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Economy of Philippines vs Yemen compared: GDP & Debt

Updated on by Georank team

The Philippines has a GDP of $462B compared to $21.6B for Yemen, ranking 35/197 and 125/197 by economy size, respectively.

The Philippines has $261B in government debt (56.6% of GDP), compared to $18.8B (70.9% of GDP) in Yemen.

Philippines vs Yemen GDP by year

Philippines
Yemen
1x
Year GDP, current $
Philippines Yemen
2024 $461,617,509,782 -
2023 $437,055,627,244 -
2022 $404,353,369,605 -
2021 $394,087,359,848 -
2020 $361,751,145,452 -
2019 $376,823,402,239 -
2018 $346,841,896,587 $21,606,160,663
2017 $328,480,736,803 $26,842,229,045
2016 $318,627,003,017 $31,317,825,274
2015 $306,445,871,242 $42,444,490,074
2014 $297,483,555,338 $43,228,585,321
2013 $283,902,828,589 $40,415,233,436
2012 $261,920,540,963 $35,401,331,610
2011 $234,216,730,291 $32,726,417,878
2010 $208,368,893,151 $30,906,749,533
2009 $175,974,755,881 $25,130,278,213
2008 $181,624,626,327 $26,910,855,807
2007 $155,980,408,673 $21,650,528,674
2006 $127,652,926,368 $19,063,143,370
2005 $107,419,977,318 $16,731,566,717
2004 $95,001,999,685 $13,867,634,371
2003 $87,039,092,974 $11,777,532,662
2002 $84,307,345,888 $10,693,430,511
2001 $78,921,234,458 $9,852,990,693
2000 $83,669,788,377 $9,679,316,770
1999 $85,640,171,045 $7,639,325,296
1998 $74,492,416,330 $6,322,175,566
1997 $94,106,317,565 $6,838,298,531
1996 $94,648,084,429 $6,496,163,616
1995 $84,644,328,727 $12,796,345,679
1994 $73,159,336,915 $28,019,483,764
1993 $62,036,529,147 $21,736,802,664
1992 $60,422,328,242 $17,959,367,194
1991 $51,784,144,943 $14,665,445,462
1990 $50,508,286,642 $12,643,821,569
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/yemen | CC BY

GDP per capita in Philippines vs Yemen by year

Philippines
GDP per capita

GDP per capita, PPP
Yemen
GDP per capita

GDP per capita, PPP
1x
Year Current $
Philippines Yemen
GDP per capita GDP per capita, PPP GDP per capita GDP per capita, PPP
2024 $3,985 $11,794 - -
2023 $3,804 $10,986 - -
2022 $3,548 $10,131 - -
2021 $3,484 $8,858 - -
2020 $3,228 $8,238 - -
2019 $3,401 $8,924 - -
2018 $3,169 $8,358 $634 -
2017 $3,038 $7,774 $811 -
2016 $2,985 $7,383 $975 -
2015 $2,910 $6,894 $1,362 -
2014 $2,867 $6,689 $1,430 -
2013 $2,781 $6,373 $1,379 $3,164
2012 $2,615 $6,094 $1,245 $3,005
2011 $2,384 $5,705 $1,186 $3,113
2010 $2,163 $5,489 $1,155 $3,603
2009 $1,864 $5,157 $969 $3,411
2008 $1,959 $5,144 $1,072 $3,370
2007 $1,713 $4,923 $890 $3,294
2006 $1,426 $4,579 $810 $3,205
2005 $1,220 $4,289 $734 $3,113
2004 $1,100 $4,037 $628 $2,949
2003 $1,027 $3,761 $549 $2,844
2002 $1,015 $3,580 $513 $2,768
2001 $970 $3,469 $487 $2,702
2000 $1,051 $3,366 $493 $2,624
1999 $1,101 $3,229 $401 $2,492
1998 $983 $3,160 $343 $2,442
1997 $1,273 $3,221 $383 $2,351
1996 $1,311 $3,082 $375 $2,268
1995 $1,200 $2,926 $764 $2,201
1994 $1,060 $2,800 $1,735 $2,115
1993 $919 $2,684 $1,397 $2,013
1992 $917 $2,629 $1,198 $1,963
1991 $804 $2,621 $1,016 $1,843
1990 $804 $2,608 $910 $1,742
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/yemen | CC BY

The Philippines' GDP per capita is $3,985, ranking 130/197, compared to $634 in Yemen, ranking 191/197. Adjusted for purchasing power (GDP per capita PPP), the Philippines ranks 127th at $11,794, while Yemen ranks 178th at $3,164.

Economic indicators

Philippines Yemen
Gross domestic product
$462B
2024
$21.6B
2018
GDP rank
35/197
2024
125/197
2018
GDP growth
5.69%
2023-2024
0.75%
2017-2018
GDP per capita
$3,985
2024
$634
2018
GDP per capita rank
130/197
2024
191/197
2018
GDP per capita, PPP
$11,794
2024
$3,164
2013
GDP per capita PPP rank
127/197
2024
178/197
2013
Government debt
$261B
2024
$18.8B
2018
Debt-to-GDP ratio
56.6%
2024
70.9%
2024
Government debt per person
$2,257
2024
$551
2018
Government debt per person rank
117/185
2024
165/185
2018
Average annual personal income after taxes
$3,407
2026
$1,127
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
29.4%
2014
Income share by poorest 10%
2.9%
2023
3%
2014
Government expenditure, % of GDP
24.9%
2024
8.91%
2024
Consumer prices inflation
3.21%
2023-2024
33.9%
2023-2024
Central bank interest rate
4.75%
2025
n/a
Unemployment rate
2.41%
2023
13.5%
2014
Population
117991570
43325643

Spending and national debt comparison by year

Philippines
Spending

Debt
Yemen
Spending

Debt
1x
Year % of GDP
Philippines Yemen
Government spending Government debt Government spending Government debt
2024 24.9% 56.6% 8.91% 70.9%
2023 24.7% 56.5% 11.8% 77.9%
2022 25.9% 57.4% 12.2% 65.3%
2021 27.2% 57% 8.22% 75.9%
2020 25.9% 51.6% 10.6% 87%
2019 21.7% 37% 13.2% 91.5%
2018 20.9% 37.1% 14.3% 86.9%
2017 19.5% 38.1% 8.39% 83.8%
2016 19% 37.4% 16.1% 76.5%
2015 17.8% 39.7% 19.4% 57.7%
2014 16.8% 40.3% 27.8% 48.9%
2013 17.3% 43.9% 30.8% 48.4%
2012 17.7% 45.7% 36.2% 47.6%
2011 17.2% 45.4% 29.8% 45.7%
2010 18.3% 47.6% 30.2% 42.4%
2009 19.2% 49.8% 35.2% 49.8%
2008 17.9% 50% 41.2% 36.4%
2007 18.2% 50.2% 40.3% 40.4%
2006 18.3% 57.2% 37.4% 40.8%
2005 18.7% 64.7% 36.8% 43.8%
2004 19.4% 71.1% 34.2% 52.1%
2003 20.4% 71.4% 35.3% 56.8%
2002 20.6% 65.2% 30.8% 57.8%
2001 21% 59.5% 30.5% 60.6%
2000 20.8% 59.2% 31.7% 60.8%
1999 20.7% 54.2% 28.2% 96.1%
1998 20.3% 50.8% 34.3% 110.6%
1997 20.3% 56.9% 34.2% 74.2%
1996 19.6% 53.1% 30.7% 114.9%
1995 19.1% 60.8% 24.1% 84.1%
1994 19.7% 63.6% 25.2% 73.3%
1993 17.6% 73.9% 25.8% 76.7%
1992 18.4% 53.9% 24.6% 78%
1991 18% 55.6% 24.7% 82.7%
1990 18.8% 56.2% 26.6% 91.6%
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 (1960–1998, retrieved 2026-02-20).

GeoRank.org/economy/philippines/yemen | CC BY

In 2024, the Philippines' government spending was $115B, accounting for 24.9% of its GDP, while Yemen spent $3.08B, or 8.91% of GDP.

Debt-to-GDP ratio is 56.6% in the Philippines and 70.9% in Yemen, ranking 93/185 and 55/185, respectively.

Government deficit by year

Deficit/surplus
Philippines

Yemen
1x
Year Deficit/surplus, % of GDP
Philippines Yemen
2024 -3.78% -2.48%
2023 -4.38% -5.63%
2022 -5.48% -2.15%
2021 -6.23% -0.89%
2020 -5.55% -4.3%
2019 -1.5% -5.89%
2018 -1.48% -7.85%
2017 -0.75% -4.9%
2016 -0.74% -8.51%
2015 0.14% -8.75%
2014 1.32% -4.14%
2013 0.37% -6.9%
2012 -0.22% -6.32%
2011 -0.38% -4.51%
2010 -2.25% -4.06%
2009 -2.57% -10.2%
2008 0.02% -4.53%
2007 -0.28% -7.18%
2006 -0.05% 1.19%
2005 -1.62% -1.82%
2004 -2.81% -2.15%
2003 -3.49% -4.2%
2002 -3.71% -0.56%
2001 -3.49% 2.79%
2000 -3.27% 6.09%
1999 -2.29% 0.06%
1998 -1.31% -7.77%
1997 0.37% -1.5%
1996 0.54% -0.92%
1995 -0.02% -5.74%
1994 -0.44% -14%
1993 0.63% -12.8%
1992 -0.43% -10.9%
1991 -0.26% -5.76%
1990 -1.52% -10.3%
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/yemen | CC BY

In 2018, the Philippines' government deficit, the difference between spending and revenue, was $5.15B, equivalent to 1.48% of GDP. This compares to Yemen's deficit of $1.7B, or 7.85% of GDP.

Over the past 29 years, the Philippines recorded a fiscal deficit in 22 of those years, while Yemen ran a deficit in 25 years. On average, the Philippines posted an annual deficit equal to 1.04% of GDP, compared to deficit of 5.04% of GDP for Yemen.

Inflation comparison by year

Inflation
Philippines

Yemen
1x
Year Consumer prices inflation
Philippines Yemen
2024 3.21% 33.9%
2023 5.98% 0.9%
2022 5.82% 29.5%
2021 3.93% 31.5%
2020 2.39% 21.7%
2019 2.39% 15.7%
2018 5.31% 33.6%
2017 2.85% 30.4%
2016 1.25% 21.3%
2015 0.67% 22%
2014 3.6% 8.2%
2013 2.58% 11%
2012 3.03% 9.9%
2011 4.72% 19.5%
2010 3.79% 11.2%
2009 4.22% 3.7%
2008 8.26% 19%
2007 2.9% 7.9%
2006 5.49% 10.8%
2005 6.52% 9.9%
2004 4.83% 12.5%
2003 2.29% 10.8%
2002 2.72% 12.2%
2001 5.35% 11.9%
2000 3.98% 11%
1999 5.94% 7.9%
1998 9.23% 11.5%
1997 5.59% 4.6%

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

GeoRank.org/economy/philippines/yemen | CC BY

Over the past 28 years, the Philippines has recorded an average annual inflation rate of 4.24%, compared with 15.5% in Yemen. In 2024, inflation was 3.21% in the Philippines and 33.9% in Yemen.

Top exports between countries

Philippines
Export category Export value
Processed food, beverages & tobacco $3.75M
Metals $2.31M
Raw agricultural goods $315K
Textiles & consumer goods $191K
Machinery & equipment $69K
Wood & paper products $48K
Chemicals & pharma $34K
Precious metals & jewellery $8K
Yemen
Export category Export value
Textiles & consumer goods $1K

Balance of trade

Philippines Yemen
Current account balance
-$18.3B
2024
-$2.42B
2016
Current account balance ranking
183/190
2024
148/190
2016
Current account balance, % of GDP
-3.96%
2024
-7.72%
2016
Goods imports
$124B
2024
$6.8B
2016
Goods exports
$55.1B
2024
$473M
2016
Service imports
$37.6B
2024
$1.46B
2016
Service exports
$51.6B
2024
$466M
2016
Imports of goods and services, % of GDP
40.1%
2024
47.3%
2018
Exports of goods and services, % of GDP
25.8%
2024
8.76%
2018

Economic freedom indices

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

Philippines Yemen
Economic freedom 62.9 53.7
Economic freedom ranking 85/197 138/197
Property rights 45.8 3.5
Government integrity 35.4 6.2
Judicial effectiveness 41.8 9.9
Tax burden 78.3 93.7
Government spending 81 0
Fiscal health 60.5 71.2
Business freedom 69.2 31.3
Labor freedom 57.8 31.2
Monetary freedom 72.1 48.1
Trade freedom 83 67.4
Investment freedom 70 50
Financial freedom 60 30

Economic freedom comparison by year

Philippines
Yemen
1x
Year Economic freedom index
Philippines Yemen
2026 62.9 -
2025 60.6 -
2024 59 -
2023 59.3 -
2022 61.1 -
2021 64.1 -
2020 64.5 -
2019 63.8 -
2018 65 -
2017 65.6 -
2016 63.1 -
2015 62.2 53.7
2014 60.1 55.5
2013 58.2 55.9
2012 57.1 55.3
2011 56.2 54.2
2010 56.3 54.4
2009 56.8 56.9
2008 56 53.8
2007 56 54.1
2006 56.3 52.6
2005 54.7 53.8
2004 59.1 50.5
2003 61.3 50.3
2002 60.7 48.6
2001 60.9 44.3
2000 62.5 44.5
1999 61.9 43.3
1998 62.8 46.1
1997 62.2 48.4
1996 60.2 49.6
1995 55 49.8

Data sources: The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09).

GeoRank.org/economy/philippines/yemen | CC BY

The Economic Freedom Index for the Philippines is 62.9, ranking 85/197, compared to 53.7 for Yemen, ranking 138/197. The chart above displays a comparison of annual changes in economic freedom indexes.

Other economic metrics

Philippines Yemen
Services, % of GDP
63.2%
2024
41.8%
2018
Industry, % of GDP
27.7%
2024
25.4%
2018
Agriculture, forestry, and fishing, % of GDP
9.08%
2024
28.7%
2018
GNI, Atlas method
$518B
2024
$25.3B
2018
GNI per capita, PPP
$13,330
2024
$3,020
2013
Total reserves including gold
$106B
2024
$1.25B
2022
Total reserves ranking
27/177
2024
139/177
2022
Net foreign direct investment
-$6.57B
2024
$15.4M
2015
Net inflows of foreign direct investment
$9.44B
2024
-$371M
2019
Net outflows of foreign direct investment
$2.87B
2024
$0
2024
Servicing debt to the IMF, % of GNI
3.45%
2024
0.53%
2018
Poverty at national poverty lines
15.5%
2023
48.6%
2014
Gross capital formation, % of GDP
23.7%
2024
6.18%
2018

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/yemen | CC BY

Compare countries by 7 more topics

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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 (1946–1998, retrieved 2026-02-20)
  4. The Heritage Foundation | Economic Freedom Index (1995–2026, retrieved 2026-03-09)
  5. U.S. Census Bureau (1985–2024, retrieved 2026-02-08)
  6. TradeMap (2015–2024, retrieved 2026-02-08)
  7. United Nations | World Population Prospects (2026, retrieved 2026-03-10)
  8. 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.