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Breaking news and stories from the Philippines and abroad:
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NewsTranscript
00:00The gross domestic product or GDP growth rate of the Philippines decreased by 5.2% in the 3rd quarter of 2024.
00:07According to the data of the Philippine Statistics Authority, it was lower by only 6.4% in the 2nd quarter.
00:14This is also the slowest GDP growth rate since the 2nd quarter of 2023.
00:19Based on the NEDA, the GDP growth rate of the Philippines is higher compared to Indonesia, China, and Singapore.
00:26According to the PSA, the biggest contributor to the decline is the wholesale and retail trade and construction.
00:32Financial and insurance activities also contributed to the decline of the economy.
00:37Meanwhile, the agricultural sector contracted or shrunk by 2.8% in the 3rd quarter of the year.
00:45The production of rice decreased by 12%.