Recently it was announced that the economy of the Philippines expanded by 5.2% in the 3rd quarter of 2024, according to a Philippine News Agency (PNA) news article.
To put things in perspective, posted below is an excerpt from the PNA news article. Some parts in boldface…
The Philippines remains one of the fastest growing economies in the region despite the slowdown in the third quarter of the year, National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan said on Thursday.
Philippine economic growth settled at 5.2 percent in the third quarter, lower than the 6 percent recorded in the same period last year.
The latest data brought the year-to-date gross domestic product (GDP) expansion to 5.8 percent, slightly under the 6-percent lower end of the government’s growth target for this year.
“Our economy continues to grow steadily; the latest GDP figures indicate continuous expansion. Of the countries that have reported their third-quarter GDP growth rates, we remain one of the fastest-growing Asian economies,” Balisacan said in a briefing at the Philippine Statistics Authority (PSA) office in Quezon City.
“We follow Vietnam, which posted a 7.4 percent growth rate, and are ahead of Indonesia (with 4.9 percent), China (4.6 percent), and Singapore (4.1 percent), ” he added.
Among the major economic sectors, industry and services grew by 5 percent and 6.3 percent in the third quarter.
National Statistician Dennis Mapa said, however, that agriculture, forestry, and fishing sector contracted by 2.8 percent.
Balisacan explained that the contraction in the agriculture sector was due to the effects of El Niño, seven typhoons, and Habagat. He added the fishing ban in Cavite and Bataan due to the oil spill, and cancellation of fishing trips due to bad weather conditions, also affected fishing and aquaculture.
“Likewise, livestock production decreased due to the recent outbreaks of African swine fever (ASF), such as in Batangas last August,” he said.
Balisacan said the successive typhoons also suspended classes and work in government and some private offices, resulting in administrative delays.
Household final consumption expenditure grew by 5.1 percent, which Balisacan attributed to the slower consumer price inflation. Government final consumption expenditure slowed to 5 percent from 6.7 percent.
Let me end this post by asking you readers: What is your reaction to this recent development? Do you think the economy of the Philippines will grow much faster in the 4th quarter?
You may answer in the comments below. If you prefer to answer privately, you may do so by sending me a direct message online.
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