According to Trading Economics global macro models and analysts, GDP per capita in the Philippines is predicted to reach 3160.00 USD by the end of 2021. According to our econometric models, the Philippines GDP per capita is expected to trend at 3300.00 USD in 2022.
What will the Philippines’ GDP rank be in 2020?
In 2020, the Philippines’ GDP was $361,489 million, placing it 35th out of 196 nations in our ranking of GDP.
What will the Philippines’ average GDP per capita be in 2020?
Philippines’ GDP per capita was 3,330 USD in 2020. Philippines’ GDP per capita climbed from 1,004 US dollars in 2001 to 3,330 US dollars in 2020, expanding at a 6.72 percent yearly pace.
What kind of economy does the Philippines have?
Privately owned firms are governed by government policy in the Philippines, which has a mixed economy. It is classified as a newly industrialized economy and developing market, implying that it is transitioning from an agricultural-based economy to one that is more service-oriented and manufacturing-oriented. The economy of this country is the 36th largest in the world and the third largest in the ASEAN region (ASEAN).
According to the IMF, its nominal gross domestic product (GDP) was $356 billion in 2019 and its GDP per capita was $3,280. This country has a workforce of 64.8 million people and a 4.7 percent unemployment rate. According to the Philippines Statistics Authority, 55.9% of these employed people work in the service industry. Agriculture (26%) and industry (26%) come in second and third, respectively (18.1 percent ).
How much debt does the Philippines have?
According to the Bureau of the Treasury, the Philippine government’s outstanding debt reached 11.7 trillion pesos ($229 billion) at the end of December, up a fifth from a year ago.
What country in the Philippines has the highest GDP?
From 1960 to 2020, GDP in the Philippines averaged 93.65 USD billion, with a top of 376.80 USD billion in 2019 and a low of 4.40 USD billion in 1962.
What factors influence the Philippines’ GDP?
Agriculture generated 10.18 percent of the Philippines’ gross domestic product in 2020, industry contributed 28.4 percent, and the services sector contributed 61.42 percent.
Which country has the highest GDP in 2021?
The United States and China would rank first and second in both methodology’ gdp rankings by 2021. The nominal gap between the US and China is narrowing, since China’s gdp growth rate of 8.02 percent in 2021 is higher than the US’s 5.97 percent. In nominal terms, the United States will be $6 trillion ahead of China in 2021. On a per-person basis, China surpassed the United States in 2017 and is now ahead by $4 trillion, with the gap widening. On a per capita basis, China will continue to be the world’s greatest economy for the next few decades, since the US, which is rated second, grows slowly and India, which is placed third, lags far behind.
In terms of nominal GDP, the top ten would remain same. Iran has surpassed the Netherlands, Saudi Arabia has surpassed Turkey, and Switzerland has surpassed Switzerland on the top 20 list. South Africa’s economic ranking would rise eight places in the top 50, while Egypt would drop four places.
There would be no change in the top 10 list in the ppp ranking. Taiwan overtaking Australia is another change in the top 20. Ireland will move up three places in the top 50.
In 2021, all of the economies in the top 50 will grow at a positive rate. With a 14.04 percent growth rate, Ireland is the fastest-growing economy, followed by Chile (11.00 percent ). Thailand has the slowest growth rate, at 0.96 percent, followed by the UAE (2.24 percent) and Japan (2.36 percent ).
In nominal terms, the United States (1,5) appears on both lists of the top 10 GDP and GDP per capita. In terms of GDP and GDP per capita, Germany (4,17), Canada (9,15), Australia (13,9), the Netherlands (18,12), and Switzerland (20,3) are among the top twenty countries. In both rankings, the United States (2,8) is in the top 10, while Germany (5,18) and Taiwan (18,15) are in the top twenty.
What is a GDP per capita?
Gross domestic product divided by midyear population equals GDP per capita. Gross domestic product (GDP) at purchaser’s prices is the sum of gross value contributed by all resident producers in the economy, plus any product taxes, minus any subsidies not included in the product value.