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Economy of Philippines vs San Marino compared: GDP & Debt

Updated on by Georank team

The Philippines has a GDP of $462B compared to $2.03B for San Marino, ranking 35/197 and 180/197 by economy size, respectively.

The Philippines has $261B in government debt (56.6% of GDP), compared to $1.39B (63.9% of GDP) in San Marino.

Philippines vs San Marino GDP by year

Philippines
San Marino
1x
Year GDP, current $
Philippines San Marino
2024 $461,617,509,782 -
2023 $437,055,627,244 $2,027,527,228
2022 $404,353,369,605 $1,829,211,864
2021 $394,087,359,848 $1,855,652,786
2020 $361,751,145,452 $1,541,248,249
2019 $376,823,402,239 $1,616,340,692
2018 $346,841,896,587 $1,655,353,653
2017 $328,480,736,803 $1,528,620,346
2016 $318,627,003,017 $1,468,343,140
2015 $306,445,871,242 $1,419,401,071
2014 $297,483,555,338 $1,673,911,426
2013 $283,902,828,589 $1,678,741,475
2012 $261,920,540,963 $1,604,701,299
2011 $234,216,730,291 $1,813,717,439
2010 $208,368,893,151 $1,881,191,925
2009 $175,974,755,881 $2,064,277,126
2008 $181,624,626,327 $2,403,213,305
2007 $155,980,408,673 $2,188,654,628
2006 $127,652,926,368 $1,909,765,165
2005 $107,419,977,318 $1,786,514,058
2004 $95,001,999,685 $1,715,340,543
2003 $87,039,092,974 $1,462,590,267
2002 $84,307,345,888 $1,148,872,072
2001 $78,921,234,458 $1,059,529,812
2000 $83,669,788,377 $1,007,661,367
1999 $85,640,171,045 $1,109,473,368
1998 $74,492,416,330 $1,048,316,226
1997 $94,106,317,565 $976,606,911
1996 $94,648,084,429 -
1995 $84,644,328,727 -
1994 $73,159,336,915 -
1993 $62,036,529,147 -
1992 $60,422,328,242 -
1991 $51,784,144,943 -
1990 $50,508,286,642 -
1989 $48,513,773,721 -
1988 $43,152,128,959 -
1987 $37,791,488,666 -
1986 $33,987,207,295 -
1985 $34,961,486,348 -
1984 $35,730,185,634 -
1983 $37,759,179,895 -
1982 $42,206,011,275 -
1981 $40,499,388,869 -
1980 $36,848,080,899 -
1979 $31,218,296,292 -
1978 $25,762,224,563 -
1977 $22,283,109,803 -
1976 $19,381,055,197 -
1975 $16,875,240,684 -
1974 $15,607,882,555 -
1973 $11,412,449,735 -
1972 $9,067,815,521 -
1971 $8,375,075,630 -
1970 $7,559,115,517 -
1969 $9,571,800,653 -
1968 $8,632,749,269 -
1967 $7,724,873,935 -
1966 $7,189,017,888 -
1965 $6,517,349,772 -
1964 $5,953,756,195 -
1963 $5,505,023,238 -
1962 $4,954,593,072 -
1961 $8,171,194,425 -
1960 $7,515,894,111 -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/philippines/san-marino | CC BY

GDP per capita in Philippines vs San Marino by year

Philippines
GDP per capita

GDP per capita, PPP
San Marino
GDP per capita

GDP per capita, PPP
1x
Year Current $
Philippines San Marino
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,985 $11,794 - -
2023 $3,804 $10,986 $59,880 $78,745
2022 $3,548 $10,131 $54,191 $75,941
2021 $3,484 $8,858 $54,176 $64,745
2020 $3,228 $8,238 $44,327 $55,207
2019 $3,401 $8,924 $46,630 $57,444
2018 $3,169 $8,358 $47,951 $54,461
2017 $3,038 $7,774 $45,192 $52,463
2016 $2,985 $7,383 $44,359 $53,033
2015 $2,910 $6,894 $43,147 $52,247
2014 $2,867 $6,689 $51,260 $52,909
2013 $2,781 $6,373 $50,808 $50,770
2012 $2,615 $6,094 $47,946 $51,274
2011 $2,384 $5,705 $55,601 $56,240
2010 $2,163 $5,489 $56,543 $58,926
2009 $1,864 $5,157 $62,429 $61,970
2008 $1,959 $5,144 $75,902 $71,724
2007 $1,713 $4,923 $70,124 $71,744
2006 $1,426 $4,579 $63,271 $67,434
2005 $1,220 $4,289 $59,878 $63,739
2004 $1,100 $4,037 $58,232 $61,114
2003 $1,027 $3,761 $52,530 $60,224
2002 $1,015 $3,580 $41,791 $57,584
2001 $970 $3,469 $39,035 $57,252
2000 $1,051 $3,366 $37,601 $53,713
1999 $1,101 $3,229 $41,932 $52,064
1998 $983 $3,160 $40,127 $47,679
1997 $1,273 $3,221 $37,853 $44,426
1996 $1,311 $3,082 - -
1995 $1,200 $2,926 - -
1994 $1,060 $2,800 - -
1993 $919 $2,684 - -
1992 $917 $2,629 - -
1991 $804 $2,621 - -
1990 $804 $2,608 - -
1989 $792 - - -
1988 $722 - - -
1987 $650 - - -
1986 $600 - - -
1985 $633 - - -
1984 $665 - - -
1983 $723 - - -
1982 $833 - - -
1981 $821 - - -
1980 $767 - - -
1979 $667 - - -
1978 $565 - - -
1977 $502 - - -
1976 $449 - - -
1975 $401 - - -
1974 $379 - - -
1973 $283.2 - - -
1972 $230.1 - - -
1971 $217.4 - - -
1970 $200.9 - - -
1969 $261.1 - - -
1968 $242.2 - - -
1967 $223.1 - - -
1966 $213.8 - - -
1965 $199.8 - - -
1964 $188.2 - - -
1963 $179.5 - - -
1962 $166.7 - - -
1961 $283.8 - - -
1960 $269.5 - - -

Data sources: World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06).

GeoRank.org/economy/philippines/san-marino | CC BY

The Philippines' GDP per capita is $3,985, ranking 130/197, compared to $59,880 in San Marino, ranking 15/197. Adjusted for purchasing power (GDP per capita PPP), the Philippines ranks 127th at $11,794, while San Marino ranks 17th at $78,745.

Economic indicators

Philippines San Marino
Gross domestic product
$462B
2024
$2.03B
2023
GDP rank
35/197
2024
180/197
2023
GDP growth
5.69%
2023-2024
0.4%
2022-2023
GDP per capita
$3,985
2024
$59,880
2023
GDP per capita rank
130/197
2024
15/197
2023
GDP per capita, PPP
$11,794
2024
$78,745
2023
GDP per capita PPP rank
127/197
2024
17/197
2023
Government debt
$261B
2024
$1.39B
2023
Debt-to-GDP ratio
56.6%
2024
63.9%
2024
Government debt per person
$2,257
2024
$40,919
2023
Government debt per person rank
117/185
2024
13/185
2023
Average annual personal income after taxes
$3,407
2026
$45,474
2026
Market capitalization of domestic companies
$252B
2024
n/a
Number of billionaires
15
2025
n/a
Income share by richest 10%
31.6%
2023
n/a
Income share by poorest 10%
2.9%
2023
n/a
Government expenditure, % of GDP
24.9%
2024
21%
2024
Consumer prices inflation
3.21%
2023-2024
1.2%
2023-2024
Central bank interest rate
4.75%
2025
n/a
Unemployment rate
2.41%
2023
4.91%
2022
Population
117991570
33967

Spending and national debt comparison by year

Philippines
Spending

Debt
San Marino
Spending

Debt
1x
Year % of GDP
Philippines San Marino
Government spending Government debt Government spending Government debt
2024 24.9% 56.6% 21% 63.9%
2023 24.7% 56.5% 21.7% 68.3%
2022 25.9% 57.4% 21.7% 70.6%
2021 27.2% 57% 37.1% 77.2%
2020 25.9% 51.6% 59.2% 69.8%
2019 21.7% 37% 22.4% 56.2%
2018 20.9% 37.1% 24.5% 56.7%
2017 19.5% 38.1% 25.6% 56.6%
2016 19% 37.4% 23.4% 21.4%
2015 17.8% 39.7% 26.3% 19.3%
2014 16.8% 40.3% 23.7% 21%
2013 17.3% 43.9% 30.2% 23.2%
2012 17.7% 45.7% 30.6% 17.2%
2011 17.2% 45.4% 25.4% 16.6%
2010 18.3% 47.6% 24.4% 20%
2009 19.2% 49.8% 24.8% 20.1%
2008 17.9% 50% 22% 15.5%
2007 18.2% 50.2% 20.7% 12.6%
2006 18.3% 57.2% 19.7% 14.2%
2005 18.7% 64.7% 19.3% 14.5%
2004 19.4% 71.1% 19% 16.9%
2003 20.4% 71.4% - 16.1%
2002 20.6% 65.2% - 17.2%
2001 21% 59.5% - 11.6%
2000 20.8% 59.2% - -
1999 20.7% 54.2% - -
1998 20.3% 50.8% - -
1997 20.3% 56.9% - -
1996 19.6% 53.1% - -
1995 19.1% 60.8% - -
1994 19.7% 63.6% - -
1993 17.6% 73.9% - -
1992 18.4% 53.9% - -
1991 18% 55.6% - -
1990 18.8% 56.2% - -
1989 15.7% 55.2% - -
1988 15.9% 69% - -
1987 15.7% 79.2% - -
1986 13.5% 77.7% - -
1985 11.3% 53.1% - -
1984 10.1% 45.8% - -
1983 12.2% 43.1% - -
1982 12.8% 32.9% - -
1981 13.7% 27.6% - -
1980 13.4% 24.8% - -
1979 11.9% 22.5% - -
1978 13.3% 23.1% - -
1977 13.3% 19.8% - -
1976 13.8% 16.8% - -
1975 15.1% 13% - -
1974 10.7% 13.4% - -
1973 14% 11.5% - -
1972 13.4% 14.2% - -
1971 11.2% 14.8% - -
1970 10.4% 16.8% - -
1969 11.5% 16.4% - -
1968 11.2% 15.7% - -
1967 10.2% 15.4% - -
1966 9.77% 14.4% - -
1965 9.48% 15% - -
1964 9.66% 14.2% - -
1963 10.4% 14.1% - -
1962 10.8% 15.9% - -
1961 9.6% 16.5% - -
1960 10.1% 16.6% - -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1960–1992, retrieved 2026-02-20).

GeoRank.org/economy/philippines/san-marino | CC BY

In 2024, the Philippines' government spending was $115B, accounting for 24.9% of its GDP, while San Marino spent $440M, or 21% of GDP.

Debt-to-GDP ratio is 56.6% in the Philippines and 63.9% in San Marino, ranking 93/185 and 71/185, respectively.

Government deficit by year

Deficit/surplus
Philippines

San Marino
1x
Year Deficit/surplus, % of GDP
Philippines San Marino
2024 -3.78% -0.53%
2023 -4.38% -0.72%
2022 -5.48% 0.42%
2021 -6.23% -16.4%
2020 -5.55% -37.6%
2019 -1.5% -0.11%
2018 -1.48% -1.56%
2017 -0.75% -3.49%
2016 -0.74% -0.19%
2015 0.14% -3.32%
2014 1.32% 1.06%
2013 0.37% -7.74%
2012 -0.22% -7.08%
2011 -0.38% -4.05%
2010 -2.25% -2.24%
2009 -2.57% -2.46%
2008 0.02% 0.18%
2007 -0.28% 1.83%
2006 -0.05% 1.51%
2005 -1.62% 3.58%
2004 -2.81% 2.44%
2003 -3.49% -
2002 -3.71% -
2001 -3.49% -
2000 -3.27% -
1999 -2.29% -
1998 -1.31% -
1997 0.37% -
1996 0.54% -
1995 -0.02% -
1994 -0.44% -
1993 0.63% -
1992 -0.43% -
1991 -0.26% -
1990 -1.52% -
1989 -1.64% -
1988 -2.71% -
1987 -1.06% -
1986 -0.55% -
1985 0.71% -
1984 0.64% -
1983 0.1% -
1982 -0.88% -
1981 -1.09% -
1980 0.56% -
1979 1.54% -
1978 0.05% -
1977 -0.42% -
1976 -0.55% -
1975 0.13% -
1974 5.94% -
1973 2.49% -
1972 3.39% -
1971 -0.96% -
1970 -0.31% -
1969 -2.67% -
1968 -2.33% -
1967 -1.35% -
1966 -0.74% -
1965 -1.53% -
1964 -0.99% -
1963 -0.68% -
1962 -0.43% -
1961 -0.29% -
1960 -1.06% -
1959 -0.15% -
1958 -0.21% -
1957 -0.56% -
1956 -0.77% -
1955 -1.3% -
1954 -0.79% -
1953 -0.88% -
1952 0.49% -
1951 1.5% -
1950 -0.19% -
1949 -2.33% -
1948 -0.65% -
1947 0.05% -
1946 -2.54% -

Data sources: International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20); International Monetary Fund (IMF) | Public Finances in Modern History (1946–1989, retrieved 2026-02-20).

GeoRank.org/economy/philippines/san-marino | CC BY

In 2023, the Philippines' government deficit, the difference between spending and revenue, was $19.1B, equivalent to 4.38% of GDP. This compares to San Marino's deficit of $14.7M, or 0.72% of GDP.

Over the past 20 years, the Philippines recorded a fiscal deficit in 16 of those years, while San Marino ran a deficit in 13 years. On average, the Philippines posted an annual deficit equal to 1.72% of GDP, compared to deficit of 3.8% of GDP for San Marino.

Inflation comparison by year

Inflation
Philippines

San Marino
1x
Year Consumer prices inflation
Philippines San Marino
2024 3.21% 1.2%
2023 5.98% 5.9%
2022 5.82% 5.3%
2021 3.93% 1.6%
2020 2.39% -0.1%
2019 2.39% 0.5%
2018 5.31% 1.2%
2017 2.85% 1%
2016 1.25% 0.6%
2015 0.67% 0.1%
2014 3.6% 1.1%
2013 2.58% 1.6%
2012 3.03% 2.8%
2011 4.72% 2.2%
2010 3.79% 2.4%
2009 4.22% 2.4%
2008 8.26% 4.1%
2007 2.9% 2.5%
2006 5.49% 2.1%
2005 6.52% 1.7%
2004 4.83% 1.4%
2003 2.29% 1.3%
2002 2.72% -
2001 5.35% -
2000 3.98% -
1999 5.94% -
1998 9.23% -
1997 5.59% -

Data sources: World Bank | Economy & Growth (1997–2024, retrieved 2026-04-06); International Monetary Fund (IMF) | World Economic Outlook (2003–2024, retrieved 2026-02-20).

GeoRank.org/economy/philippines/san-marino | CC BY

Over the past 22 years, the Philippines has recorded an average annual inflation rate of 3.91%, compared with 1.95% in San Marino. In 2024, inflation was 3.21% in the Philippines and 1.2% in San Marino.

Balance of trade

Philippines San Marino
Current account balance
-$18.3B
2024
$446M
2023
Current account balance ranking
183/190
2024
64/190
2023
Current account balance, % of GDP
-3.96%
2024
+22%
2023
Goods imports
$124B
2024
$2.25B
2023
Goods exports
$55.1B
2024
$2.53B
2023
Service imports
$37.6B
2024
$894M
2023
Service exports
$51.6B
2024
$1.25B
2023
Imports of goods and services, % of GDP
40.1%
2024
155%
2023
Exports of goods and services, % of GDP
25.8%
2024
186%
2023

Economic freedom indices

The indices of economic freedom below are issued by the Heritage Foundation. Higher scores indicate stronger economic health.

Philippines San Marino
Economic freedom 62.9 76
Economic freedom ranking 85/197 16/197
Property rights 45.8 n/a
Government integrity 35.4 n/a
Judicial effectiveness 41.8 n/a
Tax burden 78.3 n/a
Government spending 81 n/a
Fiscal health 60.5 n/a
Business freedom 69.2 n/a
Labor freedom 57.8 n/a
Monetary freedom 72.1 n/a
Trade freedom 83 n/a
Investment freedom 70 n/a
Financial freedom 60 n/a

Other economic metrics

Philippines San Marino
Services, % of GDP
63.2%
2024
56.9%
2023
Industry, % of GDP
27.7%
2024
35.8%
2023
Agriculture, forestry, and fishing, % of GDP
9.08%
2024
0.02%
2023
GNI, Atlas method
$518B
2024
$1.82B
2023
GNI per capita, PPP
$13,330
2024
$71,860
2023
Total reserves including gold
$106B
2024
$759M
2024
Total reserves ranking
27/177
2024
146/177
2024
Net foreign direct investment
-$6.57B
2024
$52.7M
2023
Net inflows of foreign direct investment
$9.44B
2024
-$18.1M
2023
Net outflows of foreign direct investment
$2.87B
2024
$0
2024
Servicing debt to the IMF, % of GNI
3.45%
2024
n/a
Poverty at national poverty lines
15.5%
2023
n/a
Gross capital formation, % of GDP
23.7%
2024
16.6%
2023

GDP per capita map

1x

Data sources: World Bank | Economy & Growth (1985–2024, retrieved 2026-04-06); U.S. Census Bureau (1985–2024, retrieved 2026-02-08).

GeoRank.org/economy/philippines/san-marino | CC BY

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Data sources:

  1. World Bank | Economy & Growth (1960–2024, retrieved 2026-04-06)
  2. International Monetary Fund (IMF) | Fiscal Monitor (1990–2024, retrieved 2026-02-20)
  3. International Monetary Fund (IMF) | Public Finances in Modern History (1946–1992, retrieved 2026-02-20)
  4. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  5. The Heritage Foundation | Economic Freedom Index (2026, retrieved 2026-03-09)
  6. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  7. LivingCost (2026, retrieved 2025-10-14)

Creative Commons Attribution (CC BY) — you’re free to copy, share, remix, adapt, and use even commercially as long as you give appropriate credit and clearly indicate if you made changes. Other sources may be subject to different license terms.

The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.

Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.

A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).

Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.

Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.

Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.

Formerly gross domestic investment, gross capital formation measures the share of a country’s economic output invested in fixed assets, including buildings, machinery, and infrastructure. It indicates how much of the economy is devoted to building productive capacity.