Philippine GDP Growth Steady At 5.2%

(RTTNews) - The Philippine economy posted steady growth in the final quarter of 2024, though at a slower-than-expected pace, the Philippine Statistics Authority said Thursday.

Gross domestic product grew 5.2 percent year-on-year in the fourth quarter, the same pace as in the third quarter. Economists had expected a 5.4 percent growth.

The expenditure breakdown showed that household final consumption grew 4.7 percent annually in the December quarter, and government final expenditure advanced by 9.7 percent.

Data showed that gross capital formation was 4.1 percent higher, and both exports and imports climbed by 3.2 percent.

Among the major economic sectors, industry and services grew by 4.4 percent and 6.7 percent, respectively. Meanwhile, the agriculture, forestry, and fishing sector logged a contraction of 1.8 percent.

On a quarterly basis, economic growth accelerated to 1.8 percent from 1.5 percent in the third quarter.

During the year 2024, overall GDP expanded 5.6 percent compared to 2023, the agency said.