PSA revises 2024 GDP growth up to 5.7%, falls short of target but outpaces 2023

The Philippine Statistics Authority (PSA) revised upward the full-year 2024 GDP growth rate to 5.7 percent from 5.6 percent, aligning with international reporting practices.

This revision still falls short of the government's downscaled target of six to 6.5 percent for 2024 but outpaces the 5.5% expansion in 2023 and is the strongest reading since the 7.6% growth in 2022.

For 2025 and 2026, the Development Budget Coordination Committee (DBCC) has set a more ambitious target of six to eight percent growth, citing local and global uncertainties.

Key sectors such as electronics and agricultural products are likely to be affected by higher tariffs imposed by the United States on its trading partners, potentially reducing GDP by 0.5 percentage points due to lower demand for exports and weaker industrial output.

The PSA also revised gross national income (GNI) growth to 7.7% in 2024 from the preliminary reading of 7.6%, while lowering GNI for 2023 to 10.4% from 10.5%.