Sunday, January 22, 2006

Country Data - Philippines

PHILIPPINE ECONOMY - US Library of Congress (June 1991,Philippines), the CIA (2005) and Bangko Sentral ng Pilipinas (BSP) Statistical Data

Below are country economic profiles published by the US Library of Congress and the CIA.

US Library of Congress (June 1991,Philippines)

Salient Features: Economy struggling under heavy foreign debt. Approximately 50 percent of population below poverty line; unemployment 10.3 percent in mid-1991, underemployment estimated at nearly twice that rate. Large overseas work force. Rapid economic growth of 1970s slowed considerably in 1980s. Prospects for 1990s uncertain.

Gross National Product (GNP): US$41.5 billion (1990); per capita GNP US$668 (1990).

Gross Domestic Product (GDP): Approximately US$43 billion (1990).

Resources: Ample manganese, nickel, cobalt, copper, gold, silver, and low-grade iron ores and coal. In late 1980s, petroleum and natural gas production provided less than half of energy needs. Excellent potential for hydroelectric and geothermal energy.

Industry: 33 percent of GNP and approximately 15 percent of work force in 1990. Major industries: textiles, food processing, chemicals, pharmaceuticals, wood products, and electronics equipment assembly.

Services: 44 percent of GNP and approximately 40 percent of work force in 1990.

Agriculture, Forestry, and Fishing: 23 percent of GNP and slightly more than 45 percent of work force in 1990. Intense cultivation of diminishing arable land, already in short supply. Major crops: rice, corn, coconuts, sugarcane, pineapples, and bananas. Rapidly declining timber resources. In 1990, 2 million ton fish catch provided more than half of domestic protein consumption.

Foreign Trade: Heavy importation of capital goods and high petroleum prices along with weak export growth resulted in large trade deficit increase.

Exports: Approximately US$8.1 billion in 1989. Major products: clothing, electronic components, nickel, coconut products, sugar, pineapples, bananas. Major partners: United States, European Community, Japan.

Imports: Approximately US$12.1 billion in 1989. Major products: fuels, lubricants, motor vehicles, consumer goods. Major partners: United States, Japan, Economic and Social Commission for Asia and the Pacific, European Community.

Balance of Payments: Current account deficit US$1.4 billion in 1989.

Exchange Rate: P24.96=US$1 (January 1992).

Fiscal Year: Calendar year.

Data as of June 1991




More comprehensive and updated to Y2005.



Official Philippine Government Statistics (Y2006)


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