Philippines GDP yr/yr growth slows to 5.2% in Q3
11:00 pm Wednesday, November 06th, 2024
MANILA (Reuters) – The Philippine economy grew 5.2% in the third quarter from a year earlier, data showed on Thursday, slowing from the previous quarter as bad weather delayed some government spending and affected agricultural output.
Annual growth in the July to September quarter came in under the 5.7% forecast in a Reuters poll, and was the slowest since a 4.3% expansion in the second quarter of 2023.
Despite the slowdown, the government was optimistic of reaching the full-year target of 6.0% to 7.0% growth this year, Economic Planning Secretary Arsenio Balisacan told a news conference.
Consumer and business sentiment have shown signs of improvement due to easing inflation, and the central bank’s monetary easing will spur spending, Balisacan said.
On a quarter-on-quarter basis, GDP grew 1.7% in July-September, compared with economists’ expectations for a 1.5% rise and the prior quarter’s 0.5% increase.
(Reporting by Neil Jerome Morales and Mikhail Flores; Editing by John Mair)
