MANILA, Philippines — The Philippine economic growth slowed to 5.2 percent in the third quarter of 2024, which may result in a missed target again this year, the Philippine Statistics Authority (PSA) reported on Thursday.

The result — markedly down from the revised 6.4 percent in the last three months and last year's 6.0 percent — is also lower than the 5.7-percent median in a Manila Times poll of economists.

This is the lowest recorded growth rate since April-June 2023 at 4.3 percent.

Year to date, growth rate recorded at 5.8 percent, below the 6.0 to 7.0 percent target of the government for the year.

Socioeconomic Planning Secretary Arsenio Balisacan said that the country needed to grow at least 6.5 percent in the last three months of the year to hit the lower-end target of the government.

The main contributors to the growth, the PSA said, were wholesale and retail trade (5.2 percent), repair of motor vehicles and motorcycles (5.2 percent), financial and insurance activities (8.8 percent) and construction (9.0 percent).

All but one economic sector, particularly the agriculture, forestry, and fishing sector posted a decline of 2.8 percent. While industry and services posted year-on-year growths in the third quarter of 2024 at 5.0 percent and 6.3 percent, respectively.

From July to September, household final consumption expenditure (HFCE) was the top contributor, which grew by 5.1 percent in the third quarter of 2024.

Government final consumption expenditure (GFCE), meanwhile, dropped to 5.0 percent from the previous quarter's 10.7 percent.

Gross capital formation, imports of goods and services grew by 13.1 percent and 6.4 percent, respectively. However, the exports of goods and services declined to 1.0 percent.

During the same period, Gross National Income (GNI) expanded by 6.8 percent, but down from the previous period of 7.9 percent. Likewise, the Net Primary Income (NPl) from the Rest of the World dropped by 19.3 percent from 24.7 percent from April to June.