Philippinen BIP Veränderung zum Vorjahr

The Philippine GDP expanded by 5.2% year-on-year in the third quarter of 2024, slowing from an upwardly revised 6.4% growth the previous period and coming below market forecasts of 5.7%. This marks the slowest economic expansion since the second quarter of 2023, as growth moderated for government spending (5% vs 11.9% in Q2), and fixed investments (7.5% vs 9.7%). Meanwhile, the rise for household consumption accelerated by 5.1% after a 4.7% increase in the prior quarter. Net trade contributed negatively to the GDP, as exports fell 1% (vs 4.2%), while imports jumped 6.4% (vs 5.3%). On the production side, growth eased for the industry (5% vs 7.9%), and services (6.3% vs 6.8%), while output continued to contract for agriculture, forestry and fishing (-2.8% vs -2.3%). The government targets a growth rate of 6% to 7% for this year.