Philippine economy grows 5.2% in third quarter as weather disruptions impact sectors

The Philippine economy grew by 5.2% in the third quarter of 2024, down from a revised 6.4% in the previous quarter. This slowdown is attributed to weather disruptions affecting various sectors, according to the Philippine Statistics Authority. The latest growth rate is below the government's target of 6-7% for the year and lower than the 5.9% forecast by economists. Key contributors to growth included wholesale and retail trade, financial services, and construction. Household consumption increased by 5.1%, while government spending fell by 5%. Gross capital formation rose significantly by 13.1%, indicating a rebound in investments.