Philippines Q4 GDP grows 5.6% y/y, beats expectations

January 31, 2024 - 10:54 AM
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Construction workers are pictured at the construction site of an apartment building in Pasay, Metro Manila in the Philippines May 22, 2017. (Reuters/Erik De Castro/File Photo)

 The Philippine economy grew 5.6% in the fourth quarter, government data showed on Wednesday, above expectations.

Economists in a Reuters poll expected growth to have settled at 5.2% in the last three months of the year, slower than the upwardly revised 6.0% expansion in the third quarter.

On a seasonally adjusted basis, the Philippine economy grew 2.1% quarter-on-quarter, above the 1.4% growth forecast in a Reuters poll.

Last quarter’s figure brought the full-year gross domestic product growth to 5.6%, below the government’s 6.0% to 7.0% target.

— Reporting by Mikhail Flores and Neil Jerome Morales; Editing by Martin Petty