The Economy of the Philippines is the 43rd largest in the world, according to 2011 World Bank statistics. The Goldman Sachs estimates that by the year 2050, it will be the 14th largest economy in the world and one in its list of the Next Eleven economies. HSBC projects the Philippine economy to become the 16th largest economy in the world, 5th largest economy in Asia and the largest economy in the South East Asian region by 2050.
Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. As a newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing.
The Gross Domestic Product (GDP) in Philippines expanded 5.90% in the second quarter of 2012 over the same quarter of the previous year. Historically, from 2001 until 2012, Philippines GDP Annual Growth Rate averaged 4.72% reaching an all-time high of 8.90% in June of 2010 and a record low of 0.50% in September of 2009. GDP in Philippines was worth 224.75 billion US dollars in 2011, according to a report published by the World Bank. The GDP value of Philippines is roughly equivalent to 0.36% of the world economy. Historically, from 1960 until 2011, Philippines GDP averaged 52.39 billion reaching an all-time high of 224.75 billion in December of 2011 and a record low of 4.40 billion in December of 1962.
The inflation rate in Philippines was recorded at 3.80% in August of 2012. Historically, from 1958 until 2012, Philippines Inflation Rate averaged 9.08% reaching an all-time high of 62.80% in September of 1984 and a record low of -2.10% in January of 1959. Inflation rate refers to a general rise in prices measured against a standard level of purchasing power.