MANILA (Reuters) – The Philippine economy expanded an annual 5.2% in fourth quarter from a year earlier, official data showed on Thursday, missing the median forecast of 5.4% growth in a Reuters poll of economists.
On a quarterly basis, the Philippines grew a seasonally adjusted 1.8% in the October-December quarter, data from Philippines Statistics Authority showed, below the 1.9% forecast in the poll.
Fourth quarter growth, which matched the previous quarter’s 5.2% expansion, brought full-year growth in 2024 to 5.6%, below the government’s 6.0% to 6.5% growth target.
The weaker than expected expansion in the last three months of 2024 came as a result of typhoons, droughts and other climate-related disruptions, with farm output contracting domestic demand weaker.
“We faced numerous setbacks,” Economic Planning Undersecretary Rosemarie Edillon told a media briefing.
Last month, the government widened its growth target for 2025-2028 to a range of 6.0% to 8.0%, from 6.5% to 7.5% for 2025 and 6.5% to 8.0% in 2026-2028 to account for what it said were evolving global uncertainties.
(Reporting by Karen Lema and Mikhail Flores; Editing by Martin Petty)
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