Gross Domestic Product (GDP): In 2004 the GDP of the Philippines was US$84.6
billion, or US$1,150 on a per capita basis. According to purchasing power parity (PPP),
however, GDP in 2005 was estimated to be US$451.3 billion, or US$5,100 per capita. In 2004
the Philippines achieved real economic growth of 6 percent, up from 4.5 percent in 2003.
However, with the population expanding by more than 2 percent annually—one of the highest
rates in Asia—the actual improvement in living standards is modest.