The Philippines' GDP composition in 2023 highlighted Services at 33.14%, marking stability contrasted by a declining share in Agriculture at 9.65%. Mining, Manufacturing, and Utilities at 23.62% showed resilience, often countering global commodity price fluctuations. Wholesale, retail trade, restaurants, and hotels collectively contributed 20.03%, driven by robust domestic demand and a recovering tourism sector. Construction accounted for 7.25%, reflecting consistent infrastructure developments, while Transport, storage, and communication sectors collectively added 6.31%. This composite indicates a broad-based economic structure with significant leanings towards service-oriented industries.
Future trends to watch:
- Technology integration in services driving innovation and efficiency.
- A potential resurgence in agriculture through sustainable practices and government support.
- Expansion in mining and manufacturing, hinging on global market demands.
- Ongoing retail and hospitality growth aligned with increasing consumer confidence.
- Continued infrastructure investments sustaining construction momentum.
- A transformative shift in transport and communication with digital connectivity advancements.
Top countries in GDP Composition by Sector
| # | 6 Countries | Percent | Last Year | |
|---|---|---|---|---|
| 1 | 1 Services | 33.14 | 2016 | |
| 2 | 2 Mining, Manufacturing, Utilities | 23.62 | 2016 | |
| 3 | 3 Wholesale, retail trade, restaurants and hotels | 20.03 | 2016 | |
| 4 | 4 Agriculture, hunting, forestry, fishing | 9.65 | 2016 | |
| 5 | 5 Construction | 7.25 | 2016 | |
| 6 | 6 Transport, storage and communication | 6.31 | 2016 |
