THE Philippine economy expanded by 5.2% in the third quarter of 2024, according to data released by the statistics agency on Thursday.
The growth rate fell short of economists’ forecasts and marked a slowdown from the 6.4% annual pace recorded in the previous quarter.
A Reuters poll of economists had projected a 5.7% year-on-year GDP growth for the third quarter. On a quarter-on-quarter basis, GDP grew by 1.7% in July-September, exceeding economists’ expectations of a 1.5% rise and surpassing the 0.5% increase seen in the second quarter.
The slowdown in growth was attributed to a cooling of household spending, which is a key driver of the Philippine economy. Inflation has been a significant factor in this trend, as it has eroded consumer purchasing power and dampened discretionary spending.
Despite the slower growth in the third quarter, the Philippine government remains optimistic about achieving its full-year growth target of 6.0% to 7.0%.
