Economy Philippines
Economy - overview:
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, gains in industrial
output, and improved exports. Nonetheless, it will take a higher,
sustained growth path to make appreciable progress in poverty
alleviation given the Philippines' high annual population growth
rate and unequal distribution of income. The MACAPAGAL-ARROYO
Administration has promised to continue economic reforms to help the
Philippines match the pace of development in the newly
industrialized countries of East Asia. The strategy includes
improving the infrastructure, strengthening tax collection to
bolster government revenues, furthering deregulation and
privatization of the economy, enhancing the viability of the
financial system, and increasing trade integration with the region.
Prospects for 2004 will depend on the economic performance of two
major trading partners, the US and Japan, and on increased
confidence on the part of the international investment community.
GDP:
purchasing power parity - $390.7 billion (2003 est.)
GDP - real growth rate:
4.5% (2003 est.)
GDP - per capita:
purchasing power parity - $4,600 (2003 est.)
GDP - composition by sector: agriculture: 14.5% industry: 32.3% services: 53.2% (2003 est.)
Investment (gross fixed):
18.1% of GDP (2003)
Population below poverty line:
40% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 1.7% highest 10%: 38.4% (2000)
Distribution of family income - Gini index:
48.1 (2000)