In a press conference yesterday, National Statistician Dennis Mapa said the country's gross domestic product (GDP) grew by 5.2 percent in the third quarter of this year, easing from the previous quarter's 6.4 percent growth and six-percent expansion posted in the third quarter last year.
Despite the slower growth, National Economic and Development Authority Secretary Arsenio Balisacan said the Philippines remains one of the fastest-growing Asian economies, behind Vietnam, which posted a 7.4-percent growth, but ahead of Indonesia's 4.9 percent, China's 4.6 percent and Singapore's 4.1 percent.
On the production side, Balisacan said the slowdown in economic growth was due to the 2.8 percent contraction in agriculture, forestry and fishing sector.
According to Balisacan, the decline in the crops subsector of the agriculture sector reflected the impact of the El Niño during the planting season and the typhoons' effects during the harvest season.
This story is from the November 08, 2024 edition of The Philippine Star.
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This story is from the November 08, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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