7-11-2024 (MANILA) The Philippines posted slower-than-anticipated economic growth in the third quarter of 2024, with GDP expanding by 5.2 per cent year-on-year, falling short of market forecasts and marking a deceleration from the previous quarter’s performance.
The latest figures, released by the Philippine Statistics Agency on Thursday, came in below economists’ projections of 5.7 per cent growth, as surveyed by Reuters. This represents a notable slowdown from the revised second-quarter growth rate of 6.4 per cent.
Quarter-on-quarter figures showed more promising results, with the economy expanding by 1.7 per cent in the July-September period, surpassing analysts’ expectations of 1.5 per cent and showing improvement from the previous quarter’s 0.5 per cent growth.
The performance puts pressure on the government’s ambitious target of achieving 6.0 to 7.0 per cent growth for the full year 2024, highlighting the challenges facing Southeast Asia’s former growth champion as it navigates global economic headwinds.
