The Philippines is a developing country. In 1998 the Philippine economy — a mixture of agriculture, light industry, and support services — deteriorated because of the effects of the Asian financial crisis and poor weather conditions. The economy's growth fell to 0.6% in 1998 from 5% in 1997, but recovered to about 3% in 1999 and 4% in 2000. As of 2012, it's estimated at 6.6%.