The Philippines continues to rank as one of Asia’s fastest-growing economies under President Ferdinand R. Marcos Jr., according to National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan.
Balisacan reported that the Philippine economy grew by 5.2 percent, trailing only Vietnam’s 7.4 percent and Malaysia’s 5.3 percent in Gross Domestic Product (GDP) growth. The Philippines outpaced other regional economies, with Indonesia growing at 4.95 percent, China at 4.6 percent, and Singapore at 4.1 percent.
This GDP figure reflects sustained expansion, following growth rates of 5.8 percent and 6.4 percent in the year’s first and second quarters, respectively.
“We follow Vietnam, which posted a 7.4% growth rate, and are ahead of Indonesia (4.9%), China (4.6%), and Singapore (4.1%),” Balisacan noted.
According to the Philippine Statistics Authority (PSA), the third quarter of 2024 saw notable contributions from the Industry and Services sectors, which grew by 5.0 percent and 6.3 percent year-on-year, respectively. The Services sector was the largest contributor to GDP growth at 4.1 percent, while the Industry sector, impacted by recent natural disasters, contributed 1.3 percent. Meanwhile, Agriculture, Forestry, and Fishing (AFF) showed a decline, with a contribution of -0.2 percent.
Key drivers of third-quarter growth included wholesale and retail trade, repair of motor vehicles and motorcycles (up 5.2 percent), financial and insurance activities (up 8.8 percent), and construction (up 9.0 percent), as outlined in the PSA report.
“Industry and Services sectors grew year-on-year in the third quarter of 2024 at 5.0 percent and 6.3 percent, respectively, while Agriculture, Forestry, and Fishing posted a decline of 2.8 percent,” the PSA reported.
