Economy Stats: the Philippines vs. the US
About 109 million people live in the Philippines, which is roughly three times less than in the United States. But the gap is even bigger if you compare the two countries' economies. The US has the strongest economy in the world, and the Philippines barely keep its place in the top 40. Here is a detailed Philippines vs. the US economy comparison!
Top 10 the Philippines Economy Stats & Facts
The Philippines are among the 15 most populated countries, with a population estimated to be 109,000,000.
The country only contributed 0.39% to the world's GDP.
The GDP growth rate was 5.7% in 2021, and it's likely to rise.
The total GDP of the Philippines was USD 396 billion in 2021.
While the inflation rate will be around 4.6% in 2022, it's expected to drop below 4% in the coming years.
The Philippines have over 50 times smaller GDP than the United States.
Foreign investments doubled in Q2 2022 compared to the same time the previous year.
The Philippines' public debt is 39.6% of its GDP.
Over 50% of employees in the Philippines work in services.
The minimum wage is about USD300, which is far from the estimated cost of living.
General the Philippines Economic Stats
The global economic situation hasn't been great in the last few years. The pandemic and conflicts between countries are behind these turbulent times, but how is the Philippines navigating them? Here's a detailed overview of the national economy!
The Philippines Only Participate in the World's GDP With 0.39%
While the actual reports vary, no experts put the Philippines' share of the world's GDP above 0.4%. It puts the country below the top 30 contributors. If you consider they are in the top 15 by world population, it's clear that the Philippines should contribute more.
( Worldometers )
GDP Growth Rate Was 5.7% in 2021, and It'll Continue Rising
After the rough 2020, the economy in the Philippines recovered. The GDP growth rate was 5.7% in 2021, and the ADB believes it will exceed 6% in 2022. Furthermore, they expect the growth to stay at that rate in 2023 and beyond. ADB confirms the Philippines have the highest growth rate forecast in Southeast Asia.
The Philippines Economic Trends
The country's economy took a hard hit in 2020 when the growth rate was -9.5% due to the pandemic. However, experts agree it shows signs of recovery. Here is some interesting information regarding the Philippines' economic trends.
After the Inflation Grows to 4.6% in 2022, It Will Start Dropping
According to the World Bank, the inflation rate in the Philippines will be 4.6% in 2022. But that's due to the global economic crisis, and the experts believe it'll drop below 4% in 2023. The same indicators show that the Filipino government is doing everything to keep the unemployment rate around 5%. However, the underemployment rate is still a huge problem as it went above 15% in 2022.
( World Bank )
Foreign Investments Doubled in Q2 2022 and Are Now at USD108,000,000
The official government press release showed that the total approved foreign investments in the local economy were PHP 46.2 billion in Q2 2022. That's approximately USD 108 billion, but the important thing is that number is twice as high compared to Q2 2021. The country only attracted PHP 22.5 billion from investors during that period.
( PSA )
The US vs. the Philippines Economy Stats
The United States has the strongest world economy, with a GDP of USD 22.9 trillion in 2021. The Philippines have a GDP of only USD 396 billion. Although they only have three times less population, their GDP is over 50 times smaller. Here are some other comparisons between the US and the Philippines' economies.
The Philippines Have a Lower Budget Deficit – Only 2.3% Compared to 6.8% in the US
Reports from 2013 indicate that the Philippines had a budget deficit of 2.3% of the country's GDP. Although that's far from impressive, the US economy had even worse results. Its budget deficit was 5.8% of the GDP.
( NationMaster )
Central Government Debt is Far Bigger in the United States
Georank indicates that the debt of the US central government has crossed 100% of its GDP. The estimations are it's around 105.8%, which is much higher than in the Philippines. This country has a public debt that accounts for 39.6% of GDP.
( Georank )
Stats Around Industries in the Philippines
The unemployment rate in the Philippines was 5.5% in 2018, and the percentage shows a decreasing trend. But here are some interesting stats regarding Filipino workers at home and in the US.
Over 50% of Employees Work in Services
The official government sources indicate that 57% of all employed persons in the Philippines in 2018 were in service. That number has been above 50% since 2008. Agriculture employs 24% of workers, but the number of employees has been decreasing. 19% of the workforce has a job in the industry sector, which is an increase from 15% in 2018.
( Department of Trade and Industry )
The Average Monthly Salary is Below the Estimated Cost of Living
The minimum wage in the Philippines is around USD 9 daily. Depending on the region, it's about USD 302 monthly after taxes. That doesn't come close to the estimated cost of living, which is USD 587 per individual. It explains why Filipino workers are going abroad, especially to the United States. That country offers better conditions, especially for jobs requiring only elementary education.
( Living Cost )