About This Statistic
This timeline shows a forecast for the Philippines' retail sales growth from 2008 to 2018, by volume. It is forecasted that the Philippines' retail sales volume will grow by 5.4 percent in 2017.
Economy in the Republic of the Philippines
The Republic of the Philippines is a tropical country in the western Pacific Ocean comprised of 7,107 islands, which are more broadly classified into three groups: Luyon, Visayas, and Mindanao. The nation is the twelfth most populated country worldwide, with some 10 million more Filipino citizens working abroad.
A recent economic boom has allowed the country to buck the moniker “sick man of Asia”. In the recent past, the country suffered an economic slowdown emanating from a sluggish world economy, which resulted in a decrease in demand for electronics, one of the country’s main exports. Historically, the country has also been victim to a myriad of natural disasters, including typhoons, tsunamis, and volcanic eruptions, all of which have had a significant impact on business.
Filipinos criticized the current national government recently for their delay in promised infrastructure spending. Several projects have now been approved, and with increasing global economic health the Philippines stand to experience significant growth over the next few years.
A tropical island rich in natural resources, the Philippines has traditionally been an agriculturally-focused nation. Currently, however, they are transitioning to a more services- and manufacturing-based economy. Assuming improvements to infrastructure are a success, foreign investors should be increasingly active in this region.