MANILA, Philippines — The Philippine economy grew by an average of 5.6% in 2024, slightly higher than the 5.5% growth in 2023.
However, it still fell short of the government’s target of 6% to 6.5%.
The average growth in 2024 also fell below consensus. An Inquirer survey of economists last week yielded a median estimate of 5.8 percent for the full-year growth.
READ: 2024 GDP growth pegged at 5.8%
In the fourth quarter, the economy grew by 5.2, unchanged from the third quarter.
As it is, analysts had said the economy would have posted a more solid growth in the final three months of 2024 if not for the onslaught of typhoons late last year, which restrained the typical surge in economic activities during the holiday season.
“We experienced multiple setbacks,” Socioeconomic Planning Undersecretary Rosemarie Edillon told a press conference.