Thought for the day

GDP per Capita Growth in Philippines Overtakes Rise in Asia-Pacific and Emerging Markets


 
Last updated: 3 July 2024
 
Relative success in raising living standards held back by pockets of poverty and inequality

Philippines GDP Growth
Index: 1996=100
GDP per Capita Growth in Philippines Overtakes Rise in Asia-Pacific and Emerging Markets
* GDP in Purchasing Power Parity terms with added estimates for the size of the informal economy and adjustments for out-of-date GDP base year data.


Living standards growth in the Philippines has finally caught up and surpassed the rise in the Asia-Pacific region and in Emerging Markets. Real GDP per capita over the last twenty-five years in the country has increased by 92% compared to an increase of 73% in the Asia-Pacific region and 45% in Emerging Markets. After its performance trailing both benchmarks for much of this period, the country’s GDP per capita growth accelerated passing the increase in Emerging Markets in 2009 and that in the Asia-Pacific region in 2015.

The economy of the Philippines has grown consistently over the last ten years with a cumulative annual average rate of real GDP increase of 4.8%. The country benefits from a relatively young population with a median age of only 25.7 years compared with 42.2 in developed Singapore, but the progression in living standards is held back by inequality and poverty. The proportion of the population living in poverty remains at 6.1% compared with 4.6% in Indonesia. However the World Economics Index of Inequality is low at 32.9 compared with the Asia-Pacific median of 44.2.  See more data...



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