The Philippines is the 5th largest economy in SE Asia and a lower-middle income country with GDP per capita being around 3,000 US$. Private consumption and foreign trade are the main contributors to its GDP. Government debt accounts for 35% of GDP. Total population are over 100 million people, which is the 2nd most among six SE Asian countries. Median age is 23 years old. With a huge amount of working-age population and low wage, the country takes advantage of its demographic dividend.
GDP shares are as follow:
Industry: 33%, roughly 65% of which are manufacture, with another 20% being construction.
Services: 60%, roughly 30% of which are retails, wholesales and vehicle maintenance, and 20% are real estate services.
The Philippines' trade to GDP ratio is roughly 140%. Its economy highly relies on the global economy. The country has maintained in a trade deficit for a long time, so Peso has been weak. The currency and trade improved a little in 2019 during the US-China trade war. The country's main exports are machinery and manufactured goods. Major trade partners include China, ASEAN, Japan and USA.
FDI from Japan, Singapore and Malaysia mostly flow into manufacture (45%) and construction (10%).
Philippines Real GDP (L)2022 Q24,990,139.48m
Philippines Real GDP (YoY, R)2022 Q27.40%