Despite a slight increase in growth, the Philippine economy fell short of expectations in the fourth quarter of 2024, with a 5.2% expansion. This figure mirrors the previous quarter's performance and brings the full-year GDP to 5.6%. While the Industry and Services sectors showed positive growth, Agriculture, Forestry and Fishing (AFF) experienced a decline. The Philippine Statistics Authority (PSA) attributed the slower growth to the impact of recurrent typhoons on the farm sector.
A file photo shows farmers in Pulilan, Bulacan, drying their rice harvest in a field after a typhoon battered the country, causing the rice to get wet. This climate-related event has led to a low selling price of 12 pesos per kilo, as many rice fields in the area were submerged in floodwater. As the farm sector, badly beaten by serial typhoons, contracted, the economy again disappointed by posting a growth of 5.
2 percent in the last quarter of 2024, the Philippine Statistics Authority (PSA) reported on Thursday. The economy again disappointed by posting a growth of 5.2 percent in the last quarter of 2024 according to the Philippine Statistics Authority (PSA). This was the same growth rate posted in the third quarter and brought the full year GDP to reach 5.6 percent in 2024. The country’s GDP growth was at 5.5 percent in the fourth quarter of 2023 while full year GDP growth averaged 5.5 percent in 2023. Among the major economic sectors, Industry and Services posted year-on-year growth in the fourth quarter of 2024 with 4.4 percent and 6.7 percent, respectively. For the full year of 2024, Industry and Services also posted growths of 5.6 percent and 6.7 percent, respectively. However, Agriculture, Forestry and Fishing (AFF) recorded a decline. The data also showed Government Final Consumption Expenditure (GFCE) posted a growth of 9.7 percent in the fourth quarter of 2024; Gross capital formation (GCF), 4.1 percent; Exports of goods and services, 3.15 percent; and Imports of goods and services, 3.19 percent. For the full year 2024, all major expenditure items also posted growths as HFCE grew by 4.8 percent; GFCE, 7.2 percent; GCF, 7.5 percent; Exports of goods and services, 3.4 percent; and Imports of goods and services, 4.3 percent.
ECONOMY GDP PHILIPPINE STATISTICS AUTHORITY AGRICULTURE TYPHOONS
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