Philippines Q4 GDP grows 5.2% y/y, below expectations
MANILA, Jan 30 (Reuters) - The Philippine economy (PHGDP=ECI), opens new tab expanded an annual 5.2% in fourth quarter from a year earlier, official data showed on Thursday, missing the median forecast of 5.4% growth in a Reuters poll of economists.
On a quarterly basis, the Philippines grew a seasonally adjusted 1.8% in the October-December quarter, data from Philippines Statistics Authority showed, below the 1.9% forecast in the poll.
Fourth quarter growth, which matched the previous quarter's 5.2% expansion, brought full-year growth in 2024 to 5.6%, below the government's 6.0% to 6.5% growth target.
The weaker than expected expansion in the last three months of 2024 came as a result of typhoons, droughts and other climate-related disruptions, with farm output contracting domestic demand weaker.
"We faced numerous setbacks," Economic Planning Undersecretary Rosemarie Edillon told a media briefing.
Last month, the government widened its growth target for 2025-2028 to a range of 6.0% to 8.0%, from 6.5% to 7.5% for 2025 and 6.5% to 8.0% in 2026-2028 to account for what it said were evolving global uncertainties.
Get a look at the day ahead in Asian and global markets with the Morning Bid Asia newsletter. Sign up here.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
33 minutes ago
- Reuters
Exclusive: India's central bank to use cash reserve ratio more actively to manage liquidity, says source
MUMBAI, June 11 (Reuters) - India's central bank plans to use cash reserve ratio "more often" as a tool to manage liquidity and speed up monetary policy transmission, moving away from the practice of deploying it only in times of extreme cash swings, a source told Reuters on Wednesday. The person aware of the Reserve Bank of India's thinking declined to be identified because they are not authorised to speak to the media. The RBI did not reply to an email seeking comment. In a surprise move on Friday, the Reserve Bank of India announced a 100-basis-points reduction in the CRR to 3%, to be implemented in four equal tranches between September and November, releasing 2.5 trillion rupees ($29.25 billion) into the banking system. ($1 = 85.4790 Indian rupees)
Reuters
2 hours ago
- Reuters
ECB's wage tracker points to 3.1% growth this year
FRANKFURT, June 11 (Reuters) - Negotiated wage growth across the 20 nation euro zone is seen at 3.1% this year, including smoothed one-off payments, in line with figures projected a month earlier, the ECB's monthly wage tracker showed on Wednesday. With unsmoothed one-off payments, the tracker pointed to 2.9% growth in 2025, the ECB said. The ECB has long argued that wage growth around 3% would be consistent with its 2% inflation target and the fresh figures support the bank's argument that it has now delivered on its target after years of overshooting.
Reuters
2 hours ago
- Reuters
General Mills mulls sale of China Haagen-Dazs stores, Bloomberg News reports
June 11 (Reuters) - General Mills (GIS.N), opens new tab is considering selling its Haagen-Dazs ice-cream stores in China, Bloomberg News reported on Wednesday, citing people familiar with the matter. The Minneapolis, Minnesota-based company may seek several hundred million dollars for the assets in a sale process that could begin this year, the report added. The discussions are in early stages and the company may not pursue a sale, the report said, adding that General Mills intends to continue selling Haagen-Dazs in places such as supermarkets and convenience stores in China. Reuters could not immediately confirm the report. General Mills did not immediately respond to a Reuters request for a comment. General Mills has been undergoing a restructuring and said last month that it would record a charge of about $70 million in its current quarter. The restructuring efforts, estimated at around $130 million, are expected to be completed by the end of its fiscal year 2028. Packaged food companies including McCormick, General Mills and Conagra Brands (CAG.N), opens new tab have faced slowing demand as sticky inflation has compelled budget-conscious customers to hunt for value even for essential items such as groceries.
