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The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. [31] In 2024, the Philippine economy is estimated to be at ₱26.55 trillion ($471.5 billion), making it the world's 32nd largest by nominal GDP and 13th largest in Asia according to the International Monetary Fund.
Gross domestic product (GDP) is defined as "the value of all final goods and services produced in a country in 1 year". [3] Gross national product (GNP) is defined as "the market value of all goods and services produced in one year by labour and property supplied by the residents of a country." [4]
The gross national income (GNI), previously known as gross national product (GNP), is the total amount of factor incomes earned by the residents of a country. It is equal to gross domestic product (GDP), plus factor incomes received from non-resident by residents, minus factor income paid by residents to non-resident.
According to World Bank data, the Philippines is considered to be a "lower middle income" country, [5] defined as countries that have a per capita GNI between $1,026 and $3,995. [6] As of 2018, by gross domestic product Purchasing Power Parity (GDP PPP), the Philippines is ranked 27th in the world with a GDP PPP of 952,967 international dollars ...
Market exchange rate-based cross-country comparisons of GDP at its expenditure components reflect both differences in economic outputs (volumes) and prices. Given the differences in price levels, the size of higher income countries is inflated, while the size of lower income countries is depressed in the comparison.
The Philippine economy is the world's 34th largest, with an estimated 2023 nominal gross domestic product of US$435.7 billion. [13] As a newly industrialized country, [376] [377] the Philippine economy has been transitioning from an agricultural base to one with more emphasis on services and manufacturing.
Whether it was the speculators or the specter of demand that pushed oil well over $70 last month, the rise in crude prices began to cause concern that the recovery could be knocked off course by ...
Although the net national product is a key identity in national accounting, its use in economics research is generally superseded by the use of the gross domestic or national product as a measure of national income, a preference which has been historically a contentious topic (see e.g. Boulding (1948) [3] and Burk (1948) [4]).