Update:
Finance Secretary Ralph G. Recto has pointed out that the Philippines continued to expand by 5.2% in the third quarter of 2024 due to an acceleration in private spending and remains among the fastest-growing economies in Asia.
The Philippines’ gross domestic product (GDP) growth is ahead of Indonesia (5.0%), China (4.6%), and Singapore (4.1%) in the third quarter of the year.
For the first three quarters of 2024, the country’s growth also exceeded that of Indonesia (5.0%), China (4.9%), and Singapore (3.3%).
“Household spending is particularly a bright spot growing by 5.1%, faster than the last two quarters due to slower inflation. The recent policy rate cuts and reserve requirement reduction could help bring in more liquidity to the economy and increase our people’s purchasing power,” the Finance Chief said.
On the supply side, the industry and services sector continued to expand by 5.0% and 6.3%, respectively, albeit slower than last year due to base effects. All industry and services sub-sectors posted positive growth rates, with the fastest increase from construction; accommodation and food service activities; and human health and social work activities.
However, the combined lagged impact of El Niño, La Niña, and several typhoons that hit the country resulted in a 2.8% contraction in the agriculture sector during the quarter.
“The government has been responsive in providing the much-needed support for our farmers, fishermen, and the rest of the agriculture workers to improve their productivity,” the Finance Chief said.
On the demand side, domestic demand growth remained robust at 6.6% as household spending accelerated to 5.1% from 4.7% in the two last quarters.
Meanwhile, total investments sustained its double-digit growth of 13.1% due to improved construction activities. In particular, private construction grew by 11.9% from 10.3% in the previous quarter.
The Philippines GDP Growth
The Philippine economy grew faster by 5.9% in the third quarter (Q3) of 2023!
“This performance makes our economy the fastest among the major emerging economies in Asia that have released their third-quarter 2023 GDP growth: Vietnam at 5.3%, Indonesia and China at 4.9%, and Malaysia at 3.3%,” National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said.
The main contributors to the Q3 2023 growth were:
- Construction (14.0%)
- Financial and insurance activities (9.5%)
- Wholesale and retail trade & repair of motor vehicles and motorcycles (5%)
Major economic sectors all posted positive growths!
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