Philippines's GDP changed from approximately $37B 82M in 1980 to $471B 516M in 2024, showing an overall 1171.5% sharply increased during the period.
The lowest GDP was recorded in 1986 at $34B 128M, and the highest in 2024 at $471B 516M.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 5.9%.
For comparison, the average annual growth rate of Vietnam was 6.0%, and that of Indonesia was 6.3%.
Overview of Philippines's GDP (1980–2024)
The Gross Domestic Product (GDP) of Philippines recorded a 1171.5% sharply increased from 1980 to 2024.
The average GDP during this period was $162B 955M, and the median was $94B 106M.
GDP fluctuated within a range of $437B 387M, with a standard deviation of $134B 307M.
The average annual change was $9B 494M.
Philippines GDP from 1980 to 2024
The total market value of goods and services produced annually in Philippines.
Highest and Lowest GDP Records
- Lowest GDP: 1986, $34B 128M
- Highest GDP: 2024, $471B 516M
- Most Recent GDP: 2024, $471B 516M
Notable Annual GDP Changes
- 2024: Significant increase in GDP
- 1998: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Philippines's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $376B 823M → $361B 751M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $155B 980M → $176B 132M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $83B 667M → $78B 921M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $94B 106M → $74B 492M
- Outcome: sharply declined
Key Economic Indicators of Philippines (1980–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 37B 82M | $ 774.48 | $ 1,923.08 | $ 92B 77M | 5.149 % | -5.135 % | 17.11 % | 0 % | 47M 880K people |
1981 | $ 40B 735M | $ 829.82 | $ 2,123.47 | $ 104B 239M | 3.423 % | -5.06 % | 18.96 % | 0 % | 49M 89K people |
1982 | $ 42B 441M | $ 843.47 | $ 2,279.24 | $ 114B 686M | 3.619 % | -7.54 % | 16.84 % | 0 % | 50M 318K people |
1983 | $ 37B 953M | $ 735.71 | $ 2,353.57 | $ 121B 411M | 1.875 % | -7.301 % | 18.62 % | 0 % | 51M 586K people |
1984 | $ 35B 860M | $ 678.34 | $ 2,205.28 | $ 116B 580M | -7.324 % | -3.608 % | 15.53 % | 0 % | 52M 864K people |
1985 | $ 34B 973M | $ 645.60 | $ 2,057.87 | $ 111B 479M | -7.307 % | -0.103 % | 13.36 % | 0 % | 54M 172K people |
1986 | $ 34B 128M | $ 615.05 | $ 2,119.47 | $ 117B 610M | 3.417 % | 2.789 % | 16.79 % | 0 % | 55M 490K people |
1987 | $ 37B 932M | $ 666.91 | $ 2,210.38 | $ 125B 721M | 4.312 % | -1.171 % | 14.62 % | 0 % | 56M 877K people |
1988 | $ 43B 293M | $ 744.31 | $ 2,388.75 | $ 138B 943M | 6.753 % | -0.901 % | 15.56 % | 0 % | 58M 165K people |
1989 | $ 48B 652M | $ 816.96 | $ 2,575.05 | $ 153B 351M | 6.205 % | -2.993 % | 16.41 % | 3.543 % | 59M 553K people |
1990 | $ 50B 508M | $ 828.82 | $ 2,689.89 | $ 163B 922M | 3.037 % | -5.336 % | 18 % | 4.269 % | 60M 940K people |
1991 | $ 51B 784M | $ 830.41 | $ 2,705.69 | $ 168B 727M | -0.436 % | -1.997 % | 17.72 % | 4.235 % | 62M 360K people |
1992 | $ 60B 422M | $ 946.76 | $ 2,715.34 | $ 173B 293M | 0.418 % | -1.655 % | 19.09 % | 3.938 % | 63M 820K people |
1993 | $ 62B 37M | $ 949.73 | $ 2,775.12 | $ 181B 271M | 2.182 % | -4.862 % | 18.32 % | 4.45 % | 65M 319K people |
1994 | $ 73B 159M | $ 1,094.54 | $ 2,891.07 | $ 193B 239M | 4.374 % | -4.032 % | 19.28 % | 4.505 % | 66M 840K people |
1995 | $ 84B 644M | $ 1,237.31 | $ 3,017.33 | $ 206B 415M | 4.625 % | -2.339 % | 19.45 % | 4.202 % | 68M 410K people |
1996 | $ 94B 650M | $ 1,316.41 | $ 3,094.75 | $ 222B 513M | 5.86 % | -4.176 % | 19.11 % | 4.514 % | 71M 900K people |
1997 | $ 94B 106M | $ 1,279.84 | $ 3,237.99 | $ 238B 89M | 5.186 % | -4.623 % | 19.44 % | 4.03 % | 73M 530K people |
1998 | $ 74B 492M | $ 988.49 | $ 3,178.44 | $ 239B 527M | -0.514 % | 2.075 % | 22.06 % | 2.588 % | 75M 360K people |
1999 | $ 85B 640M | $ 1,112.35 | $ 3,260.76 | $ 251B 46M | 3.346 % | -3.357 % | 12.84 % | 1.362 % | 76M 990K people |