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Philippines Economy 2002


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 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 infrastructure, overhauling the tax system to bolster government revenues, furthering deregulation and privatization of the economy, and increasing trade integration with the region. Prospects for 2002 depend heavily on the economic performance of two major trading partners, the US and Japan.
GDP: purchasing power parity - $335 billion (2001 est.)
GDP - real growth rate: 2.8% (2001 est.)
GDP - per capita: purchasing power parity - $4,000 (2001 est.)
GDP - composition by sector: agriculture: 17% industry: 30% services: 53% (2000 est.)
Population below poverty line: 40% (2001 est.)
Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 39% (1998)
Distribution of family income - Gini index: 46 (1997)
Inflation rate (consumer prices): 6% (2001 est.)
Labor force: 32 million (2000)
Labor force - by occupation: agriculture 40%, government and social services 19%, services 18%, manufacturing 10%, construction 6%, other 8% (1998 est.)
Unemployment rate: 10% (2001)
Budget: revenues: $10.9 billion expenditures: $13.8 billion, including capital expenditures of $NA (2001 est.)
Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing
Industrial production growth rate: 4% (2000 est.)
Electricity - production: 40.667 billion kWh (2000)
Electricity - production by source: fossil fuel: 58% hydro: 20% other: 23% (2000) nuclear: 0%
Electricity - consumption: 37.82 billion kWh (2000)
Electricity - exports: 0 kWh (2000)
Electricity - imports: 0 kWh (2000)
Agriculture - products: rice, coconuts, corn, sugarcane, bananas, pineapples, mangoes; pork, eggs, beef; fish
Exports: $37 billion f.o.b. (2000)
Exports - commodities: electronic equipment, machinery and transport equipment, garments, coconut products
Exports - partners: US 30%, Japan 15%, Netherlands 8%, Singapore 8%, Taiwan 8%, Hong Kong 5% (2000)
Imports: $30 billion f.o.b. (2000)
Imports - commodities: raw materials and intermediate goods, capital goods, consumer goods, fuels
Imports - partners: Japan 19%, US 16%, EU 9%, South Korea 8%, Singapore 6%, Taiwan 6% (2000)
Debt - external: $50 billion (2001)
Economic aid - recipient: ODA, $1.1 billion (1998) (1998)
Currency: Philippine peso (PHP)
Currency code: PHP
Exchange rates: Philippine pesos per US dollar - 51.201 (January 2002), 50.993 (2001), 44.192 (2000), 39.089 (1999), 40.893 (1998), 29.471 (1997)
Fiscal year: calendar year

NOTE: The economy information regarding Philippines on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 2002 information contained here. All suggestions for corrections of any errors about Philippines Economy 2002 should be addressed to the CIA.