Economy of the Philippines

Economy of the Philippines

The economy of the Philippines is an emerging market, and considered as a newly industrialized country in the Asia-Pacific region. In 2026, the Philippine economy is estimated to be at ₱30.22 trillion ($512.22 billion), making it the world's 35th largest by nominal GDP and 14th largest in Asia according to the International Monetary Fund.

The Philippine economy is a service-oriented economy, with relatively more modest contributions from the manufacturing and agriculture sectors. It has experienced significant economic growth and transformation in the past, posting one of the highest GDP growth rates in Asia. With an average annual growth rate of around 6 percent since 2010, the country has emerged as one of the fastest-growing economies in the world. The Philippines is a founding member of the United Nations, Association of Southeast Asian Nations, Asia-Pacific Economic Cooperation, East Asia Summit and the World Trade Organization. The Asian Development Bank (ADB) is headquartered in the Ortigas Center located in the city of Mandaluyong, Metro Manila.

The country's primary exports include semiconductors and electronic products, transport equipment, garments, chemical products, copper, nickel, abaca, coconut oil, and fruits. Its major trading partners include Japan, China, the United States, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. In 2017, the Philippine economy was projected to become the 9th largest in Asia and 19th largest in the world by 2050. By 2035, the Filipino economy is predicted to be the 22nd largest in the world.

The Philippines has been named as one of the Tiger Cub Economies, alongside Indonesia, Malaysia, Vietnam, and Thailand. However, major problems remain, mainly related to alleviating the wide income and growth disparities between the country's different regions and socioeconomic classes, reducing corruption, and investing in the infrastructure necessary to ensure future growth. In 2024, the World Economic Forum chief Børge Brende said that "there is a real opportunity for this country to become a $2-trillion economy."

The Philippines exhibits one of the highest economic densities in Southeast Asia, characterized by a high concentration of economic output relative to its land area. As of 2024–2025, the Philippines ranks third among ASEAN nations in GDP Density (Nominal GDP per square kilometer), trailing only the city-state of Singapore and the resource-rich sultanate of Brunei. This is so, because there is such large economic activity that is happening on such low amount of land area that's scattered amongst a fragmented archipelagic geography. This is expressed in the concept called GDP density.

In 2025, the Philippines enacted Republic Act No. 12252, amending the Investors’ Lease Act to allow foreign investors to lease private land for up to 99 years, up from the previous limit of 75 years (50 + 25 extension). This reform aims to enhance the country's competitiveness in attracting long-term foreign direct investment by offering greater leasehold security for commercial and industrial projects. A project called the "Luzon Economic Corridor" is on the works, which will further develop the Philippine economy. It is the first country in the world to put its entire national budget under blockchain technology.

Composition by sector

Economy of the Philippines

Filipino men at work in Brunei

As a newly industrialized country, the Philippines is still an economy with a large agricultural sector; however, the country's service industry has expanded recently. Much of the industrial sector is based on processing and assembly operations in the manufacturing of electronics and other high-tech components, usually from foreign multinational corporations.

Filipinos who go abroad to work–-known as Overseas Filipino Workers or OFWs—are a significant contributor to the economy but are not reflected in the below sectoral discussion of the domestic economy. OFW remittances is also credited for the Philippines' recent economic growth resulting in investment status upgrades from credit ratings agencies such as the Fitch Group and Standard & Poor's. From more than US$2 billion worth of remittance from Overseas Filipinos sent to the Philippines in 1994, this significantly increased to a record US$38.34 billion in 2024 and represented 8.3 percent of the country's GDP.

Agriculture, aquaculture and forestry

As of 2022, agriculture employs 24 percent of the Filipino workforce accounting for 8.9 percent of the total GDP. The type of activity ranges from small subsistence farming and fishing to large commercial ventures with significant export focus.

The Philippines is the world's third largest producer of coconuts, and the world's largest exporter of coconut products. Coconut production is generally concentrated in medium-sized farms. The Philippines is also the world's third largest producer of pineapples, producing 2,862,000 metric tons (2,817,000 long tons; 3,155,000 short tons) in 2021.

Rice production in the Philippines is important to the food supply in the country and economy. The Philippines is the 7th largest rice producer in the world as of the 1st half of 2026, accounting for 2 percent of global rice production. Rice is the most important food crop, a staple food in most of the country; it is produced extensively in Central Luzon), Western Visayas, Cagayan Valley, Soccsksargen, and Ilocos Region.

The Philippines is one of the largest producers of sugar in the world. At least 17 provinces located in eight regions of the nation have grown sugarcane crops, of which the Negros Island Region accounts for half of the country's total production. As of Crop Year 2012–2013, 29 mills are operational divided as follows: 13 mills in Negros, 6 mills in Luzon, 4 mills in Panay, 3 mills in Eastern Visayas and 3 mills in Mindanao. A range from 360,000 to 390,000 hectares (890,000 to 960,000 acres) are devoted to sugarcane production. The largest sugarcane areas are found in the Negros Island Region, which accounts for 51 percent of sugarcane areas planted. This is followed by Mindanao which accounts for 20 percent; Luzon with 17 percent; Panay with 7 percent and Eastern Visayas with 4 percent.

• A coconut grove in Dapitan • A banana plantation in Padada • Vast sugarcane plantations in Bacolod • A rice field in Bulacan • Pineapples in a market in Laguna

Blue economy

As an archipelagic country, the Philippines relies heavily on the blue economy. Its main ocean-based sectors are fisheries, shipping, offshore renewable energy, and marine tourism. The blue economy made up nearly 4 percent of the country's gross domestic product (PHP1 trillion) in 2024. Although important for the country's economic growth, only 2 percent of the development aid the country receives is directed to the blue economy.

Mangrove forests, which cover more than 1% of the country's land area, provide a wide range of benefits its coastal communities and blue economy. By providing food and shelter, mangroves function as breeding and nursery grounds for fish. In effect, this leads to a higher abundance of fish, crustaceans, and shellfish around these areas which local small-scale fisheries rely on for food and livelihood. Mangrove forests also help mitigate climate change by absorbing carbon from the atmosphere, and offer locals protection from natural hazards such as tropical cyclones, and reduce coastal erosion by strengthening the soil. 22% of mangroves in the Philippines can be found in Palawan where local livelihoods rely on them as fishing grounds, for harvesting mangrove honey, and as a site for ecotourism.

Automotive and aerospace

The ABS used in Mercedes-Benz, BMW, and Volvo cars are made in the Philippines. Automotive sales in the Philippines increased to 467,252 in 2024 from 429,807 units a year prior. Toyota sells the most vehicles in the country followed by Mitsubishi, Ford, Nissan, and Suzuki. Honda and Suzuki produce motorcycles in the country. Since around the 2010s, several Chinese car brands have entered the Philippine market; these include Chery and Foton Motor.

Aerospace products in the Philippines are mainly for the export market and include manufacturing parts for aircraft built by both Boeing and Airbus. Moog is the biggest aerospace manufacturer with base in Baguio; the company produces aircraft actuators in their manufacturing facility. Total export output of aerospace products in the Philippines reached US$780 million in 2019.

Electronics

A Texas Instruments integrated circuit

A Texas Instruments plant in Baguio has been operating for 20 years and is the largest producer of DSP chips in the world. Texas Instruments' Baguio plant produces all the chips used in Nokia cell phones and 80% of chips used in Ericsson cell phones in the world. Toshiba hard disk drives are manufactured in Santa Rosa, Laguna. Printer manufacturer Lexmark has a factory in Cebu City. Electronics and other light industries are concentrated in Laguna, Cavite, Batangas and other Calabarzon provinces with sizable numbers found in Southern Philippines that account for most of the country's export.

The Philippine Electronics Industry is classified into (73%) Semiconductor Manufacturing Services (SMS) and (27%) Electronics Manufacturing Services (EMS) according to SEIPI, the largest organization of foreign and Filipino electronics companies in the Philippines. Electronic products continued to be the country's top export with total earnings of US$45.66 billion and accounted for 57.8 percent of the total export of goods in 2022.

Semiconductor

The semiconductor industry plays a critical role in the Philippine economy by integrating the Philippines into the global electronics value chain. The country is primarily involved in the assembly, testing, and packaging stages of semiconductor production rather than chip design or wafer fabrication, serving as a key link in the global supply chain for electronic components.

According to the Semiconductor and Electronics Industries in the Philippines Foundation (SEIPI), semiconductor manufacturing services account for the majority of the country’s electronics industry output. Semiconductor products are widely used in consumer electronics, telecommunications equipment, automotive systems, and industrial applications.

Semiconductor manufacturing facilities in the Philippines are largely operated by multinational firms and are concentrated in major industrial zones, particularly in the CALABARZON region as well as parts of Central Luzon and the Visayas. The industry benefits from a skilled technical workforce, competitive production costs, and government investment incentives.

As part of the broader electronics sector, semiconductors contribute significantly to export earnings, employment generation, and foreign direct investment. The industry also supports technology transfer and skills development, reinforcing its role as one of the Philippines’ most important high-technology manufacturing sectors.

Mining and extraction

Geothermal power station in Negros Oriental

The Philippines is rich in mineral and geothermal energy resources. In 2019, it produced 1,928 megawatts (2,585,000 hp) of electricity from geothermal sources (7.55% of total electricity production). A 1989 discovery of natural gas reserves in the Malampaya oil fields off the island of Palawan is being used to generate electricity in three gas-powered plants. Philippine gold, nickel, copper, palladium and chromite deposits are among the largest in the world. Other important minerals include silver, coal, gypsum, and sulphur. Significant deposits of clay, limestone, marble, silica, and phosphate exist.

About 60 percent of total mining production are accounted for by non-metallic minerals, which contributed substantially to the industry's steady output growth between 1993 and 1998, with the value of production growing 58 percent. Philippine mineral exports amounted to US$4.22 billion in 2020. Low metal prices, high production costs, lack of investment in infrastructure, and a challenge to the new mining law have contributed to the mining industry's overall decline.

The industry rebounded starting in late 2004 when the Supreme Court upheld the constitutionality of an important law permitting foreign ownership of Philippines mining companies. In 2019, the country was the 2nd largest world producer of nickel and the 4th largest world producer of cobalt. According to Philippine Statistics Authority, the total monetary value of four key metallic minerals which were appraised to Class A namely: copper, chromite, gold and nickel were valued at US$10.23 billion in 2025. Class A mineral resources are commercially recoverable that could contribute to economy annually.

Offshoring and outsourcing

A business process outsourcing office in Cainta, Rizal

The Cebu IT Park in Cebu City

Business process outsourcing (BPO) and the call center industry contribute to the Philippines' economic growth resulting in investment status upgrades from credit ratings agencies such as Fitch and S&P. In 2008, the Philippines has surpassed India as the world leader in business process outsourcing (BPO). The industry generated 100,000 jobs, and total revenues were placed at US$960 million for 2005. In 2011, BPO sector employment ballooned to over 700,000 people and is contributing to a growing middle class; this increased to around 1.3 million employees by 2022. BPO facilities are concentrated in IT parks and centers in economic zones across the Philippines: Metro Manila, Metro Cebu, Metro Clark, Bacolod, Davao City, and Iloilo City; other areas with significant presence of the BPO industry include Baguio, Cagayan de Oro, Dasmariñas, Dumaguete, Lipa, Naga, and Santa Rosa, Laguna. The majority of the top ten BPO firms of the United States operate in the Philippines.

Call centers began in the Philippines as plain providers of email response and managing services and is a major source of employment. Call center services include customer relations, ranging from travel services, technical support, education, customer care, financial services, online business to customer support, and online business-to-business support. The Philippines is considered as a location of choice due to its many outsourcing benefits such as less expensive operational and labor costs, the high proficiency in spoken English of a significant number of its people, and a highly educated labor pool.

The growth in the BPO industry is promoted by the Philippine government. The industry is highlighted by the Philippines Development Plan as among the 10 high potential and priority development areas. The government provides incentive programs such as tax holidays, tax exemptions, and simplified export and import procedures. Additionally, training is also available for BPO applicants.

Energy

Solar module installation in Bulacan

The Philippines has significant potential in solar energy; however, as of 2021, most of the domestically produced electricity is based on fossil fuel resources, particularly coal. The country produced 7,399 megawatts (9,922,000 hp) of renewable energy in 2019.

On November 15, 2022, the renewable energy sector was granted the ability to operate with 100 percent foreign ownership, an increase from the previous 40 percent limit. This change allows for the infusion of foreign capital into the renewable energy (RE) industries. The Department of Energy is targeting an increase in the share of renewable energy in the country's power generation mix, aiming for 35 percent by 2030 and 50 percent by 2040, up from the current 22 percent. Danish firm Copenhagen Infrastructure Partners (CIP) is investing US$5 billion to develop three offshore wind energy projects with a potential capacity of 2,000 megawatts (2,700,000 hp); it will be located in Camarines Norte and Camarines Sur (1000 MW), Northern Samar (650 MW), Pangasinan and La Union (350 MW). In 2022, the share of RE in the energy mix was at 22.8 percent.

Shipbuilding and repair

Hanjin Subic Shipyard in Subic, Zambales

The Philippines is a significant player in the global shipbuilding industry with 118 registered shipyards in 2021 distributed in Subic, Cebu, Bataan, Navotas and Batangas. As of 2022, it is the seventh largest shipbuilding nation by gross tonnage. Subic-made cargo vessels are exported to countries where shipping operators are based. South Korea's Hanjin started production in Subic in 2007 of the 20 ships ordered by German and Greek shipping operators. Bulk carriers, container ships and big passenger ferries are built in the country's shipyards. General Santos' shipyard is mainly for ship repair and maintenance.

Surrounded by waters, the country has abundant natural deep-sea ports ideal for development as production, construction and repair sites. In the ship repair sector, the Navotas complex in Metro Manila is expected to accommodate 96 vessels for repair. Shipbuilding is part of Philippines' maritime heritage; employing over 600,000 people and contributing almost 15 percent of revenues to the ocean-based industries.

Tourism

Boracay white beach

Regional accounts

Economy of the Philippines

For the year 2022, all economies of the 17 regions in the Philippines recorded positive growths; Western Visayas had the highest growth (9.3 percent), followed by Cordillera Administrative Region (8.7 percent), and Davao Region (8.15 percent).

According to the Philippine Statistics Authority (PSA), gross regional domestic product (GRDP) is GDP measured at regional levels. Figures below are for the year 2019.

International comparisons

Economy of the Philippines

Organization	Report	As of	Change from previous	Ranking
Fraser Institute	Economic Freedom of the World	2021	3	70 out of 144
International Monetary Fund	GDP (PPP)	2023		29th
International Monetary Fund	GDP (nominal)	2023	5	34th
International Monetary Fund	GDP per capita (PPP)	2023	3	116th
International Monetary Fund	GDP per capita (nominal)	2023	4	124th
International Monetary Fund	Foreign exchange reserves	2023		28th
The Heritage Foundation/The Wall Street Journal	Index of Economic Freedom	2016	13	76 out of 178
The World Factbook	External debt	2023	3	35th
United Nations	Human Development Index	2021		116 out of 191
World Economic Forum	Global Competitiveness	2019	8	64 out of 141
World Economic Forum	Global Enabling Trade Report	2014	8	64 out of 138
World Economic Forum	Financial Development Index	2012	5	49 out of 60
World Bank	Ease of doing business index	2014	13	95 out of 183

Statistics

Economy of the Philippines

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Social Indicators
Population (in million)	113.9	112.9	111.9	110.9	110.1	109.2	107.3	105.8	104.2
Poverty (%)	9.7	-	15.5	-	18.1	-	-	16.6	-
Labor Force (in million)	51.8	51.3	51.1	49.0	47.7	43.9	42.4	41.2	40.3
Unemployment (%)	4.2	3.8	4.4	5.4	7.8	10.3	5.1	5.3	5.7
Wage Rates (Nominal ₱: end-of-period)	695.00	645.00	610.00	570.00	537.00	537.00	537.00	537.00	512.00
Inflation Rate (Constant 2018 prices; %)	1.7	3.2	6.0	5.8	3.9	2.4	2.4	5.2	2.9
External Sectors
Trade Balance (US$ million)	-66,670	-68,744	-66,306	-69,701	-52,806	-33,775	-49,312	-50,972	-40,215
Export of Goods (US$ million)	63,411	55,012	55,257	57,710	54,228	48,212	53,477	51,977	51,814
Import of Goods (US$ million)	130,081	125,394	121,292	127,412	107,034	81,987	102,788	102,949	92,029
Current Account (US$ million; % of GDP)	-16,291 (-3.3)	-17,512 (-3.8)	-12,387 (-2.8)	-18,261 (-4.5)	-5,943 (-1.5)	11,578 (3.2)	-3,047 (0.8)	-8,877 (-2.6)	-2,143 (-0.7)
External Debt (US$ million; % of GDP)	147,651 (30.3)	137,628 (29.8)	125,394 (28.7)	111,268 (27.5)	106,428 (27.0)	98,488 (27.2)	83,618 (22.2)	78,960 (22.8)	73,098 (22.3)
Personal Remittances (US$ million)	39,619	38,341	37,210	36,136	34,884	33,194	33,467	32,213	31,288
Foreign Reserves (US$ million)	110,814	106,234	103,725	96,130	108,794	110,115	87,836	79,189	81,567
FDI Flows (Inward; US$ million)	9,003	9,448	6,452	5,939	10,255	6,822	8,671	9,949	10,236
FDI Stock (Inward; US$ million)	134,574	125,522	118,856	109,622	108,049	103,193	94,593	82,997	73,016
Public Finances
Budget Balance (₱ billion; % of GDP)	-1,577 (-5.6)	-1,506 (-5.7)	-1,512 (-6.2)	-1,614 (-7.3)	-1,670 (-8.6)	-1,371 (-7.6)	-660 (-3.4)	-558 (-3.1)	-351 (-2.1)
Revenues (₱ billion; % of GDP)	4,453 (15.9)	4,419 (16.7)	3,824 (15.7)	3,546 (16.1)	3,006 (15.5)	2,856 (15.9)	3,137 (16.1)	2,850 (15.6)	2,473 (14.9)
Expenditures (₱ billion; % of GDP)	6,030 (21.5)	5,925 (22.4)	5,336 (21.9)	5,160 (23.4)	4,676 (24.1)	4,227 (23.5)	3,798 (19.5)	3,408 (18.7)	2,824 (17.1)
BSP Rates (Nominal; O-RRP)	5.23	6.33	6.16	3.07	2.00	2.73	4.41	3.63	3.00
Public Debt (₱ billion; % of GDP)	17,708 (63.2)	16,051 (60.7)	14,616 (60.1)	13,419 (60.9)	11,729 (60.4)	9,795 (54.6)	7,731 (39.6)	7,293 (39.9)	6,652 (40.2)
Peso-Dollar Rate (Average Period)	57.505	57.291	55.630	54.478	49.225	49.624	51.796	52.661	50.404
Sources: Bangko Sentral ng Pilipinas and UNCTAD

GDP-related data can be found here:

• Industries: electronics assembly, aerospace, agribusiness, automotive, IT and business process outsourcing, shipbuilding, garments, footwear, pharmaceuticals, chemicals, wood products, financial services, food processing, petrochemical, metalcasting and mining, real estate, textile, tourism • Electricity – production: 106,115 GWh (2021) • Agriculture – products: abaca, bananas, sugarcane, coconuts, durian, rice, corn, cassavas, mangoes; pork, eggs, beef, pineapples, fish • Exports – commodities/products: Semiconductors and electronic products, machinery, transport equipment, aerospace/parts, automotive/parts, garments, chemicals, copper, nickel, petroleum products, coconut oil, fruits • Imports – commodities/products: electronic products, machinery, telecommunication and transport equipment, automotive, chemicals, petroleum, cereals, livestocks, cement and steel, fruits • Manufacturing Growth: 5.9% (April 2024) • PMI Manufacturing: 52.2 (April 2024) • Yield Curve: 10-Year Bond 6.70% (June 2024) • Net International Investment Position: –$51.317 billion (2023 est.)

Government budget

Economy of the Philippines

The national government budget for 2025 has set the following budget allocations:

Budget allocation	(PHP, billions)	(USD, billions)	Difference from F.Y. 2024
Department of Education	977.6	16.78	0.89%
Department of Public Works and Highways	900.0	15.44	10.88%
Department of Health	297.6	5.11	0.36%
Department of the Interior and Local Government	278.4	4.78	5.33%
Department of National Defense	256.1	4.39	6.05%
Department of Social Welfare and Development	230.1	3.95	0.78%
Department of Agriculture	211.3	3.60	0.49%
Department of Transportation	180.9	3.10	59.15%
The Judiciary	63.6	1.09	5.35%
Department of Labor and Employment	40.6	0.70	5.91%

History

Economy of the Philippines

Historical growth of the Philippine economy from 1961 to 2015

The Philippine economy has been growing steadily over decades and the International Monetary Fund in 2014 reported it as the 39th largest economy in the world. The Philippines posted a high GDP growth rate of 7.6 percent in 2022. However, the country is not a part of the Group of 20 nations; instead, it is grouped in a second tier for emerging markets or newly industrialized countries.

1980-82: Slower economic growth due to mismanagement

1991-1992: Inflation and natural disasters (notably Mount Pinatubo eruption) caused slower growth

1998: Minor recession due to the 1997 Asian financial crisis

2002: Recession due to the EDSA II Protest

2009: Effects of the Great Recession

2010-2019: Philippines as a Tiger Economy

A chart below outlines selected statistics showing trends in the gross domestic product of the Philippines using data taken from the International Monetary Fund.

Year	GDP (in Bil. US$PPP)	GDP per capita (in US$PPP)	GDP (in Bil. PHP nominal)	GDP (in US$nominal)	GDP per capita (in US$nominal)	GDP growth (real)	PHP:USD exchange rate
2025	1,479.4	12,934	28,502	497.5	4,349	4.40%	58.805
2024	1,391.8	12,191	26,546	471.5	4,130	5.70%	58.014
2023	1,278.6	11,326	24,276	436.6	3,720	5.60%	55.567
2022	1,173.1	10,512	22,023	404.3	3,623	7.76%	56.120
2021	994.6	9,043	19,390	393.7	3,579	5.60%	50.774
2020	919.2	8,389	17,937.6	361.5	3,298	−9.50%	48.036
2019	1,005	9,295	19,514.4	376.8	3,485	6.00%	50.744
2018	930.0	8,720	18,262.4	346.8	3,251	6.30%	52.724
2017	854.0	8,120	15,556.4	328.5	3,123	6.70%	49.923
2016	798.6	7,703	15,133.5	318.6	3,073	6.90%	49.813
2015	741.0	6,547	13,307.3	292.4	2,863	5.80%	47.166
2014	642.8	6,924	12,645.3	284.8	2,844	6.10%	44.617
2013	454.3	4,660	11,546.1	272.2	2,792	7.20%	44.414
2012	419.6	4,380	10,564.9	250.2	2,611	6.80%	41.192
2011	386.1	4,098	9,706.3	224.1	2,379	3.60%	43.928
2010	365.3	3,945	9,003.5	199.6	2,155	7.63%	43.885
2009	335.4	3,685	8,026.1	168.5	1,851	1.15%	46.356
2008	329.0	3,636	7,720.9	173.6	1,919	4.15%	47.485
2007	309.9	3,493	6,892.7	149.4	1,684	7.12%	41.401
2006	283.5	3,255	6,271.2	122.2	1,405	5.24%	49.132
2005	261.0	3,061	5,677.8	103.1	1,209	4.78%	53.067
2004	242.7	2,905	5,120.4	91.4	1,093	6.70%	56.267
2003	222.7	2,720	4,548.1	83.9	1,025	4.97%	55.569
2002	207.8	2,591	4,198.3	81.4	1,014	3.65%	53.096
2001	197.3	2,511	3,888.8	76.3	971	2.89%	51.404
2000	187.5	2,437	3,580.7	81.0	1,053	4.41%	49.998
1999	175.8	2,352	3,244.2	83.0	1,110	3.08%	40.313
1998	168.1	2,297	2,952.8	73.8	1,009	−0.58%	39.059
1997	167.1	2,336	2,688.7	92.8	1,297	5.19%	39.975
1996	156.1	2,232	2,406.4	93.5	1,336	5.85%	26.288
1995	144.8	2,118	2,111.7	83.7	1,224	4.68%	26.214
1994	135.5	2,007	1,875.7	71.0	1,052	4.39%	24.418
1993	127.1	1,929	1,633.6	60.2	914	2.12%	27.699
1992	121.8	1,891	1,497.5	58.7	912	0.34%	25.096
1991	118.6	1,882	1,379.9	50.2	797	−0.49%	26.650
1990	115.2	1,873	1,190.5	48.9	796	3.04%	28.000
1989	107.6	1,791	1,025.3	47.3	786	6.21%	22.440
1988	97.6	1,663	885.5	42.0	715	6.75%	21.335
1987	88.4	1,540	756.5	36.8	641	4.31%	20.800
1986	82.4	1,471	674.6	33.1	591	3.42%	20.530
1985	77.9	1,426	633.6	34.1	623	−7.30%	19.032
1984	81.6	1,530	581.1	34.8	652	−7.31%	19.760
1983	84.9	1,630	408.9	36.8	707	1.88%	14.002
1982	80.1	1,578	351.4	41.1	810	3.62%	9.171
1981	72.9	1,471	312.0	39.5	797	3.42%	8.200
1980	64.4	1,334	270.1	35.9	744	5.15%	7.600
1979						5.60%	7.415
1978						5.20%	7.375
1977						5.60%	7.370
1976						8.00%	7.428
1975						6.40%	7.498
1974						5.00%	7.065
1973						9.20%	6.730
1972						4.80%	6.781
1971						4.90%	6.435
1970						4.60%	6.435