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Philippines Economy 2001


Economy - overview: 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 improving infrastructure, overhauling the tax system to bolster government revenues, moving toward further deregulation and privatization of the economy, and increasing trade integration with the region.
GDP: purchasing power parity - $310 billion (2000 est.)
GDP - real growth rate: 3.6% (2000 est.)
GDP - per capita: purchasing power parity - $3,800 (2000 est.)
GDP - composition by sector: agriculture:  20% industry:  32% services:  48% (1997 est.)
Population below poverty line: 41% (1997 est.)
Household income or consumption by percentage share: lowest 10%:  1.5% highest 10%:  39.3% (1998)
Inflation rate (consumer prices): 5% (2000 est.)
Labor force: 48.1 million (2000 est.)
Labor force - by occupation: agriculture 39.8%, government and social services 19.4%, services 17.7%, manufacturing 9.8%, construction 5.8%, other 7.5% (1998 est.)
Unemployment rate: 10% (2000)
Budget: revenues:  $14.5 billion expenditures:  $12.6 billion, including capital expenditures of $NA (1998 est.)
Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing
Industrial production growth rate: 4% (2000 est.)
Electricity - production: 40.745 billion kWh (1999)
Electricity - production by source: fossil fuel:  61.03% hydro:  18.68% nuclear:  0% other:  20.29% (1999)
Electricity - consumption: 37.893 billion kWh (1999)
Electricity - exports: 0 kWh (1999)
Electricity - imports: 0 kWh (1999)
Agriculture - products: rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes; pork, eggs, beef; fish
Exports: $38 billion (f.o.b., 2000 est.)
Exports - commodities: electronic equipment, machinery and transport equipment, garments, coconut products
Exports - partners: US 34%, Japan 14%, Netherlands 8%, Singapore 6%, UK 6%, Hong Kong 4% (1998)
Imports: $35 billion (f.o.b., 2000 est.)
Imports - commodities: raw materials and intermediate goods, capital goods, consumer goods, fuels
Imports - partners: US 22%, Japan 20%, South Korea 8%, Singapore 6%, Taiwan 5%, Hong Kong 4% (1998 est.)
Debt - external: $52 billion (1999)
Economic aid - recipient: ODA, $1.1 billion (1998)
Currency: Philippine peso (PHP)
Currency code: PHP
Exchange rates: Philippine pesos per US dollar - 50.969 (January 2001), 44.192 (2000), 39.089 (1999), 40.893 (1998), 29.471 (1997), 26.216 (1996)
Fiscal year: calendar year

NOTE: The economy information regarding Philippines on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2001 information contained here. All suggestions for corrections of any errors about Philippines Economy 2001 should be addressed to the CIA.