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Economy Stats: compare key data on Norfolk Island & Philippines

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Definitions

  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues > Per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Currency: The national medium of exchange and its basic sub-unit.
  • Overview: 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.
  • Exchange rates: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Imports per capita: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Labor force: This entry contains the total labor force figure.
  • Trade > Exports to US: in US dollars. Jan 2003 - March 2003
  • Labor force > By occupation > Agriculture: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
    Additional details:
    • Gibraltar: negligible (2013)
  • Labor force > By occupation > Services: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
  • Trade > Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Trade > Exports: The total US dollar amount of exports on an f.o.b. (free on board) basis.
  • Labor force per thousand people: This entry contains the total labor force figure. Figures expressed per thousand people for the same year.
  • Budget > Expenditures > Per capita: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Labor force > By occupation > Industry: This entry is derived from Economy > Labor force > By occupation, which lists the percentage distribution of the labor force by sector of occupation. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other economic activities that do not produce material goods. The distribution will total less than 100 percent if the data are incomplete and may range from 99-101 percent due to rounding.
  • Trade balance with US: In US dollars. Jan 2003 - March 2003
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STAT Norfolk Island Philippines HISTORY
Agriculture > Products Norfolk Island pine seed, Kentia palm seed, cereals, vegetables, fruit; cattle, poultry sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Budget > Expenditures $4.80 million
Ranked 148th. 		$42.10 billion
Ranked 59th. 8771 times more than Norfolk Island
Budget > Revenues $4.60 million
Ranked 220th. 		$36.35 billion
Ranked 59th. 7902 times more than Norfolk Island
Budget > Revenues > Per capita $2,482.46 per capita
Ranked 47th. 9 times more than Philippines 		$285.49 per capita
Ranked 62nd.
Currency Australian dollar Philippine peso
Overview Norfolk Island is suffering from a severe economic downturn. Tourism, the primary economic activity, is the main driver of economic growth. The agricultural sector has become self sufficient in the production of beef, poultry, and eggs. Philippine GDP growth, which cooled from 7.6% in 2010 to 3.9% in 2011, expanded to 6.6% in 2012 - meeting the government's targeted 6%-7% growth range. The 2012 expansion partly reflected a rebound from depressed 2011 export and public sector spending levels. The economy has weathered global economic and financial downturns better than its regional peers due to minimal exposure to troubled international securities, lower dependence on exports, relatively resilient domestic consumption, large remittances from four- to five-million overseas Filipino workers, and a rapidly expanding business process outsourcing industry. The current account balance had recorded consecutive surpluses since 2003; international reserves are at record highs; the banking system is stable; and the stock market was Asia's second best-performer in 2012. Efforts to improve tax administration and expenditure management have helped ease the Philippines' tight fiscal situation and reduce high debt levels. The Philippines received several credit rating upgrades on its sovereign debt in 2012, and has had little difficulty tapping domestic and international markets to finance its deficits. Achieving a higher growth path nevertheless remains a pressing challenge. Economic growth in the Philippines averaged 4.5% during the MACAPAGAL-ARROYO administration but poverty worsened during her term. Growth has accelerated under the AQUINO government, but with limited progress thus far in bringing down unemployment, which hovers around 7%, and improving the quality of jobs. Underemployment is nearly 20% and more than 40% of the employed are estimated to be working in the informal sector. The AQUINO administration has been working to boost the budgets for education, health, cash transfers to the poor, and other social spending programs, and is relying on the private sector to help fund major infrastructure projects under its Public-Private Partnership program. Long term challenges include reforming governance and the judicial system, building infrastructure, improving regulatory predictability, and the ease of doing business, attracting higher levels of local and foreign investments. The Philippine Constitution and the other laws continue to restrict foreign ownership in important activities/sectors (such as land ownership and public utilities).
Exchange rates Australian dollars (AUD) per US dollar -<br />0.97 (2012)<br />0.97 (2011)<br />1.09 (2010)<br />1.28 (2009)<br />1.21 (2008) Philippine pesos (PHP) per US dollar -<br />42.23 (2012 est.)<br />43.31 (2011 est.)<br />45.11 (2010 est.)<br />47.68 (2009)<br />44.44 (2008)
Exports $1.50 million
Ranked 1st. 		$46.28 billion
Ranked 58th. 30853 times more than Norfolk Island
Exports > Commodities postage stamps, seeds of the Norfolk Island pine and Kentia palm, small quantities of avocados semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Fiscal year 1 calendar year
Imports $17.90 million
Ranked 200th. 		$61.49 billion
Ranked 46th. 3435 times more than Norfolk Island
Imports per capita $8,306.26
Ranked 46th. 13 times more than Philippines 		$635.84
Ranked 143th.
Industries tourism, light industry, ready mixed concrete electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Labor force 978
Ranked 2nd. 24 times more than Philippines 		40
Ranked 69th.
Trade > Exports to US $300,000.00
Ranked 190th. 		$2.61 billion
Ranked 21st. 8715 times more than Norfolk Island
Labor force > By occupation > Agriculture 6%
Ranked 138th. 		32%
Ranked 71st. 5 times more than Norfolk Island
Labor force > By occupation > Services 80%
Ranked 2nd. 51% more than Philippines 		53%
Ranked 16th.
Trade > Imports $17.90 million
Ranked 150th. 		$59.90 billion
Ranked 41st. 3346 times more than Norfolk Island
Trade > Exports $1.50 million
Ranked 150th. 		$50.72 billion
Ranked 52nd. 33813 times more than Norfolk Island
Labor force per thousand people 445.36
Ranked 2nd. 1177081 times more than Philippines 		0.000378
Ranked 170th.
Budget > Expenditures > Per capita $2,590.39 per capita
Ranked 49th. 7 times more than Philippines 		$359.74 per capita
Ranked 62nd.
Labor force > By occupation > Industry 14%
Ranked 123th. 		15%
Ranked 118th. 7% more than Norfolk Island
Trade balance with US $-200,000.00
Ranked 111th. 		$-524,600,000.00
Ranked 194th. 2623 times more than Norfolk Island

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbooks 2010, 2011, 2012, 2013; CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; US Census Bureau

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Factoid #231

  • In 2013, over half the Mexican population lived below the poverty line.

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