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Economy Philippines

Economy - overview: In 1998 the Philippine economy - a mixture of
agriculture, light industry, and supporting services - deteriorated as
a result of spillover from the Asian financial crisis and poor weather
conditions. Growth fell to 0.6% in 1998 from 5% in 1997, but recovered
to about 3% in 1999 and 4% in 2000. The government has promised to
continue its economic reforms to help the Philippines match the pace
of development in the newly industrialized countries of East Asia. The
strategy includes improving infrastructure, overhauling the tax system to
bolster government revenues, furthering deregulation and privatization of
the economy, and increasing trade integration with the region. Prospects
for 2002 depend heavily on the economic performance of two major trading
partners, the US and Japan.

GDP: purchasing power parity - $335 billion (2001 est.)

GDP - real growth rate: 2.8% (2001 est.)

GDP - per capita: purchasing power parity - $4,000 (2001 est.)

GDP - composition by sector: agriculture: 17% industry: 30% services:
53% (2000 est.)

Population below poverty line: 40% (2001 est.)

Household income or consumption by percentage share: lowest 10%: 1.5%
highest 10%: 39.3% (1998)

Distribution of family income - Gini index: 46.2 (1997)

Inflation rate (consumer prices): 6% (2001 est.)

Labor force: 32 million (2000)

Labor force - by occupation: agriculture 39.8%, government and social
services 19.4%, services 17.7%, manufacturing 9.8%, construction 5.8%,
other 7.5% (1998 est.)

Unemployment rate: 10% (2001)

Budget: revenues: $10.9 billion expenditures: $13.8 billion, including
capital expenditures of $NA (2001 est.)

Industries: textiles, pharmaceuticals, chemicals, wood products, food
processing, electronics assembly, petroleum refining, fishing

Industrial production growth rate: 4% (2000 est.)

Electricity - production: 40.667 billion kWh (2000)

Electricity - production by source: fossil fuel: 57.57% hydro: 19.85%
other: 22.58% (2000) nuclear: 0%

Electricity - consumption: 37.82 billion kWh (2000)

Electricity - exports: 0 kWh (2000)

Electricity - imports: 0 kWh (2000)

Agriculture - products: rice, coconuts, corn, sugarcane, bananas,
pineapples, mangoes; pork, eggs, beef; fish

Exports: $37 billion (f.o.b., 2000)

Exports - commodities: electronic equipment, machinery and transport
equipment, garments, coconut products

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