Philippine Economy

Rank in global ranking?

The Philippines fell to 52nd place in the Institute of Management Development's (IMD) 2023
world competitiveness ranking. Numerous factors, such as infrastructure, business, government,
and economic success, are included in this ranking. The country dropped four ranks from its
2022 ranking of 48th. According to IMF projections, the nominal GDP of the Philippine
economy would be ₱26.55 trillion ($471.5 billion) in 2024, making it the 13th largest in Asia and
the 32nd largest globally.

How much?
From 1960 to 2022, the Philippines' GDP averaged 105.76 USD billion, with a peak of 404.28
USD billion in 2022 and a record low of 4.95 USD billion in 1962. Based on official data from
the World Bank, the Philippines' economy is developing gradually, with a gross domestic
product (GDP) expected to reach approximately 404.28 billion US dollars in 2022. The
Philippines' GDP amounts to 0.17 percent of the global economy. Furthermore, it is anticipated
that the Philippines' GDP will rise significantly to exceed 640 billion US dollars by 2028.

Rank pertaining to world bank purchasing power parity

The World Bank categorizes the Philippines as a "lower middle income" country, which is
defined as a country with a per capita GNI of $1,026 to $3,995. The Philippines is placed 27th in
the world in terms of GDP PPP, with a GDP PPP of 952,967 international dollars as of 2018. In
addition, the GDP of the Philippines was 1.17 trillion USD by the end of 2022 (PPP, current
international currency). By the end of 2024, the nation's GDP per capita PPP is anticipated to
reach 9131.00 USD based on Trading Economics global macro models and analyst forecasts.
According to our econometric models, the GDP per capita PPP of the Philippines is expected to
trend between 9725.00 USD in 2025 and 10405.00 USD in 2026.
Per capita income:
According to WorldBank, the Philippines had a GDP per capita of USD 3,498.51 in 2022,
compared to USD 2,671.78 a decade earlier.
Other related statistics
According to the most recent economic data, there are 108 million people living in the
Philippines, which has a land area of 298,170 square kilometers. The Philippines has a $404.28
billion GDP, growing at a noteworthy real GDP growth rate of 7.6%. The inflation rate is 5.8%
and the unemployment rate is 5.4% according to official statistics. With a 47.1% urbanization
rate, urbanization is growing gradually. Furthermore, the Philippines' total fertility rate (TFR),
which is 2.5, reflects important demographic factors influencing the country's economic
environment.