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Mar 7, 2024 · The Philippines ended 2023 on a high note, being the fastest growing economy across Southeast Asia with a growth rate of 5.6 percent—just shy of the government's target of 6.0 to 7.0 percent. 1 “National accounts,” Philippine Statistics Authority, January 31, 2024; "Philippine economic updates,” Bangko Sentral ng Pilipinas, November 16, 2023.
The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund .
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- Philippines: One of World's Fastest Growing EmergingMarkets
- Deteriorating Current Account Deficit
- Philippines Economic Outlook
The strong rebound from the COVID-19 pandemic during 2022 helpedto drive the pace of growth of the Philippines economy to thefastest rate since 1976. The Philippines GDP growth rate of 7.6%was comparable to some of the world's fastest growing largeemerging markets in 2022, including the Gulf Co-operation Counciloil exporting nations of Saudi Arabia...
Merchandise exports continued to record moderate expansion in2022, rising by 5.6% y/y. The Philippines export sector showedresilience to the impact of the slowdown in mainland China, whichis a key export market. Although exports to mainland China fell by5.1% y/y in 2022, exports to a number of other key markets rose.Exports to the US were up by 4.2...
Despite the impact of the COVID-19 Delta wave in the second halfof 2021, GDP growth for calendar 2021 rebounded to 5.6% y/y. Stronggrowth momentum has continued in 2022, at a pace of over 7.6% y/y.Easing of pandemic-related travel restrictions during 2022 has alsoallowed a gradual reopening of domestic and international tourismtravel. If sustained ...
From the deep economic contraction last year, the Philippines is on the path to economic recovery. There are clear signs of rebounds in domestic activity, community mobility, industrial output, and recently with bank lending activities. However, there are challenges to growth with the continuing threat of the pandemic amid narrowing policy space.
The Philippine Gross Domestic Product (GDP) posted a year-on-year growth of 5.7 percent in the first quarter of 2024. (Figure 1) The main contributors to the first quarter 2024 growth were: Financial and insurance activities, 10.0 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles, 6.4 percent; and Manufacturing, 4.5 ...
Dec 7, 2021 · Infrastructure outlays increased from 3.5 percent of GDP to 4.7 percent of GDP in the first three quarters of 2021, a result of the government’s push on investment spending as part of its recovery program. Meanwhile, public revenues fell from 16.8 percent of GDP in the first three quarters of 2020 to 16.3 percent of GDP over the same period ...
Dec 7, 2021 · MANILA, December 7, 2021 —Rebounding from a deep contraction in 2020, the Philippine economy is forecast to grow 5.3 percent this year before accelerating to an average of 5.8 percent in 2022-23 on the road to recovery, according to the Philippines Economic Update (PEU) titled Regaining Lost Ground, Revitalizing the Filipino Workforce ...
