Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
Philippines Exports: Overview
Electrical machinery and equipment’s share of total exports increased during the last four years, from 48.7% in 2019 to 51% in 2021. The export of electrical machinery is one of the largest industries in the Philippines and the government has taken various steps to promote the country’s position in the international market. In 2021, the Philippines accounted for 1.2% of the world’s total exports of electrical machinery and equipment.
The country’s second major export commodity was machinery, mechanical appliances, nuclear reactors, and boilers, which accounted for 12.7% of exports in 2021, narrowed down from 14.3% in 2018. The third major export commodity was copper and articles thereof, which accounted for 3.5% of exports in 2021, a substantial rise from 2.1% in 2019.
Japan, the US, and China were the Philippines’ top three trading partners in 2021; they accounted for 41.4% of total trade (exports and imports).
Philippines Exports as a % of GDP
Exports as a % of GDP of the Philippines was 28.2% in 2021, while the Philippines’s exports as a % of GDP increased by 7.2% year on year basis in 2021, and between 2010-2021, the exports as a % of GDP in the Philippines decreased by 18.8%. The exports as a % of GDP were highest in the year 2010 (34.7%), and lowest in the year 2020 (26.3%).
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