MANILA : The Philippine economy grew 5.2 per cent in the third quarter from a year earlier, data showed on Thursday, slowing from the previous quarter as bad weather delayed some government spending and affected agricultural output.
Annual growth in the July to September quarter came in under the 5.7 per cent forecast in a Reuters poll, and was the slowest since a 4.3 per cent expansion in the second quarter of 2023.
Despite the slowdown, the government was optimistic of reaching the full-year target of 6.0 per cent to 7.0 per cent growth this year, Economic Planning Secretary Arsenio Balisacan told a news conference.
Consumer and business sentiment have shown signs of improvement due to easing inflation, and the central bank’s monetary easing will spur spending, Balisacan said.
On a quarter-on-quarter basis, GDP grew 1.7 per cent in July-September, compared with economists’ expectations for a 1.5 per cent rise and the prior quarter’s 0.5 per cent increase.