Philippines Economic Data
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The Philippines is a rapidly developing Asian country. Earlier, it was thought that the Philippines would grow into an economic superpower in Asian region, but corruption and mismanagement led to a delayed growth of its economy. Current Philippines economic data indicates positive growth experienced by this country.
The Philippines GDP
The Philippines is a rapidly developing Asian country. Earlier, it was thought that the Philippines would grow into an economic superpower in Asian region, but corruption and mismanagement led to a delayed growth of its economy. Current Philippines economic data indicates positive growth experienced by this country.
The Philippines GDP
In 3rd quarter of 2008, current prices GDP of the Philippines grew to about 1858950 million pesos or more than $39 billion. Real GDP growth in 2008 was estimated to be around 4.6 percent. That was a 2.5 percent decrease over previous year, same time period. In 2009, the Philippines GDP growth is estimated to hover around 3.9 percent.
The Philippines exports and imports
As of 3rd quarter of 2008, goods worth $13 billion were exported from the Philippines to other countries. Same period last year, total Philippines goods worth around $12 billion were exported to different countries. Total export of services amounted to about $2 billion for the Philippines by 3rd quarter 2008. The Philippines exports were boosted by growth in export of prepared tuna, petroleum naptha, and desiccated coconut.
The Philippines imported goods worth about $17 billion by third quarter of 2008. Last year around same time, Philippines had imported goods worth more than $16 billion. Total import of services increased from $2.4 billion in third quarter 2007 to more than $2.5 billion. Major products to be imported were cereals, cereal products, base metal, and transport equipments. Import of chemical elements and compounds also registered a growth.
The Philippines inflation
From a high inflation rate of 6.2 percent in 2007, inflation in the Philippines fell to an average of 2.8 percent in 2008. It is expected that in 2009, inflation would hover between 2.5 percent to 3.5 percent. The Philippine government does not expect volatility of oil prices and strong foreign exchange inflow to significantly affect inflation rate in their country.
