Phl 28th largest economy in 2011

MANILA, Philippines - The Philippines was the 28th largest economy in terms of contribution to global gross domestic product (GDP) in 2011, according to the International Comparison Program (ICP).

The Philippines was classified among the middle-income economies, while the high-income economies were bannered by the United States and Japan.

Indonesia ranked even better than the Philippines at No.10, while Thailand was at 21st and Malaysia 27th, among the top 30 largest economies.

As expected, China ranked second largest after the US.

The Philippines’ share of the global GDP is 0.6 percent based on the purchasing power parities (PPP), a system of measuring GDP, common currency, national currency and exchange rate.

The country was tied in PPP terms with Colombia and Nigeria.

Indonesia accounted for 2.3 percent of global GDP, Thailand 1.0 percent and Malaysia 0.7 percent. China contributed nearly 15 percent of global GDP, which is just two percent lower than the 17.1 percent of the US.

India ranked a distant third, accounting for just 6.4 percent of global GDP.

World GDP in 2011 amounted to $90.6 trillion, with middle-income economies accounting for 48 percent of the total.

Six of the 12 largest economies are middle-income. The 12 largest economies accounted for two-thirds of the world economy, and 59 percent of the world’s population.

Six of the largest middle-income economies increased their share in the global GDP to 32.3 percent, versus the 32.9 percent for the six largest high-income economies.

The six largest middle-income economies are China, India, Russia, Brazil, Indonesia and Mexico; while the six largest high income economies are Japan, Germany, France, Italy, the United Kingdom and the US.

The Asia and Pacific region, including China and India, accounts for 30 percent of world GDP. China and India make up two-thirds of the region’s economy.

Roughly 28 percent of the world’s population lives in economies with GDP per capita expenditures above $13,460 world average, and 72 percent comprises those below that average.

Low-income economies accounted for 1.5 percent of global GDP, but nearly 11 percent of global population.

The economies with the highest GDP per capita were Qatar, Macao, Luxembourg, Kuwait and Brunei. Qatar and Macao alone have more than $100,000 per capita.

The US had the 12th highest GDP per capita.

The eight poorest economies are Malawi, Mozambique, Central African Republic, Niger, Burndi, Congo Democratic Republic, Comoros and Liberia. Their GDP per capita was less than $1,000.

The five economies with the highest actual individual consumption per capita are Bermuda, Cayman Islands, Hong Kong, Luxembourg and the US.

China has the largest share of the world’s expenditure for investments, followed by the US at 13 percent. The next best three economies are India, Japan and Indonesia.

China and India account for about 80 percent of investment expenditures in the Asia and Pacific region.

The ICP was authorized by the United Nations Statistical Commission with assistance from the World Bank.