The Philippine economy grew 5.2 percent year-on-year in the third quarter of 2024, the Philippine Statistics Authority (PSA) said.

It said that the gross domestic product grew 1.7 percent quarter-on-quarter.

This brought the average growth in the first three quarters of 2024 to 5.8 percent, below the government’s target range of 6 percent to 7 percent for the year.

The main contributors to the third-quarter growth were wholesale and retail trade; repair of motor vehicles and motorcycles, 5.2 percent; financial and insurance activities, 8.8 percent; and construction, 9.0 percent.

Among the major economic sectors, industry and services posted year-on-year growths in the third quarter of 2024 with 5.0 percent and 6.3 percent, respectively. Meanwhile, the agriculture, forestry and fishing sector posted a year-on-year decline of 2.8 percent.

The PSA said that on the demand side, household final consumption Expenditure was the top contributor to the increase in the country’s GDP, which grew year-on-year by 5.1 percent in the third quarter of 2024.

Government final consumption expenditure rose 5.0 percent; gross capital formation, 13.1 percent; and imports of goods and services, 6.4 percent.

Exports of goods and services recorded a year-on-year decline of 1.0 percent.

The gross national income grew year-on-year by 6.8 percent in the third quarter of 2024 as the net primary income from the rest of the world expanded 19.3 percent during the period.