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Economy Stats: compare key data on Faroe Islands & Philippines

Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • 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.
  • 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.
  • Exports per capita: 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. Figures expressed per capita for the same year.
  • 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).
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition, by sector of origin > Services: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Purchasing power parity: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller.
  • 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.
  • Inflation rate > Consumer prices: This entry furnishes the annual percent change in consumer prices compared with the previous year's consumer prices.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
  • 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.
  • Budget > Expenditures: Expenditures 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.
  • GDP per person: GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars.
  • Debt > External: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services.
  • Debt > External > Per capita: Total public and private debt owed to non-residents repayable in foreign currency, goods, or services. Per capita figures expressed per 1 population.
  • GDP > Composition by sector > Services: The gross domestic product (GDP) or value of all final services produced within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Composition by sector > Agriculture: The gross domestic product (GDP) or value of all final goods produced by the agricultural sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • 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.
  • GDP > Real growth rate: GDP growth on an annual basis adjusted for inflation and expressed as a percent.
  • Currency: The national medium of exchange and its basic sub-unit.
  • GDP > Purchasing power parity > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • 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 > Partners: This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
  • GDP > Official exchange rate: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at offical exchange rates (OER) is the home-currency-denominated annual GDP figure divided by the bilateral average US exchange rate with that country in that year. The measure is simple to compute and gives a precise measure of the value of output. Many economists prefer this measure when gauging the economic power an economy maintains vis-a-vis its neighbors, judging that an exchange rate captures the purchasing power a nation enjoys in the international marketplace. Official exchange rates, however, can be artifically fixed and/or subject to manipulation - resulting in claims of the country having an under- or over-valued currency - and are not necessarily the equivalent of a market-determined exchange rate. Moreover, even if the official exchange rate is market-determined, market exchange rates are frequently established by a relatively small set of goods and services (the ones the country trades) and may not capture the value of the larger set of goods the country produces. Furthermore, OER-converted GDP is not well suited to comparing domestic GDP over time, since appreciation/depreciation from one year to the next will make the OER GDP value rise/fall regardless of whether home-currency-denominated GDP changed.
  • GDP > Composition, by sector of origin > Industry: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • High-technology > Exports > Current US$ > Per capita: High-technology exports are products with high research and development intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery. Data are in current U.S. dollars." Per capita figures expressed per 1,000 population.
  • GDP > Composition, by sector of origin > Agriculture: This entry is derived from Economy > GDP > Composition, by sector of origin, which shows where production takes place in an economy. The distribution gives the percentage contribution of agriculture, industry, and services to total GDP, and will total 100 percent of GDP if the data are complete. Agriculture includes farming, fishing, and forestry. Industry includes mining, manufacturing, energy production, and construction. Services cover government activities, communications, transportation, finance, and all other private economic activities that do not produce material goods.
  • Current transfers > Receipts > BoP > Current US$: Current transfers (receipts) are recorded in the balance of payments whenever an economy receives goods, services, income, or financial items without a quid pro quo. All transfers not considered to be capital are current. Data are in current U.S. dollars.
  • Net income > BoP > Current US$ > Per capita: Net income refers to receipts and payments of employee compensation paid to nonresident workers and investment income (receipts and payments on direct investment, portfolio investment, other investments, and receipts on reserve assets). Income derived from the use of intangible assets is recorded under business services. Data are in current U.S. dollars. Per capita figures expressed per 1,000 population.
  • Economic aid > Recipient: This entry, which is subject to major problems of definition and statistical coverage, refers to the net inflow of Official Development Finance (ODF) to recipient countries. The figure includes assistance from the World Bank, the IMF, and other international organizations and from individual nation donors. Formal commitments of aid are included in the data. Omitted from the data are grants by private organizations. Aid comes in various forms including outright grants and loans. The entry thus is the difference between new inflows and repayments.
  • GNI: GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars.
  • Trade > Exports to US: in US dollars. Jan 2003 - March 2003
  • Industrial production growth rate: This entry gives the annual percentage increase in industrial production (includes manufacturing, mining, and construction).
  • 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.
  • Industrial > Production growth rate: The annual percentage increase in industrial production (includes manufacturing, mining, and construction).
  • Current account balance > BoP > Current US$: Current account balance is the sum of net exports of goods, services, net income, and net current transfers. Data are in current U.S. dollars.
  • Trade > Imports: This entry provides the total US dollar amount of merchandise imports on a c.i.f. (cost, insurance, and freight) or f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Currency > Official exchange rate > LCU per US$ > Period average: Official exchange rate refers to the exchange rate determined by national authorities or to the rate determined in the legally sanctioned exchange market. It is calculated as an annual average based on monthly averages (local currency units relative to the U.S. dollar).
  • Oil > Exports: This entry is the total oil exported in barrels per day (bbl/day), including both crude oil and oil products.
    Additional details:
    • Bahamas, The: transshipments of 41,570 bbl/day (2007)
    • Bahamas, The: transshipments of 41,610 bbl/day (2009)
  • Oil > Production: This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
  • GDP > Per $ GDP: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per $ GDP figures expressed per 1 $ gross domestic product.
  • Trade > Exports: The total US dollar amount of exports on an f.o.b. (free on board) basis.
  • Imports > Commodities: This entry provides a listing of the highest-valued imported products; it sometimes includes the percent of total dollar value.
  • Labor force per thousand people: This entry contains the total labor force figure. Figures expressed per thousand people for the same year.
  • Taxes and other revenues: This entry records total taxes and other revenues received by the national government during the time period indicated, expressed as a percent of GDP. Taxes include personal and corporate income taxes, value added taxes, excise taxes, and tariffs. Other revenues include social contributions - such as payments for social security and hospital insurance - grants, and net revenues from public enterprises. Normalizing the data, by dividing total revenues by GDP, enables easy comparisons across countries, and provides an average rate at which all income (GDP) is paid to the national level government for the supply of public goods and services.
  • Balance of payments > Current account > Goods > Services and income > Exports > Goods and services > Current U: Exports of goods and services comprise all transactions between residents of a country and the rest of the world involving a change of ownership from residents to nonresidents of general merchandise, goods sent for processing and repairs, nonmonetary gold, and services. Data are in current U.S. dollars."
  • Balance of payments > Current account > Balances > Current account balance > Current US$: Current account balance is the sum of net exports of goods, services, net income, and net current transfers. Data are in current U.S. dollars."
  • Oil > Proved reserves: This entry is the stock of proved reserves of crude oil in barrels (bbl). Proved reserves are those quantities of petroleum which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
  • Natural gas > Production: This entry is the total natural gas produced in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.
  • Oil > Consumption: This entry is the total oil consumed in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors.
  • Electricity > Consumption: This entry consists of total electricity generated annually plus imports and minus exports, expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
  • Net trade in goods and services > BoP > Current US$: Net trade in goods and services is derived by offsetting imports of goods and services against exports of goods and services. Exports and imports of goods and services comprise all transactions involving a change of ownership of goods and services between residents of one country and the rest of the world. Data are in current U.S. dollars.
  • 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.
  • High-technology > Exports > Current US$: High-technology exports are products with high research and development intensity, such as in aerospace, computers, pharmaceuticals, scientific instruments, and electrical machinery. Data are in current U.S. dollars."
  • National accounts > US$ at constant 2000 prices > Aggregate indicators > GDP per capita > Constant 2000 US$: GDP per capita is gross domestic product divided by midyear population. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant U.S. dollars.
  • Goods imports > BoP > Current US$: Goods imports refer to all movable goods (including nonmonetary gold) involved in a change of ownership from nonresidents to residents. The category includes goods previously included in services: goods received or sent for processing and their subsequent export or import in the form of processed goods, repairs on goods, and goods procured in ports by carriers. Data are in current U.S. dollars.
  • Net income > BoP > Current US$: Net income refers to receipts and payments of employee compensation paid to nonresident workers and investment income (receipts and payments on direct investment, portfolio investment, other investments, and receipts on reserve assets). Income derived from the use of intangible assets is recorded under business services. Data are in current U.S. dollars.
  • Oil > Consumption per thousand people: This entry is the total oil consumed in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors. Figures expressed per thousand people for the same year.
  • Currency > DEC alternative conversion factor > LCU per US$: The DEC alternative conversion factor is the underlying annual exchange rate used for the World Bank Atlas method. As a rule, it is the official exchange rate reported in the IMF's International Financial Statistics (line rf). Exceptions arise where further refinements are made by World Bank staff. It is expressed in local currency units per U.S. dollar.
  • 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.
  • Budget > Expenditures > Capital: This entry includes revenues, expenditures, and capital expenditures. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Royalty and license fees > Payments > BoP > Current US$: Royalty and license fees are payments and receipts between residents and nonresidents for the authorized use of intangible, nonproduced, nonfinancial assets and proprietary rights (such as patents, copyrights, trademarks, industrial processes, and franchises) and for the use, through licensing agreements, of produced originals of prototypes (such as films and manuscripts). Data are in current U.S. dollars.
  • Balance of payments > Current account > Balances > Net trade in goods > US$: Net trade in goods is the difference between exports and imports of goods. The category includes goods previously included in services: goods received or sent for processing and their subsequent export or import in the form of processed goods, repairs on goods, and goods procured in ports by carriers. Trade in services is not included. Data are in current U.S. dollars."
  • Trade > Exports > Goods: Goods imports refer to all movable goods (including nonmonetary gold) involved in a change of ownership from nonresidents to residents. The category includes goods previously included in services: goods received or sent for processing and their subsequent export or import in the form of processed goods, repairs on goods, and goods procured in ports by carriers. Data are in current U.S. dollars."
  • World Bank exchange rate: The DEC alternative conversion factor is the underlying annual exchange rate used for the World Bank Atlas method. As a rule, it is the official exchange rate reported in the IMF's International Financial Statistics (line rf). Exceptions arise where further refinements are made by World Bank staff. It is expressed in local currency units per U.S. dollar."
  • Electricity > Production: This entry is the annual electricity generated expressed in kilowatt-hours. The discrepancy between the amount of electricity generated and/or imported and the amount consumed and/or exported is accounted for as loss in transmission and distribution.
  • Oil > Production per thousand people: This entry is the total oil produced in barrels per day (bbl/day). The discrepancy between the amount of oil produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes, refinery gains, and other complicating factors. Figures expressed per thousand people for the same year.
  • Imports > Partners: This entry provides a rank ordering of trading partners starting with the most important; it sometimes includes the percent of total dollar value.
  • Oil > Imports: This entry is the total oil imported in barrels per day (bbl/day), including both crude oil and oil products.
  • Trade balance with US: In US dollars. Jan 2003 - March 2003
  • Merchandise > Exports > Current US$: Merchandise exports show the f.o.b. value of goods provided to the rest of the world valued in U.S. dollars. Data are in current U.S. dollars.
  • Balance of payments > Current account > Goods > Services and income > Exports of goods > Services > Income and wo: Exports of goods and services are the total value of goods and services exported as well as income and workers' remittances received. Workers' remittances include compensation of employees. Data are in current U.S. dollars.
  • Commercial service imports > Current US$ > Per capita: Commercial service imports are total service imports minus imports of government services not included elsewhere. International transactions in services are defined by the IMF's Balance of Payments Manual (1993) as the economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Definitions may vary among reporting economies. Per capita figures expressed per 1 population.
  • Commercial service imports > Current US$: Commercial service imports are total service imports minus imports of government services not included elsewhere. International transactions in services are defined by the IMF's Balance of Payments Manual (1993) as the economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Definitions may vary among reporting economies.
  • Natural gas > Proved reserves per capita: This entry is the stock of proved reserves of natural gas in cubic meters (cu m). Proved reserves are those quantities of natural gas, which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions. Figures expressed per capita for the same year.
  • Natural gas > Consumption: This entry is the total natural gas consumed in cubic meters (cu m). The discrepancy between the amount of natural gas produced and/or imported and the amount consumed and/or exported is due to the omission of stock changes and other complicating factors.
  • Natural gas > Proved reserves: This entry is the stock of proved reserves of natural gas in cubic meters (cu m). Proved reserves are those quantities of natural gas, which, by analysis of geological and engineering data, can be estimated with a high degree of confidence to be commercially recoverable from a given date forward, from known reservoirs and under current economic conditions.
  • Trade > Exports > Per $ GDP: The total US dollar amount of exports on an f.o.b. (free on board) basis. Per $ GDP figures expressed per 1 $ gross domestic product.
STAT Faroe Islands Philippines HISTORY
Budget > Revenues $1.02 billion
Ranked 159th.
$36.35 billion
Ranked 59th. 35 times more than Faroe Islands

Budget surplus > + or deficit > - -11.9% of GDP
Ranked 173th. 5 times more than Philippines
-2.3% of GDP
Ranked 76th.

Overview The Faroese economy is dependent on fishing, which makes the economy vulnerable to price fluctuations. The sector normally accounts for about 95% of exports and nearly half of GDP. In early 2008 the Faroese economy began to slow as a result of smaller catches and historically high oil prices. The slowdown in the Faroese economy followed a strong performance since the mid-1990s with annual growth rates averaging close to 6%, mostly a result of increased fish landings and salmon farming, and high export prices. Unemployment reached its lowest level in June 2008 at 1.1%. The Faroese Home Rule Government produced increasing budget surpluses in that period, which helped to reduce the large public debt, most of it to Denmark. However, total dependence on fishing and salmon farming make the Faroese economy vulnerable to fluctuations in world demand. Initial discoveries of oil in the Faroese area give hope for eventual oil production, which may provide a foundation for a more diversified economy and less dependence on Danish economic assistance. Aided by an annual subsidy from Denmark amounting to about 3% of Faroese GDP, the Faroese have a standard of living almost equal to that of Denmark and Greenland. The Faroese Government ran relatively large deficits from 2008 to 2010 and budget deficits are forecast for several years ahead. At year-end 2010 the gross debt had reached approximately US$900 million. 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).
Exports $824.00 million
Ranked 154th.
$46.28 billion
Ranked 58th. 56 times more than Faroe Islands

Exports > Commodities fish and fish products 94%, stamps, ships semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Exports per capita $16,796.79
Ranked 20th. 35 times more than Philippines
$478.56
Ranked 132nd.

Fiscal year calendar year calendar year
GDP > Composition by sector > Industry 29%
Ranked 83th.
31.3%
Ranked 69th. 8% more than Faroe Islands

GDP > Composition, by sector of origin > Services 55%
Ranked 1st.
57.1%
Ranked 105th. 4% more than Faroe Islands
GDP > Per capita $32,505.96 per capita
Ranked 6th. 9 times more than Philippines
$3,756.92 per capita
Ranked 73th.

GDP > Per capita > PPP $30,500.00
Ranked 37th. 7 times more than Philippines
$4,400.00
Ranked 130th.

GDP > Purchasing power parity $1.47 billion
Ranked 187th.
$419.60 billion
Ranked 31st. 285 times more than Faroe Islands

Imports per capita $15,818.33
Ranked 16th. 25 times more than Philippines
$635.84
Ranked 143th.

Inflation rate > Consumer prices 2.3%
Ranked 179th.
3.2%
Ranked 114th. 39% more than Faroe Islands

Unemployment rate 6.8%
Ranked 62nd.
7%
Ranked 62nd. 3% more than Faroe Islands

Imports $776.00 million
Ranked 170th.
$61.49 billion
Ranked 46th. 79 times more than Faroe Islands

Budget > Expenditures $1.30 billion
Ranked 9th.
$42.10 billion
Ranked 59th. 32 times more than Faroe Islands

Budget > Revenues > Per capita $24,078.67 per capita
Ranked 8th. 84 times more than Philippines
$285.49 per capita
Ranked 62nd.

GDP per person 45,188.2
Ranked 11th. 26 times more than Philippines
1,752.45
Ranked 115th.

Debt > External $888.80 million
Ranked 145th.
$74.88 billion
Ranked 53th. 84 times more than Faroe Islands

Debt > External > Per capita $1,409.94 per capita
Ranked 65th. 2 times more than Philippines
$678.33 per capita
Ranked 81st.

GDP > Composition by sector > Services 55%
Ranked 85th.
56.4%
Ranked 108th. 3% more than Faroe Islands

GDP > Composition by sector > Agriculture 16%
Ranked 64th. 29% more than Philippines
12.4%
Ranked 79th.

Industries fishing, fish processing, small ship repair and refurbishment, handicrafts electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Labor force 34
Ranked 80th.
40
Ranked 69th. 18% more than Faroe Islands

GDP > Real growth rate 2.9%
Ranked 121st.
6.8%
Ranked 32nd. 2 times more than Faroe Islands

Agriculture > Products milk, potatoes, vegetables; sheep; salmon, other fish sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Currency Danish krone Philippine peso
GDP > Purchasing power parity > Per capita $32,505.96 per capita
Ranked 6th. 9 times more than Philippines
$3,756.92 per capita
Ranked 73th.

Exchange rates Danish kroner (DKK) per US dollar -<br />5.79 (2011)<br />5.62 (2011 est.)<br />5.62 (2010 est.)<br />5.36 (2009)<br />5.02 (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 > Partners Denmark 23.4%, UK 21%, Nigeria 13.4%, US 8.9%, Netherlands 8.4%, Russia 7%, China 4.4% Japan 19%, US 14.2%, China 11.8%, Singapore 9.3%, Hong Kong 9.2%, South Korea 5.5%, Thailand 4.7%
GDP > Official exchange rate $2.32 billion
Ranked 161st.
$246.80 billion
Ranked 42nd. 106 times more than Faroe Islands

GDP > Composition, by sector of origin > Industry 29%
Ranked 83th.
31.1%
Ranked 73th. 7% more than Faroe Islands
High-technology > Exports > Current US$ > Per capita $4,189.42 per 1,000 people
Ranked 87th.
$279,770.48 per 1,000 people
Ranked 34th. 67 times more than Faroe Islands

GDP > Composition, by sector of origin > Agriculture 16%
Ranked 62nd. 36% more than Philippines
11.8%
Ranked 81st.
Current transfers > Receipts > BoP > Current US$ 128.21 million BoP $
Ranked 121st.
11.71 billion BoP $
Ranked 10th. 91 times more than Faroe Islands

Net income > BoP > Current US$ > Per capita 625,416.67 BoP $ per 1,000 people
Ranked 6th.
-1,480.956 BoP $ per 1,000 people
Ranked 33th.

GDP > CIA Factbook $1,000.00 million
Ranked 6th.
$390.70 billion
Ranked 25th. 391 times more than Faroe Islands

Economic aid > Recipient $105.00 million
Ranked 83th.
$451.40 million
Ranked 5th. 4 times more than Faroe Islands

GNI 2.41 billion
Ranked 142nd.
184.94 billion
Ranked 36th. 77 times more than Faroe Islands

Trade > Exports to US $3.60 million
Ranked 148th.
$2.61 billion
Ranked 21st. 726 times more than Faroe Islands
Industrial production growth rate 3.4%
Ranked 1st.
6.8%
Ranked 35th. Twice as much as Faroe Islands

Labor force > By occupation > Agriculture 10.7%
Ranked 119th.
32%
Ranked 71st. 3 times more than Faroe Islands

Labor force > By occupation > Services 70.3%
Ranked 11th. 33% more than Philippines
53%
Ranked 16th.

Industrial > Production growth rate 8%
Ranked 35th.
12.1%
Ranked 12th. 51% more than Faroe Islands

Current account balance > BoP > Current US$ -6,560,000 BoP $
Ranked 62nd.
2.34 billion BoP $
Ranked 30th.

Trade > Imports $983.00 million
Ranked 4th.
$59.90 billion
Ranked 41st. 61 times more than Faroe Islands

Currency > Official exchange rate > LCU per US$ > Period average 5.95 51.31
Oil > Exports 0.0
Ranked 143th.
60,460 bbl/day
Ranked 73th.

Oil > Production 0.0
Ranked 142nd.
33,110 bbl/day
Ranked 66th.

GDP > Per $ GDP $32,505.96 per $1 of GDP
Ranked 6th. 9 times more than Philippines
$3,756.92 per $1 of GDP
Ranked 73th.

Trade > Exports $848.00 million
Ranked 2nd.
$50.72 billion
Ranked 52nd. 60 times more than Faroe Islands

Imports > Commodities goods for household consumption 24%, machinery and transport equipment 23.5%, fuels 21.4%, raw materials and semi-manufactures, salt electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Labor force per thousand people 0.684
Ranked 11th. 1808 times more than Philippines
0.000378
Ranked 170th.

Taxes and other revenues 44.2% of GDP
Ranked 22nd. 3 times more than Philippines
14.7% of GDP
Ranked 170th.

Balance of payments > Current account > Goods > Services and income > Exports > Goods and services > Current U $671.27 million
Ranked 131st.
$47.61 billion
Ranked 48th. 71 times more than Faroe Islands

Balance of payments > Current account > Balances > Current account balance > Current US$ $-6,560,000.00
Ranked 62nd.
$8.55 billion
Ranked 22nd.

Oil > Proved reserves 0.0
Ranked 121st.
138.5 million bbl
Ranked 62nd.

Natural gas > Production 0.0
Ranked 107th.
3.15 billion cu m
Ranked 45th.

Oil > Consumption 5,000 bbl/day
Ranked 168th.
310,000 bbl/day
Ranked 40th. 62 times more than Faroe Islands

Electricity > Consumption 234.3 million kWh
Ranked 135th.
54.4 billion kWh
Ranked 14th. 232 times more than Faroe Islands

Net trade in goods and services > BoP > Current US$ -159,170,000 BoP $
Ranked 79th.
-8,942,000,000 BoP $
Ranked 126th. 56 times more than Faroe Islands

Budget > Expenditures > Per capita $23,581.78 per capita
Ranked 6th. 66 times more than Philippines
$359.74 per capita
Ranked 62nd.

High-technology > Exports > Current US$ $202,349.00
Ranked 132nd.
$26.88 billion
Ranked 18th. 132816 times more than Faroe Islands

National accounts > US$ at constant 2000 prices > Aggregate indicators > GDP per capita > Constant 2000 US$ $23,221.31
Ranked 19th. 19 times more than Philippines
$1,214.75
Ranked 105th.

Goods imports > BoP > Current US$ 683.54 million BoP $
Ranked 132nd.
47.78 billion BoP $
Ranked 37th. 70 times more than Faroe Islands

Net income > BoP > Current US$ 30.02 million BoP $
Ranked 24th.
-123,000,000 BoP $
Ranked 61st.

Oil > Consumption per thousand people 101.92 bbl/day
Ranked 9th. 31 times more than Philippines
3.32 bbl/day
Ranked 159th.

Currency > DEC alternative conversion factor > LCU per US$ 5.8 54.72
Labor force > By occupation > Industry 18.9%
Ranked 95th. 26% more than Philippines
15%
Ranked 118th.

Budget > Expenditures > Capital $34.00 million
Ranked 64th. 14 times more than Philippines
$2.40 million
Ranked 67th.

Royalty and license fees > Payments > BoP > Current US$ 3.15 million BoP $
Ranked 88th.
265 million BoP $
Ranked 36th. 84 times more than Faroe Islands

Balance of payments > Current account > Balances > Net trade in goods > US$ $-89,800,000.00
Ranked 64th.
$-8,878,000,000.00
Ranked 129th. 99 times more than Faroe Islands

Trade > Exports > Goods 683.54 million
Ranked 133th.
46.39 billion
Ranked 39th. 68 times more than Faroe Islands

World Bank exchange rate 5.36
Ranked 98th.
47.64
Ranked 62nd. 9 times more than Faroe Islands

Electricity > Production 251.9 million kWh
Ranked 101st.
59.19 billion kWh
Ranked 36th. 235 times more than Faroe Islands

Oil > Production per thousand people 0.0
Ranked 142nd.
0.354 bbl/day
Ranked 98th.

Imports > Partners Denmark 42%, Norway 32%, Germany 8.7%, Iceland 5.3% US 11.5%, China 10.8%, Japan 10.4%, South Korea 7.3%, Singapore 7.1%, Thailand 5.6%, Saudi Arabia 5.6%, Indonesia 4.4%, Malaysia 4%
Oil > Imports 4,776 bbl/day
Ranked 151st.
338,400 bbl/day
Ranked 3rd. 71 times more than Faroe Islands

Trade balance with US $500,000.00
Ranked 88th.
$-524,600,000.00
Ranked 194th.
Merchandise > Exports > Current US$ 597 million$
Ranked 145th.
41.26 billion$
Ranked 43th. 69 times more than Faroe Islands

Balance of payments > Current account > Goods > Services and income > Exports of goods > Services > Income and wo $777.57 million
Ranked 133th.
$68.46 billion
Ranked 40th. 88 times more than Faroe Islands

Commercial service imports > Current US$ > Per capita 3,031.25$ per capita
Ranked 15th. 43 times more than Philippines
69.71$ per capita
Ranked 112th.

Commercial service imports > Current US$ 145.5 million$
Ranked 138th.
5.79 billion$
Ranked 51st. 40 times more than Faroe Islands

Natural gas > Proved reserves per capita 0.0
Ranked 123th.
1,036.68 cu m
Ranked 72nd.

Natural gas > Consumption 0.0
Ranked 120th.
3.15 billion cu m
Ranked 60th.

Natural gas > Proved reserves 0.0
Ranked 123th.
98.54 billion cu m
Ranked 50th.

External debt > Date of information 1999 2006 est.
Trade > Exports > Per $ GDP $0.42 per $1 of GDP
Ranked 5th. 6% more than Philippines
$0.40 per $1 of GDP
Ranked 54th.

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; 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.; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files.; United Nations, Comtrade database.; World Development Indicators database; US Census Bureau; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; x; International Monetary Fund, International Financial Statistics, supplemented by World Bank staff estimates.; Wikipedia: List of countries by external debt

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