Miso Park Economic Map Project: Philippines Economic Data for Philippines GDP: $216.

1 billion Growth Rate: 3.7% GDP Per Capita: $4,100 Unemployment Rate: 7.2% Population below Poverty Line: 32.9% Exports: $54.17 billion Imports: $68.84 billion National Debt: $62.41 billion

The Philippines, officially known as the Republic of the Philippines is a sovereign country in Southeast Asia in the western Pacific Ocean. To its north across the Luzon Strait lies Taiwan. West across the Philippine Sea sits Vietnam. The Sulu Sea to the southwest lies between the country and the island of Borneo, and to the south the Celebes Sea separates it from other islands of Indonesia. It is bounded on the east by the Philippine Sea. With an estimated population of about 94 million people, the Philippines is the world's 12th most populous country. The national economy of the Philippines is the 45th largest in the world, with an estimated 2011 gross domestic product (nominal) of $216 billion. Primary exports include semiconductors and electronic products, transport equipment, garments, copper products, petroleum products, coconut oil, and fruits. Major trading partners include the United States, Japan, China, Singapore, South Korea, the Netherlands, Hong Kong, Germany, Taiwan, and Thailand. A newly industrialized country, the Philippine economy has been transitioning from one based on agriculture to one based more on services and manufacturing. Of the country's total labor force of around 38.1 million, the agricultural sector employs close to 32% but contributes to only about 13.8% of GDP. The industrial sector employs around 13.7% of the workforce and accounts for 30% of GDP. Meanwhile the 46.5% of workers involved in the services sector are responsible for 56.2% of GDP. The 1997 Asian Financial Crisis affected the economy, resulting in a lingering decline of the value of the peso and falls in the stock market. But the extent it was affected initially was not as severe as that of some of its Asian neighbors. This was largely due to the fiscal conservatism of the government, partly as a result of decades of monitoring and fiscal supervision from the International Monetary Fund (IMF), in comparison to the massive spending of its neighbors on the rapid acceleration of economic growth. Despite enjoying sustained economic growth during the first decade of the 21st century, as of 2010[update], the country's economy remains smaller than those of its Southeast Asian neighbors Indonesia, Thailand, Malaysia, and Singapore in terms of GDP.