In a statement, he said the latest figure brought the country’s average growth for the first nine months of 2024 to 5.8 percent, slightly below the government’s annual target of 6-7 percent.
Key factors in the slowdown include adverse weather impacts on agriculture and moderation in the industry and services sectors.
Agriculture contracted sharply, with a 2.8-percent decline in crop production due to the El Niño phenomenon and multiple typhoons disrupting the planting and harvest seasons. Fishing and aquaculture activities also decreased, hindered by an oil spill-induced fishing ban and adverse weather. The livestock sector faced setbacks from recent African Swine Fever outbreaks.
Industry and services sectors grew by 5.0 percent and 6.3 percent, respectively, despite the effects of typhoon-related work disruptions.
Tourism and leisure spending dipped as mobility was limited, with 138 flight cancellations reported.
On a positive note, household spending grew by 5.1 percent amid easing inflation, while total investments rose by 13.1 percent, spurred by growth in private construction and capital equipment investments.
Looking forward, NEDA is optimistic about a fourth quarter recovery, driven by holiday spending, stable inflation, and lower interest rates.
The Bangko Sentral ng Pilipinas recently cut policy rates, aiming to boost private spending.
Meanwhile, government recovery efforts in typhoon-hit areas and enhanced infrastructure initiatives are expected to contribute to economic resilience.
Balisacan emphasized the government’s commitment to long-term growth through infrastructure development, trade agreements, and workforce upskilling initiatives, signaling continued efforts to achieve sustainable economic progress.
