Philippines: Gross domestic product (GDP) in current prices from 1984 to 2024
(in billion U.S. dollars)
Gross domestic product (GDP) in the Philippines 2024
The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 330 billion U.S. dollars in 2018. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 548 billion U.S. dollars by 2024.

The Philippines’ economy

GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector .

Sectors of the economy

The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.
Philippines: Gross domestic product (GDP) in current prices from 1984 to 2024
(in billion U.S. dollars)
Gross domestic product in billion U.S. dollars
2024*548.05
2023*499.61
2022*455.37
2021*415.24
2020*383.48
2019*356.81
2018330.91
2017313.62
2016304.9
2015292.77
2014284.59
2013271.84
2012 250.09
2011 224.14
2010 199.59
2009 168.49
2008 173.6
2007 149.36
2006 122.21
2005 103.07
2004 91.37
2003 83.91
2002 81.36
2001 76.26
2000 81.02
1999 83
1998 72.21
1997 91.23
1996 91.79
1995 82.12
1994 71
1993 60.24
1992 58.7
1991 50.32
1990 49.1
1989 47.29
1988 42.08
1987 36.87
1986 33.17
1985 34
1984 34.86
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Source

Release date

October 2019

Region

Philippines

Survey time period

1984 to 2018

Supplementary notes

* Estimate.

Figures have been rounded for better understanding of the statistic.

Gross domestic product (GDP) in the Philippines 2024
The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 330 billion U.S. dollars in 2018. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 548 billion U.S. dollars by 2024.

The Philippines’ economy

GDP of the Philippines has consistently grown at around six percent and is expected to remain constant through 2024. At the same time, the unemployment rate has fallen to about 2.5 percent in 2018, with an increasing amount of employment being within the services sector .

Sectors of the economy

The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent in gross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’ export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitants moving to the cities to find work.
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