Q3 GDP growth holds steady at 5.2%, adjustments in key sectors

The Philippine Statistics Authority (PSA) has confirmed the country's economic growth rate for the third quarter of 2024 at 5.2%, though revisions have been made in several sectors.

According to the PSA, while the GDP growth rate for the quarter remains unchanged, adjustments were made in the performance of sectors like education, manufacturing, and financial services. The growth rate for the education sector was revised up to 4.1% from the previous 2.6%. Manufacturing also saw a slight increase, with its growth revised to 3% from 2.8%. Similarly, financial and insurance activities saw an upward revision, with growth now pegged at 9.1%, up from 8.8%.

Despite these revisions, the PSA maintained the gross national income for the quarter at 6.8%. However, net primary income from the rest of the world was slightly revised down to 19.2% from the initial 19.3%.

The PSA noted that these revisions were made in accordance with international standards for national accounts revisions, guided by an approved policy set in 2017.

Looking ahead, the full-year GDP data for 2024 will be released on January 30. Early projections from National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan suggest that the country might fall short of its 2024 growth target of 6 to 6.5%, largely due to the impact of typhoons in October and November.

From January to September 2024, the country posted an average growth rate of 5.8%. Rizal Commercial Banking Corporation chief economist Michael Ricafort also predicted that the economy would grow by 5.9% for the year, despite challenges like typhoons affecting agricultural output.