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Economy Stats: compare key data on Northern Mariana 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 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 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 > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP > Per capita > PPP per thousand people: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year. Figures expressed per thousand people 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.
  • 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. Figures expressed per capita for the same year.
  • 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.
  • Tourist arrivals > Per capita: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival." Per capita figures expressed per 1,000 population.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • 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
  • Tourist arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival."
  • 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.
  • Inbound tourism income > Current US$: International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except when these are important enough to justify separate classification. For some countries they do not include receipts for passenger transport items. Data are in current U.S. dollars."
  • Budget > Revenues per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Tourism > International tourism, number of arrivals per capita: International tourism, number of arrivals. International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival. 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.
  • International tourism > Number of arrivals: International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited.
  • GDP > Official exchange rate 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 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. Figures expressed per capita for the same year.
  • Trade > 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.
  • Currency: The national medium of exchange and its basic sub-unit.
  • Trade > Exports per capita: The total US dollar amount of exports on an f.o.b. (free on board) basis. Figures expressed per capita for the same year.
  • Tourism > International tourism, number of arrivals: International tourism, number of arrivals. International inbound tourists (overnight visitors) are the number of tourists who travel to a country other than that in which they have their usual residence, but outside their usual environment, for a period not exceeding 12 months and whose main purpose in visiting is other than an activity remunerated from within the country visited. When data on number of tourists are not available, the number of visitors, which includes tourists, same-day visitors, cruise passengers, and crew members, is shown instead. Sources and collection methods for arrivals differ across countries. In some cases data are from border statistics (police, immigration, and the like) and supplemented by border surveys. In other cases data are from tourism accommodation establishments. For some countries number of arrivals is limited to arrivals by air and for others to arrivals staying in hotels. Some countries include arrivals of nationals residing abroad while others do not. Caution should thus be used in comparing arrivals across countries. The data on inbound tourists refer to the number of arrivals, not to the number of people traveling. Thus a person who makes several trips to a country during a given period is counted each time as a new arrival.
  • Budget > Expenditures per capita: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • 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.
  • 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.
  • 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.
  • Micro > Small and medium enterprises > Number: Micro, small, and medium-size enterprises are business that may be defined by the number of employees. There is no international standard definition of firm size; however, many institutions that collect information use the following size categories: micro enterprises have 0-9 employees, small enterprises have 10-49 employees, and medium-size enterprises have 50-249 employees.
  • 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.
  • International tourism > Receipts > Current US$ per capita: International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts should include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except in cases where these are so important as to justify a separate classification. Data are in current U.S. dollars. Figures expressed per capita for the same year.
  • 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.
  • Electricity > Consumption per capita: 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. Figures expressed per capita for the same year.
  • 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.
  • Tourism > International tourism, receipts > Current US$: International tourism, receipts (current US$). International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except when these are important enough to justify separate classification. For some countries they do not include receipts for passenger transport items. Data are in current U.S. dollars.
  • 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.
  • 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.
  • 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.
  • Electricity > Imports per capita: This entry is the total imported electricity in kilowatt-hours. Figures expressed per capita for the same year.
  • Foreign aid > From United States: Net bilateral aid flows from DAC donors are the net disbursements of official development assistance (ODA) or official aid from the members of the Development Assistance Committee (DAC). Net disbursements are gross disbursements of grants and loans minus repayments of principal on earlier loans. ODA consists of loans made on concessional terms (with a grant element of at least 25 percent, calculated at a rate of discount of 10 percent) and grants made to promote economic development and welfare in countries and territories in the DAC list of ODA recipients. Official aid refers to aid flows from official donors to countries and territories in part II of the DAC list of recipients: more advanced countries of Central and Eastern Europe, the countries of the former Soviet Union, and certain advanced developing countries and territories. Official aid is provided under terms and conditions similar to those for ODA. Part II of the DAC List was abolished in 2005. The collection of data on official aid and other resource flows to Part II countries ended with 2004 data. DAC members are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Republic of Korea, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States, and Commission of the European Communities. Regional aggregates include data for economies not specified elsewhere. World and income group totals include aid not allocated by country or region. Data are in current U.S. dollars."
  • Foreign aid > International assistance received per capita: Net official development assistance (ODA) per capita consists of disbursements of loans made on concessional terms (net of repayments of principal) and grants by official agencies of the members of the Development Assistance Committee (DAC), by multilateral institutions, and by non-DAC countries to promote economic development and welfare in countries and territories in the DAC list of ODA recipients; and is calculated by dividing net ODA received by the midyear population estimate. It includes loans with a grant element of at least 25 percent (calculated at a rate of discount of 10 percent). Data are in current U.S. dollars."
  • Foreign aid > Net Foreign aid received > Current US$: Net official development assistance (ODA) consists of disbursements of loans made on concessional terms (net of repayments of principal) and grants by official agencies of the members of the Development Assistance Committee (DAC), by multilateral institutions, and by non-DAC countries to promote economic development and welfare in countries and territories in the DAC list of ODA recipients. It includes loans with a grant element of at least 25 percent (calculated at a rate of discount of 10 percent). Data are in current U.S. dollars."
  • Foreign aid > From Switzerland: Net bilateral aid flows from DAC donors are the net disbursements of official development assistance (ODA) or official aid from the members of the Development Assistance Committee (DAC). Net disbursements are gross disbursements of grants and loans minus repayments of principal on earlier loans. ODA consists of loans made on concessional terms (with a grant element of at least 25 percent, calculated at a rate of discount of 10 percent) and grants made to promote economic development and welfare in countries and territories in the DAC list of ODA recipients. Official aid refers to aid flows from official donors to countries and territories in part II of the DAC list of recipients: more advanced countries of Central and Eastern Europe, the countries of the former Soviet Union, and certain advanced developing countries and territories. Official aid is provided under terms and conditions similar to those for ODA. Part II of the DAC List was abolished in 2005. The collection of data on official aid and other resource flows to Part II countries ended with 2004 data. DAC members are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Republic of Korea, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States, and Commission of the European Communities. Regional aggregates include data for economies not specified elsewhere. World and income group totals include aid not allocated by country or region. Data are in current U.S. dollars."
  • International tourism > Receipts > Current US$: International tourism receipts are expenditures by international inbound visitors, including payments to national carriers for international transport. These receipts should include any other prepayment made for goods or services received in the destination country. They also may include receipts from same-day visitors, except in cases where these are so important as to justify a separate classification. Data are in current U.S. dollars.
  • Trade > Exports > Export growth in USD: Export values are the current value of exports (f.o.b.) converted to U.S. dollars and expressed as a percentage of the average for the base period (2000). UNCTAD's export value indexes are reported for most economies. For selected economies for which UNCTAD does not publish data, the export value indexes are derived from export volume indexes (line 72) and corresponding unit value indexes of exports (line 74) in the IMF's International Financial Statistics."
  • Micro > Small and medium enterprises > Number per 1000: Micro, small, and medium-size enterprises are business that may be defined by the number of employees. There is no international standard definition of firm size; however, many institutions that collect information use the following size categories: micro enterprises have 0-9 employees, small enterprises have 10-49 employees, and medium-size enterprises have 50-249 employees. Figures expressed per thousand population for the same year.
  • Electricity > Production per capita: 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. Figures expressed per capita for the same year.
  • Foreign aid > From European Commission: Net bilateral aid flows from DAC donors are the net disbursements of official development assistance (ODA) or official aid from the members of the Development Assistance Committee (DAC). Net disbursements are gross disbursements of grants and loans minus repayments of principal on earlier loans. ODA consists of loans made on concessional terms (with a grant element of at least 25 percent, calculated at a rate of discount of 10 percent) and grants made to promote economic development and welfare in countries and territories in the DAC list of ODA recipients. Official aid refers to aid flows from official donors to countries and territories in part II of the DAC list of recipients: more advanced countries of Central and Eastern Europe, the countries of the former Soviet Union, and certain advanced developing countries and territories. Official aid is provided under terms and conditions similar to those for ODA. Part II of the DAC List was abolished in 2005. The collection of data on official aid and other resource flows to Part II countries ended with 2004 data. DAC members are Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Japan, Republic of Korea, Luxembourg, Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom, United States, and Commission of the European Communities. Regional aggregates include data for economies not specified elsewhere. World and income group totals include aid not allocated by country or region. Data are in current U.S. dollars."
  • Trade > Exports > Export growth: Export volume indexes are derived from UNCTAD's volume index series and are the ratio of the export value indexes to the corresponding unit value indexes. Unit value indexes are based on data reported by countries that demonstrate consistency under UNCTAD quality controls, supplemented by UNCTAD's estimates using the previous year's trade values at the Standard International Trade Classification three-digit level as weights. For economies for which UNCTAD does not publish data, the export volume indexes (lines 72) in the IMF's International Financial Statistics are used."
STAT Northern Mariana Islands Philippines HISTORY
Budget > Revenues $260.00 million
Ranked 193th.
$36.35 billion
Ranked 59th. 140 times more than Northern Mariana Islands

Budget surplus > + or deficit > - -7.9% of GDP
Ranked 3rd. 3 times more than Philippines
-2.3% of GDP
Ranked 76th.

Overview The Northern Mariana Islands' economy benefits substantially from financial assistance from the US. The tourist industry employs approximately a quarter of the work force and accounts for roughly one-fourth of GDP. As a share of total arrivals, the number of Japanese tourists has dropped recently to less than half, while Korean visitors account for roughly one-third. Annual tourist arrivals have remained below 400,000 since 2007. Other services such as trade are also important to the local economy. The small agriculture sector is made up of cattle ranches and small farms producing coconuts, breadfruit, tomatoes, and melons. 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 $98.20 million
Ranked 16th.
$46.28 billion
Ranked 58th. 471 times more than Northern Mariana Islands

Exports per capita $1,712.44
Ranked 5th. 4 times more than Philippines
$478.56
Ranked 132nd.

Fiscal year 1 calendar year
GDP > Composition, by sector of origin > Services 95%
Ranked 2nd. 66% more than Philippines
57.1%
Ranked 105th.
GDP > Per capita > PPP $13,600.00
Ranked 75th. 3 times more than Philippines
$4,400.00
Ranked 130th.

GDP > Per capita > PPP per thousand people $252.51
Ranked 6th. 5550 times more than Philippines
$0.05
Ranked 169th.

GDP > Purchasing power parity $733.00 million
Ranked 197th.
$419.60 billion
Ranked 31st. 572 times more than Northern Mariana Islands

GDP > Purchasing power parity per capita $13,151.36
Ranked 3rd. 3 times more than Philippines
$3,779.79
Ranked 124th.

Imports per capita $3,115.51
Ranked 2nd. 5 times more than Philippines
$635.84
Ranked 143th.

Inflation rate > Consumer prices -2.7%
Ranked 199th.
3.2%
Ranked 114th.

Tourist arrivals > Per capita 4,479.54 per 1,000 people
Ranked 6th. 137 times more than Philippines
32.68 per 1,000 people
Ranked 122nd.

Unemployment rate 11.2%
Ranked 34th. 60% more than Philippines
7%
Ranked 62nd.

Exports > Commodities garments semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits
Imports $214.40 million
Ranked 3rd.
$61.49 billion
Ranked 46th. 287 times more than Northern Mariana Islands

Budget > Expenditures $318.20 million
Ranked 2nd.
$42.10 billion
Ranked 59th. 132 times more than Northern Mariana Islands

Tourist arrivals 388,000
Ranked 110th.
3.14 million
Ranked 48th. 8 times more than Northern Mariana Islands

Budget > Revenues > Per capita $2,539.47 per capita
Ranked 45th. 9 times more than Philippines
$285.49 per capita
Ranked 62nd.

Inbound tourism income > Current US$ $655.00 million
Ranked 64th.
$4.99 billion
Ranked 43th. 8 times more than Northern Mariana Islands

Budget > Revenues per capita $2,856.64
Ranked 42nd. 10 times more than Philippines
$287.23
Ranked 111th.

Tourism > International tourism, number of arrivals per capita 6.31
Ranked 8th. 153 times more than Philippines
0.0412
Ranked 137th.

Industries tourism, banking, construction, fishing, handicrafts, other services electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing
Labor force 38
Ranked 74th.
40
Ranked 69th. 5% more than Northern Mariana Islands

International tourism > Number of arrivals 525,000
Ranked 97th.
2.62 million
Ranked 46th. 5 times more than Northern Mariana Islands

GDP > Official exchange rate per capita $9,255.63
Ranked 1st. 5 times more than Philippines
$2,019.38
Ranked 121st.

Agriculture > Products vegetables and melons, fruits and nuts; ornamental plants; livestock, poultry and eggs; fish and aquaculture products sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish
Trade > Imports per capita $3,115.51
Ranked 11th. 5 times more than Philippines
$641.02
Ranked 104th.

Currency US dollar Philippine peso
Trade > Exports per capita $1,712.44
Ranked 3rd. 3 times more than Philippines
$542.78
Ranked 100th.

Tourism > International tourism, number of arrivals 336,000
Ranked 120th.
3.92 million
Ranked 52nd. 12 times more than Northern Mariana Islands

Budget > Expenditures per capita $3,300.67
Ranked 38th. 9 times more than Philippines
$361.93
Ranked 110th.

Exchange rates the US dollar is used 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)
GDP > Official exchange rate $733.00 million
Ranked 179th.
$246.80 billion
Ranked 42nd. 337 times more than Northern Mariana Islands

GDP > Composition, by sector of origin > Industry 3.3%
Ranked 218th.
31.1%
Ranked 73th. 9 times more than Northern Mariana Islands
GDP > Composition, by sector of origin > Agriculture 1.7%
Ranked 183th.
11.8%
Ranked 81st. 7 times more than Northern Mariana Islands
Micro > Small and medium enterprises > Number 1,069
Ranked 16th.
808,634
Ranked 2nd. 756 times more than Northern Mariana Islands
Labor force > By occupation > Agriculture 1.9%
Ranked 172nd.
32%
Ranked 71st. 17 times more than Northern Mariana Islands

Tourist arrivals by region of origin > Europe 1,300
Ranked 173th.
246,449
Ranked 82nd. 190 times more than Northern Mariana Islands

Labor force > By occupation > Services 88.1%
Ranked 3rd. 66% more than Philippines
53%
Ranked 16th.

International tourism > Receipts > Current US$ per capita 11,387.74$
Ranked 2nd. 373 times more than Philippines
30.53$
Ranked 93th.

Trade > Imports $214.40 million
Ranked 30th.
$59.90 billion
Ranked 41st. 279 times more than Northern Mariana Islands

Electricity > Consumption per capita 0.874 kWh
Ranked 43th.
592.04 kWh
Ranked 38th. 678 times more than Northern Mariana Islands

Trade > Exports $98.20 million
Ranked 5th.
$50.72 billion
Ranked 52nd. 516 times more than Northern Mariana Islands

Imports > Commodities food, construction equipment and materials, petroleum products electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic
Labor force per thousand people 0.743
Ranked 9th. 1963 times more than Philippines
0.000378
Ranked 170th.

Taxes and other revenues 35.5% of GDP
Ranked 1st. 2 times more than Philippines
14.7% of GDP
Ranked 170th.

Tourism > International tourism, receipts > Current US$ $655.00 million
Ranked 67th.
$3.80 billion
Ranked 53th. 6 times more than Northern Mariana Islands

Electricity > Consumption 48,300 kWh
Ranked 45th.
54.4 billion kWh
Ranked 14th. 1126294 times more than Northern Mariana Islands

Budget > Expenditures > Per capita $2,934.21 per capita
Ranked 45th. 8 times more than Philippines
$359.74 per capita
Ranked 62nd.

Tourist arrivals by region of origin > Africa 36
Ranked 134th.
2,294
Ranked 89th. 64 times more than Northern Mariana Islands

Labor force > By occupation > Industry 10%
Ranked 139th.
15%
Ranked 118th. 50% more than Northern Mariana Islands

Electricity > Production 60,600 kWh
Ranked 84th.
59.19 billion kWh
Ranked 36th. 976733 times more than Northern Mariana Islands

Electricity > Imports per capita 0.0
Ranked 85th.
0.0
Ranked 128th.

Foreign aid > From United States 0.0
Ranked 134th.
71.26 million
Ranked 42nd.

Foreign aid > International assistance received per capita 1.8
Ranked 128th. 3 times more than Philippines
0.67
Ranked 132nd.

Foreign aid > Net Foreign aid received > Current US$ $120,000.00
Ranked 138th.
$60.89 million
Ranked 105th. 507 times more than Northern Mariana Islands

Foreign aid > From Switzerland 0.0
Ranked 128th.
290,000
Ranked 83th.

International tourism > Receipts > Current US$ 655 million$
Ranked 51st.
2.62 billion$
Ranked 44th. 4 times more than Northern Mariana Islands

Trade > Exports > Export growth in USD 9.66
Ranked 154th.
96.29
Ranked 139th. 10 times more than Northern Mariana Islands

Micro > Small and medium enterprises > Number per 1000 15.61
Ranked 10th. 59% more than Philippines
9.79
Ranked 12th.
Electricity > Production per capita 1.1 kWh
Ranked 81st.
644.16 kWh
Ranked 72nd. 588 times more than Northern Mariana Islands

Foreign aid > From European Commission 0.0
Ranked 148th.
58.22 million
Ranked 49th.

Trade > Exports > Export growth 7.35
Ranked 155th.
109.78
Ranked 98th. 15 times more than Northern Mariana Islands

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; CIA World Factbook 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.; CIA World Factbooks 18 December 2003 to 28 March 2011. 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.; World Tourism Organisation, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.; World Tourism Organization, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files. 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.; World Development Indicators database; World Tourism Organization, Yearbook of Tourism Statistics, Compendium of Tourism Statistics and data files.; Source: World Tourism Organization Statistics Database and Yearbook | United Nations World Tourism Organization; World Development Indicators database. 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.; Development Assistance Committee of the Organisation for Economic Co-operation and Development, Geographical Distribution of Financial Flows to Developing Countries, Development Co-operation Report, and International Development Statistics database. Data are available online at: www.oecd.org/dac/stats/idsonline.; Development Assistance Committee of the Organisation for Economic Co-operation and Development, Geographical Distribution of Financial Flows to Developing Countries, Development Co-operation Report, and International Development Statistics database. Data are available online at: www.oecd.org/dac/stats/idsonline. World Bank population estimates are used for the denominator.; United Nations Conference on Trade and Development, Handbook of Statistics and data files, and International Monetary Fund, International Financial Statistics.

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