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Economy Stats: compare key data on Philippines & Pitcairn Islands

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Definitions

  • Budget > Expenditures: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget > Revenues > Per capita: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Currency: The national medium of exchange and its basic sub-unit.
  • 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.
  • Overview: This entry briefly describes the type of economy, including the degree of market orientation, the level of economic development, the most important natural resources, and the unique areas of specialization. It also characterizes major economic events and policy changes in the most recent 12 months and may include a statement about one or two key future macroeconomic trends.
  • Exchange rates: The official value of a country's monetary unit at a given date or over a given period of time, as expressed in units of local currency per US dollar and as determined by international market forces or official fiat.
  • Exports > Commodities: This entry provides a listing of the highest-valued exported products; it sometimes includes the percent of total dollar value.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • Imports > Commodities: This entry provides a listing of the highest-valued imported products; it sometimes includes the percent of total dollar value.
  • Industries: A rank ordering of industries starting with the largest by value of annual output.
  • Labor force: This entry contains the total labor force figure.
  • Trade > Exports to US: in US dollars. Jan 2003 - March 2003
  • Trade > With US > US imports of bauxite and aluminum: US imports of bauxite and aluminum, USD Thousands, 2004
  • Labor force per thousand people: This entry contains the total labor force figure. Figures expressed per thousand people for the same year.
  • Budget > Expenditures > Per capita: Expenditures calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms Per capita figures expressed per 1 population.
  • Trade balance with US: In US dollars. Jan 2003 - March 2003
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STAT Philippines Pitcairn Islands HISTORY
Agriculture > Products sugarcane, coconuts, rice, corn, bananas, cassavas, pineapples, mangoes; pork, eggs, beef; fish honey; wide variety of fruits and vegetables; goats, chickens; fish
Budget > Expenditures $42.10 billion
Ranked 59th. 40953 times more than Pitcairn Islands 		$1.03 million
Ranked 149th.
Budget > Revenues $36.35 billion
Ranked 59th. 48727 times more than Pitcairn Islands 		$746,000.00
Ranked 221st.
Budget > Revenues > Per capita $285.49 per capita
Ranked 62nd. 		$15,529.45 per capita
Ranked 7th. 54 times more than Philippines
Currency Philippine peso New Zealand dollar
Economic aid > Recipient $451.40 million
Ranked 5th. 130 times more than Pitcairn Islands 		$3.46 million
Ranked 51st.
Overview 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). The inhabitants of this tiny isolated economy exist on fishing, subsistence farming, handicrafts, and postage stamps. The fertile soil of the valleys produces a wide variety of fruits and vegetables, including citrus, sugarcane, watermelons, bananas, yams, and beans. Bartering is an important part of the economy. The major sources of revenue are the sale of postage stamps to collectors and the sale of handicrafts to passing ships.
Exchange rates 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) New Zealand dollars (NZD) per US dollar -<br />1.23 (2012)<br />1.26 (2011)<br />1.39 (2010)<br />1.6 (2009)<br />1.42 (2008)
Exports > Commodities semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, fruits fruits, vegetables, curios, stamps
Fiscal year calendar year 1
Imports > Commodities electronic products, mineral fuels, machinery and transport equipment, iron and steel, textile fabrics, grains, chemicals, plastic fuel oil, machinery, building materials, flour, sugar, other foodstuffs
Industries electronics assembly, garments, footwear, pharmaceuticals, chemicals, wood products, food processing, petroleum refining, fishing postage stamps, handicrafts, beekeeping, honey
Labor force 40
Ranked 69th. 3 times more than Pitcairn Islands 		15
Ranked 110th.
Trade > Exports to US $2.61 billion
Ranked 21st. 261460 times more than Pitcairn Islands 		$10,000.00
Ranked 211th.
Trade > With US > US imports of bauxite and aluminum 0.0
Ranked 106th. 		0.0
Ranked 110th.
Labor force per thousand people 0.000378
Ranked 170th. 		230.77
Ranked 4th. 609927 times more than Philippines
Budget > Expenditures > Per capita $359.74 per capita
Ranked 62nd. 		$18,683.38 per capita
Ranked 5th. 52 times more than Philippines
Trade balance with US $-524,600,000.00
Ranked 194th. 		$790,000.00
Ranked 84th.

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; All CIA World Factbooks 18 December 2003 to 18 December 2008; CIA World Factbooks 2010, 2011, 2012, 2013; US Census Bureau; FTDWebMaster, Foreign Trade Division, U.S. Census Bureau; 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.

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Factoid #22

  • The top nations for per capita imports and exports tend to be very small.

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