PH economic growth fell short of 2024 target, market expectations

PH economic growth fell short of 2024 target, market expectations

The photo shows Makati City's Business District that is considered one of the centers of commerce in the country which is projected to have the highest economic growth rate in the ASEAN Plus Three countries in 2022 and 2023 according to Finance Secretary Benjamin Diokno

FILE PHOTO: The skyline of Makati Business District in Makati City.  INQUIRER PHOTO / RICHARD A. REYES

MANILA, Philippines — The Philippine economy grew at an average of 5.6 percent in 2024, a tad faster than the 5.5 percent growth recorded in 2023.

But that pace of expansion fell short of the Marcos administration’s growth target of 6 to 6.5 percent for last year.

Article continues after this advertisement

The average growth in 2024 also fell below consensus. An Inquirer survey of economists last week yielded a median estimate of 5.8 percent for the full-year growth.

FEATURED STORIES

PH economic growth fell short of 2024 target, market expectations | INQToday

READ: 2024 GDP growth pegged at 5.8%

Article continues after this advertisement

In the fourth quarter, the economy grew by 5.2, unchanged from the third quarter.

Article continues after this advertisement

As it is, analysts had said the economy would have posted more solid growth in the final three months of 2024 if not for the onslaught of typhoons late last year, which restrained the typical surge in economic activities during the holiday season.

“We experienced multiple setbacks,” Socioeconomic Planning Undersecretary Rosemarie Edillon told a press conference.

READ: PH GDP growth slowed sharply to 5.2% in Q3

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: gross domestic product (GDP), PH economy

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2025 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.