Economy > overview
The islands have no indigenous economic activity, but the Australian Government allows limited fishing in the surrounding waters.
The Philippine economy grew at its fastest pace in three decades with real GDP growth exceeding 7% in 2007. Higher government spending contributed to the growth, but a resilient service sector and large remittances from the millions of Filipinos who work abroad have played an increasingly important role. Economic growth has averaged 5% since President MACAPAGAL-ARROYO took office in 2001. Nevertheless, the Philippines will need still higher, sustained growth to make progress in alleviating poverty, given its high population growth and unequal distribution of income. MACAPAGAL-ARROYO averted a fiscal crisis by pushing for new revenue measures and, until recently, tightening expenditures. Declining fiscal deficits, tapering debt and debt service ratios, as well as recent efforts to increase spending on infrastructure and social services have heightened optimism over Philippine economic prospects. Although the general macroeconomic outlook has improved significantly, the Philippines continues to face important challenges and must maintain the reform momentum in order to catch up with regional competitors, improve employment opportunities, and alleviate poverty. Longer-term fiscal stability will require more sustainable revenue sources, rather than non-recurring revenues from privatization.
DEFINITION:
This entry briefly describes the type of economy , including the degree of market orientation, the level of economic development, the most important natural resources , and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
SOURCE:
CIA World Factbooks 18 December 2003 to 28 March 2011
Exports to US
$100,000.00
$2,614,600,000.00
DEFINITION:
in US dollars . Jan 2003 - March 2003
SOURCE:
US Census Bureau
Ranked 211st.
Ranked 22nd. 26145 times more than Heard Island and McDonald Islands
Imports from US
$0.00
$2,090,000,000.00
DEFINITION:
In US dollars . Jan 2003 - March 2003
SOURCE:
US Census Bureau
Ranked 225th.
Ranked 19th.
Trade balance with US
-$100,000.00
-$524,600,000.00
DEFINITION:
In US dollars . Jan 2003 - March 2003
SOURCE:
US Census Bureau
Ranked 109th.
Ranked 196th.
Trade with US > US exports of agricultural machinery, equipment
0
3,518
DEFINITION:
US exports of agricultural machinery, equipment, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 189th.
Ranked 62nd.
Trade with US > US exports of apparel, household goods > textile
0
12,528
DEFINITION:
US exports of apparel, household goods - textile, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 202nd.
Ranked 30th.
Trade with US > US exports of computer accessories
0
116,537
DEFINITION:
US exports of computer accessories, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 210th.
Ranked 30th.
Trade with US > US exports of furniture, household goods, etc
27
6,009
DEFINITION:
US exports of furniture, household goods, etc., USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 156th.
Ranked 35th. 222 times more than Heard Island and McDonald Islands
Trade with US > US exports of newsprint
0
57,439
DEFINITION:
US exports of newsprint, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 194th.
Ranked 22nd.
Trade with US > US exports of other foods
0
47,473
DEFINITION:
US exports of other foods, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 206th.
Ranked 15th.
Trade with US > US exports of other household goods
0
13,787
DEFINITION:
US exports of other household goods, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 207th.
Ranked 55th.
Trade with US > US exports of other industrial supplies
27
44,154
DEFINITION:
US exports of other industrial supplies, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 173rd.
Ranked 30th. 1634 times more than Heard Island and McDonald Islands
Trade with US > US exports of pharmaceutical preparations
20
34,141
DEFINITION:
US exports of pharmaceutical preparations, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 173rd.
Ranked 41st. 1706 times more than Heard Island and McDonald Islands
Trade with US > US exports of plastic materials
94
67,063
DEFINITION:
US exports of plastic materials, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 140th.
Ranked 34th. 712 times more than Heard Island and McDonald Islands
Trade with US > US exports of telecommunications equipment
0
173,241
DEFINITION:
US exports of telecommunications equipment, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 211st.
Ranked 23rd.
Trade with US > US exports of textile, sewing machines
0
5,068
DEFINITION:
US exports of textile, sewing machines, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 183rd.
Ranked 42nd.
Trade with US > US exports of toysgamessporting goods
0
10,014
DEFINITION:
US exports of toys/games/sporting goods, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 206th.
Ranked 46th.
Trade with US > US exports of tvs, vcrs, etc
0
3,665
DEFINITION:
US exports of tv's, vcr's, etc., USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 193rd.
Ranked 50th.
Trade with US > US exports of wood, glass, plastic
4
7,247
DEFINITION:
US exports of wood, glass, plastic, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 150th.
Ranked 39th. 1811 times more than Heard Island and McDonald Islands
Trade with US > US imports of minimum value shipments
0
89,891
DEFINITION:
US imports of minimum value shipments, USD Thousands, 2004
SOURCE:
FTDWebMaster, Foreign Trade Division, U.S. Census Bureau
Ranked 208th.
Ranked 21st.
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