The Philippines has achieved a significant economic milestone, boasting a gross domestic product (GDP) of $1.392 trillion based on purchasing power parity. This places it as the 28th largest economy globally, according to the rankings from Insider Monkey, a finance website that provides free insider trading and hedge fund data.
GDP measures the total value of goods and services produced within a country, indicating its economic strength and growth. GDP based on purchasing power parity means we’re looking at a country’s economy after taking into account the differences in the cost of living and inflation rates between countries. This allows for a more accurate comparison of economic size and standards of living between nations.
At the forefront, China holds the top spot with a GDP of $35.29 trillion, followed by the United States at $28.78 trillion. India follows with $14.59 trillion, then Japan with $6.72 trillion, and Germany with $5.69 trillion.
While the Philippines ranks 28th in terms of purchasing power parity, it also ranks 32nd based on nominal GDP estimates, which measure the total value of goods and services produced by a country without adjusting for inflation or exchange rates.
