The economic growth of the Philippines slowed significantly in the third quarter.
Manila, November 7th (Reporter Zhang Xinglong) - The Philippine National Statistics Office released data on November 7th showing that the country's gross domestic product (GDP) grew by 4.0% in the third quarter of this year, a significant slowdown from the 5.5% growth in the second quarter. This marks the lowest growth rate since the second quarter of 2021.
In the first quarter of this year, the Philippines' GDP growth rate was 5.4%. The Philippine government originally set the annual economic growth target for 2025 at 6% to 8%, and in June, it lowered the target to 5.5% to 6.5%. However, among the first three quarters of this year, only the second quarter's growth rate reached the lower limit of the latest target range.
The economic performance of the Philippines in the third quarter was also below market expectations. A survey by Reuters and Bloomberg previously indicated that the market generally expected the Philippines' economic growth rate in the third quarter to reach 5.2%.
The data shows that the year-on-year growth rate of the Philippines' GDP in the third quarter decreased by 1.5 percentage points compared to the previous quarter. Among them, agriculture, industry, and services grew by 2.8%, 0.7%, and 5.5% respectively, and each decreased by 4.2%, 1.4%, and 1.5 percentage points compared to the previous quarter.