Philippines |
|
| 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 3.3% in 1999, 4.5% in 2000, and 4.5% in
2001. In 2002, the Philippines recorded GDP growth of 4.4%
but also incurred a record budget deficit. As a result, the
Philippines is burdened with a public sector debt equal to
more than 100% of GDP. Growth eased to 3.8% in 2003. The government
has promised economic reforms including going forward with
privatization, reforming the tax system, and promoting additional
trade integration within its region. Considerable drive is
required to update the educational system and the road network.
|
| GDP |
purchasing
power parity - $379.7 billion (2002 est.) |
| GDP
- real growth rate |
4.4% (2002
est.) |
| GDP
- per capita |
purchasing
power parity - $4,600 (2002 est.) |
| GDP
- composition by sector |
agriculture:
15%
industry: 31%
services: 54% (2001 est.) |
| Population
below poverty line |
40% (2001
est.) |
| Inflation
rate (consumer prices) |
3.1% (2002
est.) |
| Labor
force |
33.7 million
(2002) |
| Labor
force - by occupation |
agriculture
45%, industry 15%, services 40% (2003 est.) |
| Unemployment
rate |
10.2% (2002)
|
| Industries |
textiles,
pharmaceuticals, chemicals, wood products, food processing,
electronics assembly, petroleum refining, fishing |
| Industrial
production growth rate |
4% (2000
est.) |
|
|
