SUBDUED household and government consumption slowed economic growth to 5.2 percent in the third quarter of 2024, the Philippine Statistics Authority (PSA) said on Thursday.
The result was markedly down from the revised 6.4 percent in the previous three months and the 6.0 percent posted in the same quarter in 2023. It was also lower than the 5.7 percent median in a Manila Times poll of economists.
The third quarter gross domestic product result was the lowest since the economy managed to grow 4.3 percent in second quarter of 2023.
The year-to-date growth rate of 5.8 percent was below the 6.0 to 7.0 percent target of the government for the year.
Socioeconomic Planning Secretary Arsenio Balisacan said the country needs to grow at least 6.5 percent in the last three months of the year to hit the government’s lower-end growth target.
Drivers of growth
Be the first to comment