NEDA sees economy growing faster in Q4

The National Economic and Development Authority (NEDA) expects the economy to grow faster in the fourth quarter compared to the previous quarter, bolstering optimism that the full-year economic growth can still be achieved.

- By LOUELLA DESIDERIO

In a press briefing yesterday, NEDA Secretary Arsenio Balisacan said the government remains upbeat about the fourth quarter economic performance.

"We remain optimistic that the fourth quarter will be better than the third. As you know, the third quarter [economic growth] was only 5.2 percent. We hope to be better than that and bring us at least to the low end of the growth target of six to seven percent for the year," he said.

Philippine economic growth in the third quarter eased from the 6.4 percent growth in the second quarter and six percent expansion posted in the third quarter last year.

From January to September, the economy posted an average growth of 5.8 percent.

To achieve the six to seven percent growth target for the year, Balisacan said the economy needs to post at least 6.5 percent growth in the fourth quarter.

Should the economy expand by 5.9 percent to 6.1 percent for full-year 2024, he said it will still be considered a respectable growth for the Philippines compared to most emerging economies in the world.