Philippine Economy Expands 1.8% QoQ

The Philippine economy grew by 1.8% quarter-on-quarter in the three months ending December 2024, up from a downwardly revised 1.5% in the previous period, but below the expected 1.9%.

This marks the steepest expansion since Q4 2023, mainly driven by strong net trade, with exports rising 3.6%, up from 1.4% in the prior quarter, while imports dropped 4.8% after a 2.9% increase.

Meanwhile, growth slowed in household spending (1.8% vs.

2.8%) and government expenditures (0.8% vs.

3%), and fixed investments stagnated (0% vs.

-0.2%).

Among major sectors, agriculture, forestry, and fishing showed a recovery (0.6% vs.

-0.1%), services growth accelerated (2.6% vs.

2%), while industrial growth slowed (0.3% vs.

1%).