National Accounts: Gross Domestic Product for Philippines
PHLNGDPDUSD • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
548,048,250,228.00
Year-over-Year Change
79.75%
Date Range
1/1/2016 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the Philippines measures the total value of goods and services produced in the country. It is a key indicator of economic growth and a widely used metric for policymakers and analysts to assess the overall health of the Philippine economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
GDP represents the monetary value of all final goods and services produced within the Philippines' geographic borders over a specific time period. It is a comprehensive measure of a country's economic activity and is used to track economic performance, make fiscal and monetary policy decisions, and compare economic output across countries.
Methodology
The Philippine Statistics Authority (PSA) collects and calculates the GDP data using production, expenditure, and income approaches.
Historical Context
The Philippine GDP trend is closely monitored by the government, central bank, and international institutions to guide economic and policy decisions.
Key Facts
- The Philippines is a rapidly growing emerging market economy in Southeast Asia.
- GDP growth in the Philippines averaged around 6% annually over the past decade.
- The service sector accounts for over 60% of the Philippines' GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for the Philippines measures the total monetary value of all final goods and services produced within the country's borders over a specific time period.
Q: Why is this trend relevant for users or analysts?
A: The Philippine GDP is a crucial indicator of the country's overall economic performance and is closely monitored by policymakers, investors, and economists to assess the health of the economy and guide decision-making.
Q: How is this data collected or calculated?
A: The Philippine Statistics Authority (PSA) collects and calculates the GDP data using production, expenditure, and income approaches.
Q: How is this trend used in economic policy?
A: The Philippine GDP trend is used by the government, central bank, and international institutions to guide fiscal, monetary, and economic policies aimed at promoting sustainable economic growth and development.
Q: Are there update delays or limitations?
A: The Philippine GDP data is typically released on a quarterly basis, with some potential for minor delays or revisions due to the complexity of data collection and compilation.
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Citation
U.S. Federal Reserve, National Accounts: Gross Domestic Product for Philippines (PHLNGDPDUSD), retrieved from FRED.