produced, 385 kWh per capita (1989)