MANILA, Philippines – The Philippine economy grew by 5.2% in the third quarter of 2024, falling short of expectations, as it suffered from the effects of
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Services and industry contributed 4.1 and 1.3 percentage points to the 5.2% growth rate, respectively, while agriculture, forestry, and fishing contributed -0.2.Services and industry moderately grew by 6.3% and 5% year-on-year, respectively, while agriculture, forestry, and fishing shrank by 2.8%. On the demand side, National Statistician Dennis Mapa said household spending was the top contributor to GDP growth, as it grew by 5.1%. Government spending also grew by 5%.
Balisacan noted that the Philippine economy needs to grow by at least 6.5% in the fourth quarter to be able to meet the target for 2024.
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