The Philippine economy expanded by 5.23% in the last three months of 2024, the slowest pace in six quarters or since the 4.31% in the second quarter of 2023. The latest gross domestic product (GDP) print was a tad slower than the 5.24% growth in the third quarter but faster than 5.53% in the fourth quarter in 2023. On the expenditure side, household spending contributed 3.49 percentage points (ppts) to the GDP growth during the period. Meanwhile, the contributions of government spending and capital formation added 1.16 ppts and 0.92 ppt, respectively. On the supply side, industry and services contributed 1.32 ppts and 4.08 ppts, respectively, while agriculture further dragged the economy by 0.16 ppt.
