Overview: The economy continues to recover from the political turmoil following the ouster of former President Marcos. After two consecutive years of economic contraction (1984 and 1985), the economy once more had positive growth during 1986-87. The agricultural sector, together with forestry and fishing, plays an important role in the economy, employing about 50% of the work force and providing almost 30% of GDP. The Philippines is the world's largest exporter of coconuts and coconut products. Manufacturing contributed about 25% of GDP. Major industries include food processing, chemicals, and textiles.

GNP: $33.6 billion, per capita $546; real growth rate 5.0% (1987)

Inflation rate (consumer prices): 3.8% (1987)

Unemployment rate: 11.3% (1987)

Budget: revenues $5.72 billion; expenditures $7.04 billion, including capital expenditures of $1.04 billion (1988)

Exports: $5.6 billion (f.o.b., 1987); @m5commodities--electrical equipment 19%, textiles 16%, minerals and ores 11%, farm products 10%, coconut 10%, chemicals 5%, fish 5%, forest products 4%; @m5partners--US 36%, EC 19%, Japan 18%, ESCAP 9%, ASEAN 7%

Imports: $7.1 billion (c.i.f., 1987); @m5commodities--raw materials 53%, capital goods 17%, petroleum products 17%; @m5partners--US 25%, Japan 17%, ESCAP 13%, EC 11%, ASEAN 10%, Middle East 10%

External debt: $27.8 billion (1988)

Industrial production: growth rate 8.0% (1987)

Electricity: 6,600,000 kW capacity; 25,000 million kWh produced, 400 kWh per capita (1988)

Industries: textiles, pharmaceuticals, chemicals, wood products, food processing, electronics assembly, petroleum refining, fishing

Agriculture: rice, corn, coconut, sugarcane, bananas, abaca, tobacco; illegal producer of cannabis for the international drug trade

Aid: NA

Currency: Philippine peso (plural--pesos); 1 Philippine peso (P) = 100 centavos

Exchange rates: Philippine pesos (P) per US$1--21.342 (January 1989), 21.095 (1988), 20.568 (1987), 20.386 (1986), 18.607 (1985)

Fiscal year: calendar year

NOTE: The information regarding Philippines on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Philippines Economy 1989 information contained here. All suggestions for corrections of any errors about Philippines Economy 1989 should be addressed to the CIA.