What is the GDP per capita of the Philippines?

The Philippines' GDP per capita reached a record high of $3,667.57 in 2023, up from just $1,100.31 in 1960.

The Philippines' GDP per capita is equivalent to 29% of the world's average, indicating room for further economic growth.

The country's GDP growth rate was 5.7% in the first quarter of 2024, demonstrating a robust economic performance.

The Philippines' GDP in current US dollars has been on an upward trajectory, reaching $437.15 billion in 2023.

Fluctuations in the Philippines' GDP per capita over the past decade showcase the country's economic volatility and the need for stable policies.

Sectorally, the main contributors to the Philippines' first-quarter 2024 GDP growth were financial and insurance activities (10.0%) and wholesale and retail trade (7.6%).

The Philippine Statistics Authority utilizes the international standard of the System of National Accounts to compile the country's GDP data.

Currency exchange rate movements significantly impact the Philippines' GDP per capita when measured in US dollars, as the peso has depreciated over time.

Remittances from overseas Filipino workers play a crucial role in supporting the Philippines' domestic consumption and GDP growth.

Geographical disparities exist within the Philippines, with some regions experiencing higher GDP per capita than others due to uneven development.

The Philippines' transition to a more service-oriented economy, away from agriculture, has contributed to the gradual increase in GDP per capita.

Improving infrastructure, reducing corruption, and implementing structural reforms could further boost the Philippines' GDP per capita in the long run.