Philippine GDP Expands Less Than Forecast

RTTNews | 609 hari yang lalu

(RTTNews) - The Philippine economy expanded at a slower than expected pace in the fourth quarter as severe storms damped farm output and geopolitical tensions weighed on manufacturing, official data showed on Thursday. Consequently, the economy missed its full year official growth target in 2024.

Gross domestic product grew 5.2 percent year-on-year in the fourth quarter, the same pace as in the third quarter, the Philippine Statistics Authority said. Economists had expected a 5.4 percent growth.

In 2024, overall GDP expanded 5.6 percent, slightly up from 5.5 percent in 2023, the agency said. However, this was weaker than government's target of 6 percent to 6.5 percent.

The expenditure breakdown showed that household final consumption grew 4.7 percent annually in the December quarter, and government final expenditure advanced by 9.7 percent.

Data showed that gross capital formation was 4.1 percent higher, and both exports and imports climbed by 3.2 percent each.

Among the major economic sectors, industry and services grew by 4.4 percent and 6.7 percent, respectively. Meanwhile, the agriculture, forestry, and fishing sector logged a contraction of 1.8 percent.

On a quarterly basis, economic growth accelerated to 1.8 percent from 1.5 percent in the third quarter.

Capital Economics' economist Gareth Leather said decent growth is expected in 2025 as interest rate cuts help offset the drag from weaker exports and tighter fiscal policy. The economist forecasts a 100 basis point reduction in the key interest rates in 2025.

Tag: PHP

baca selengkapnya

Philippine Economy Grows At Slowest Pace Since 2021

The Philippine economy grew at the weakest pace since early 2021 as the war in the Middle-east and corruption scandals weighed on investment and spending, official data showed Friday. Gross domestic product expanded 2.3 percent year-on-year in the second quarter, marking the slowest rate since the first quarter of 2021, the Philippine Statistics Authority said.

RTTNews | 55 hari yang lalu

Philippine Central Bank Hikes Rates By 25 Bps

The Philippine central bank lifted its key interest rates by 25 basis points on Thursday to control inflation expectations and mitigate the risk of second-round effects. The Monetary Board of the Bangko Sentral ng Pilipinas decided to lift the reverse repurchase rate by 25 basis points to 4.75 percent. The interest rates on the overnight deposit and lending facilities were adjusted.

RTTNews | 105 hari yang lalu

Philippine Economy Logs Slowest Growth In 5 Years

The Philippine economy expanded at the slowest pace in five years in the first quarter amid declining investment, weaker household spending and exports. Gross domestic product grew 2.8 percent on a yearly basis in the first quarter, the Philippine Statistics Authority said Thursday. This followed a 3.0 percent expansion seen in the fourth quarter and marked the weakest expansion since the first q

RTTNews | 147 hari yang lalu

Philippine Central Bank Cuts Rates To Boost Growth

The Philippines' central bank decided to cut the policy rates by 25 basis points on Thursday as economic growth undershot expectations on weaker domestic demand. The Monetary Board decided to reduce the Bangko Sentral ng Pilipinas' target reverse repurchase rate by 25 basis points to 4.25 percent. Accordingly, the interest rates on the overnight deposit and lending facilities were adjusted.

RTTNews | 224 hari yang lalu

Philippine Economy Logs Weakest Growth Since Pandemic

The Philippine economy registered its weakest growth since the COVID-19 pandemic, official data revealed on Thursday. Gross domestic product grew only 3.0 percent on a yearly basis in the fourth quarter of 2025, the Philippine Statistics Authority said. This was the weakest performance since the first quarter of 2021, when GDP was down 3.8 percent.

RTTNews | 245 hari yang lalu

Philippine GDP Growth Worst Since 2021

The Philippines' economic growth hit the worst since 2021 as natural calamities and probes on government infrastructure spending weighed on sentiment and domestic activity. Gross domestic product registered an annual growth of 4.0 percent in the third quarter after rising 5.5 percent in the preceding quarter, the Philippine Statistics Authority said Friday.

RTTNews | 328 hari yang lalu

Philippine Central Bank Cuts Rate Unexpectedly

The Philippines' central bank unexpectedly reduced its key interest rates by 25 basis points on Thursday, for the fourth time this year and signaled further reduction to support economic growth. The Monetary Board of the Bangko Sentral ng Pilipinas, headed by Governor Eli Remolona, decided to reduce the policy rate by 25 basis points to 4.75 percent. The bank was expected to hold the rate at 5.0

RTTNews | 357 hari yang lalu

Philippine Central Bank Cuts Interest Rate On Slowing Inflation

The Philippine central bank lowered its policy rate for the second time this year as the outlook for inflation moderated. The Monetary Board of the Bangko Sentral ng Pilipinas decided to reduce the policy rate by 25 basis points to 5.25 percent. Previously, the bank had reduced the rate by a quarter-point in April.

RTTNews | 469 hari yang lalu

EURUSD	1.12302	GBPUSD	1.31872
USDJPY	158.18	USDCAD	1.42418