The Philippines has a steadily growing economy, with a gross domestic product (GDP) that reached over 362.24 billion U.S. dollars in 2020. Gross domestic product (GDP) denotes the aggregate value of all services and goods produced within a country in any given year. GDP is an important indicator of a country's economic power. The GDP of the Philippines is expected to increase substantially to over 590.86 billion U.S. dollars by 2026.

The Philippines’ economy

GDP of the Philippineshas consistently grown at around six percent and is expected to remain constant through 2024. At the same time, theunemployment ratehas fallen to about 2.5 percent in 2018, with an increasing amount ofemployment being within the services sector.

Sectors of the economy

The services sector is a significant economic sector in the Philippines economy, with a share of almost 60 percent ingross domestic product generation. Usually, a shift of GDP generation from agriculture to services is a sure sign of a growing economy - the same is true for the Philippines: Tourism and IT are industries within the services sector which has substantially contributed to the Philippines’ economic growth. The agriculture sector, although contributing to the Philippines’export quantity, such as coconut oil and fruits, has declined over recent years, with more and more inhabitantsmoving to the citiesto find work.