PH economy grows 5.8% in Q1-Q3 2024, misses target

The Philippine economy expanded by 5.8% in the first three quarters of 2024, retaining its position as one of Asia's top-performing economies, despite falling short of the government's target growth rate.

NEDA Secretary Arsenio Balisacan stated that the country's Gross Domestic Product (GDP) growth for 2024 is expected to be lower than the targeted range of 6.0% to 6.5%.

Balisacan highlighted that the Philippines remains a top performer among emerging economies in Asia, outperforming its neighbors.

He specifically pointed to the agriculture sector as significantly impacted by six typhoons that struck the country from late October to mid-November, leading to an estimated two-percent contraction.

The agriculture sector comprises about 10 percent of the country's GDP and almost a third of the workforce.

Despite the missed target, President Ferdinand "Bongbong" Marcos Jr. expressed satisfaction with the government's economic accomplishments in the past year.

Balisacan expressed confidence in a speedy economic recovery in 2025.