Philippines Economic information

The Philippines is an island country located in Southeast Asia. Its economy generally operates in the service sector, industry and agriculture. The gross domestic product (GDP) of the Philippines was recorded as 376 billion dollars according to 2020 data. The population of the country is approximately 110 million people and the GDP per capita is calculated as 3,409 dollars. The service sector makes the biggest contribution to the economy. Tourism, information technologies, finance, telecommunications and trade are among the country's most important service sectors. The tourism sector is highly developed in touristic regions, especially Manila. The industrial sector plays an important role in the Philippine economy. The country has many industrial sectors such as automotive, electronics, textiles, chemicals, food processing, iron and steel. The industrial sector is also important in terms of export revenues and employment. The agricultural sector also has an important place in the Philippine economy. Agricultural products such as rice, corn, coconut, sugar cane, banana, pineapple and fisheries are the important agricultural products of the country. The agricultural sector provides the majority of the country's employment. Export and import activities have an important place in the foreign trade of the Philippines. Major export products include electronic products, clothing, textiles, ships and maritime equipment, rice and fruits and vegetables. Imports include products such as oil and petroleum products, electronic products, machinery and equipment, iron and steel, and chemicals. The Philippine economy is growing rapidly and supports economic development with investments and infrastructure works. However, problems such as poverty rate, income inequality and unemployment negatively affect the economic development of the country.