MANILA, Philippines — The Philippine economic growth slowed to 5.2 percent in the third quarter of 2024, which may result in a missed target again this year, the Philippine Statistics Authority (PSA) reported on Thursday.
MANILA, Philippines — The Philippine economic growth slowed to 5.2 percent in the third quarter of 2024, which may result in a missed target again this year, the Philippine Statistics Authority reported on Thursday.The result — markedly down from the revised 6.4 percent in the last three months and last year's 6.0 percent — is also lower than the 5.7-percent median in a Manila Times poll of economists.This is the lowest recorded growth rate since April-June 2023 at 4.3 percent.
The main contributors to the growth, the PSA said, were wholesale and retail trade , repair of motor vehicles and motorcycles , financial and insurance activities and construction .All but one economic sector, particularly the agriculture, forestry, and fishing sector posted a decline of 2.8 percent. While industry and services posted year-on-year growths in the third quarter of 2024 at 5.0 percent and 6.3 percent, respectively.
Economic Growth Slows To 5.2% In Q3
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