Philippines' Q3 GDP Growth Slows to 5.2% Amid Economic Challenges

In the third quarter of 2024, the Philippines recorded a Gross Domestic Product (GDP) growth rate of 5.2%, marking a slowdown from the 6.4% growth achieved in the previous quarter. This deceleration highlights several economic challenges facing the country, including adverse weather conditions that have particularly impacted agriculture and disrupted government projects.

This quarter’s growth rate brings the year-to-date GDP growth to 5.2%, which remains below the government’s target of 6-7% for 2024. As officials monitor these trends, there is cautious optimism that growth may rebound in the last quarter, particularly with stabilizing conditions in key economic sectors​.

Despite the slowdown, the Philippines remains one of the fastest-growing economies in Asia.

The government aims to sustain this momentum through various policy measures and investments in infrastructure and human capital.