SUBDUED public and private spending could have weighed on third-quarter economic growth, analysts said, putting the 2024 target at risk.
All but two of nine estimates issued by economists and research units projected July-September gross domestic product growth lower than the second quarter's 6.3 percent, with the median of 5.7 percent below the government's full-year goal of 6.0 to 7.0 percent.This would put the nine-month expansion at 5.9 percent and growth for the last three months of the year would have to be at least 6.2 percent for the target to be met.
HSBC's Dacanay echoed this, adding that public spending, both in terms of consumption and investment, would have also moderated in July-September.'Though the central bank did begin its easing cycle during the quarter, we don't think the change in the monetary stance had affected 3Q 2024 growth,' he added.'That said, investment, most especially in private construction and durable equipment, likely remained weak,' he added.
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