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%.
Philippines GDP from 1980 to 2024
The total market value of goods and services produced annually in Philippines.
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.
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 | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 5.149 % | $ 37B 82M | $ 92B 77M | $ 774.48 | $ 1,923.08 | 17.11 % | 47M 880K people | -5.135 % | 0 % |
1981 | 3.423 % | $ 40B 735M | $ 104B 239M | $ 829.82 | $ 2,123.47 | 18.96 % | 49M 89K people | -5.06 % | 0 % |
1982 | 3.619 % | $ 42B 441M | $ 114B 686M | $ 843.47 | $ 2,279.24 | 16.84 % | 50M 318K people | -7.54 % | 0 % |
1983 | 1.875 % | $ 37B 953M | $ 121B 411M | $ 735.71 | $ 2,353.57 | 18.62 % | 51M 586K people | -7.301 % | 0 % |
1984 | -7.324 % | $ 35B 860M | $ 116B 580M | $ 678.34 | $ 2,205.28 | 15.53 % | 52M 864K people | -3.608 % | 0 % |
1985 | -7.307 % | $ 34B 973M | $ 111B 479M | $ 645.60 | $ 2,057.87 | 13.36 % | 54M 172K people | -0.103 % | 0 % |
1986 | 3.417 % | $ 34B 128M | $ 117B 610M | $ 615.05 | $ 2,119.47 | 16.79 % | 55M 490K people | 2.789 % | 0 % |
1987 | 4.312 % | $ 37B 932M | $ 125B 721M | $ 666.91 | $ 2,210.38 | 14.62 % | 56M 877K people | -1.171 % | 0 % |
1988 | 6.753 % | $ 43B 293M | $ 138B 943M | $ 744.31 | $ 2,388.75 | 15.56 % | 58M 165K people | -0.901 % | 0 % |
1989 | 6.205 % | $ 48B 652M | $ 153B 351M | $ 816.96 | $ 2,575.05 | 16.41 % | 59M 553K people | -2.993 % | 3.543 % |
1990 | 3.037 % | $ 50B 508M | $ 163B 922M | $ 828.82 | $ 2,689.89 | 18 % | 60M 940K people | -5.336 % | 4.269 % |
1991 | -0.436 % | $ 51B 784M | $ 168B 727M | $ 830.41 | $ 2,705.69 | 17.72 % | 62M 360K people | -1.997 % | 4.235 % |
1992 | 0.418 % | $ 60B 422M | $ 173B 293M | $ 946.76 | $ 2,715.34 | 19.09 % | 63M 820K people | -1.655 % | 3.938 % |
1993 | 2.182 % | $ 62B 37M | $ 181B 271M | $ 949.73 | $ 2,775.12 | 18.32 % | 65M 319K people | -4.862 % | 4.45 % |
1994 | 4.374 % | $ 73B 159M | $ 193B 239M | $ 1,094.54 | $ 2,891.07 | 19.28 % | 66M 840K people | -4.032 % | 4.505 % |
1995 | 4.625 % | $ 84B 644M | $ 206B 415M | $ 1,237.31 | $ 3,017.33 | 19.45 % | 68M 410K people | -2.339 % | 4.202 % |
1996 | 5.86 % | $ 94B 650M | $ 222B 513M | $ 1,316.41 | $ 3,094.75 | 19.11 % | 71M 900K people | -4.176 % | 4.514 % |
1997 | 5.186 % | $ 94B 106M | $ 238B 89M | $ 1,279.84 | $ 3,237.99 | 19.44 % | 73M 530K people | -4.623 % | 4.03 % |
1998 | -0.514 % | $ 74B 492M | $ 239B 527M | $ 988.49 | $ 3,178.44 | 22.06 % | 75M 360K people | 2.075 % | 2.588 % |
1999 | 3.346 % | $ 85B 640M | $ 251B 46M | $ 1,112.35 | $ 3,260.76 | 12.84 % | 76M 990K people | -3.357 % | 1.362 % |