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.

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.

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

READ: 2024 GDP growth pegged at 5.8%

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

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

Read more...