Philippines' GDP Rises 5.2% in Q3

MT Newswires Live11-07

Philippines' gross domestic product (GDP) rose 5.2% year on year in the third quarter of 2024, data from the Philippine Statistics Authority showed Thursday.

The growth was driven by a 5.2% increase each in wholesale and retail trade, and repair of motor vehicles and motorcycles; an 8.8% jump in financial and insurance activities, and a 9% growth in construction, the data showed.

Among the major economic sectors, industry and services expanded 5% and 6.3%, respectively. However, the agriculture, forestry, and fishing sector shrank 2.8% versus a year earlier.

On the demand side, household final consumption expenditure had a 5.1% higher annual increase in the third quarter, the data showed.

Meanwhile, the government final consumption expenditure rose 5%; gross capital formation jumped 13.1%; and imports of goods and services grew 6.4%.

Conversely, the exports of goods and services slid 1% versus a year earlier, the data showed.

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