MANILA (Reuters) – The Philippine economy grew 5.2% in the third quarter compared with 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 was below the 5.7% forecast in a Reuters poll, and was the slowest since a 4.3% expansion in the second quarter of 2023.
Despite the slowdown, the government is optimistic it can achieve its full-year target of 6.0% to 7.0% this year, Economic Planning Minister Arsenio Balisacan said at a press conference.
Consumer and business sentiment have shown signs of improvement as inflation eases, and central bank monetary easing will spur spending, Balisacan said.
On a quarter-on-quarter basis, GDP grew 1.7% in July-September, compared with economists' expectations of a 1.5% rise and a 0.5% rise in the previous quarter.