Economic overview: 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 bolster government revenues.
GDP: purchasing power parity - $179.7 billion (1995 est.)
GDP real growth rate: 4.8% (1995)
GDP per capita: $2,530 (1995 est.)
GDP composition by sector: agriculture: 22% industry: 30% services: 48%
Inflation rate (consumer prices): 8.1% (1995)
Labor force: 24.12 million by occupation: agriculture 46%, industry and commerce 16%, services 18.5%, government 10%, other 9.5% (1989)
Unemployment rate: 9.5% (1995 est.)
Budget:
revenues: $14.1 billion
expenditures: $13.6 billion, including capital expenditures of $NA
(1995)
Industries: textiles, pharmaceuticals, chemicals, wood products,
food processing, electronics assembly, petroleum refining, fishing