PH Economy Growth Slows to 5.2% in Q3 2024 Due to Weather Conditions

The Philippine economy reported a growth rate of 5.2% in the third quarter of 2024, showing a slowdown from 6.4% in the second quarter. Experts attribute this slower growth to the continuous entry of typhoons and challenging weather conditions impacting economic activities.

According to data from the Philippine Statistics Authority (PSA), the main growth drivers were wholesale and retail trade (5.2%), financial and insurance activities (8.8%), and construction (9.0%). Industry and services sectors grew by 5.0% and 6.3%, respectively, while agriculture, forestry, and fishing experienced a decline of 2.8%.

Household spending, a major factor in the country’s economy, rose by 5.1% in the third quarter. Government spending increased by 5.0%, while gross capital formation saw a strong 13.1% rise, and imports of goods and services went up by 6.4%. Exports, however, showed a slight decrease of 1.0%.

The country’s Gross National Income (GNI) also grew by 6.8% year-on-year, with Net Primary Income from the Rest of the World increasing by 19.3%.

This economic data underscores the challenges posed by weather-related disruptions, affecting key sectors and influencing the overall economic growth trajectory for 2024. (ASC)