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Forecast Update: Faster 2025, 2026 GDP growth follows tough year
Economic recovery and lower interest rates augur well for the country.
By Metrobank Research
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The 3rd quarter 2024 gross domestic product (GDP) growth settled lower-than-expected at 5.2% from the revised 6.4% in the previous quarter. The slight pick-up in private consumption and investment was weighed down by the wider trade deficit and the slow expansion in government spending.
At the beginning of the 4th quarter this year, several typhoons ravaged the country and brought widespread flooding, damaging properties and destroying crops in various areas of the country. The onslaught of Typhoon Kristine alone has damaged agricultural crops worth an estimated PHP 6.2 billion, 72% of which is in rice production.
With the recent downside surprise in GDP and the economic impact brought by recent typhoons, we have revised our 2024 full-year average forecast downward to 5.6% from 5.7%. Howev