MANILA, Nov. 7 (Xinhua) -- The Philippines' gross domestic product (GDP) expanded 5.2 percent in the third quarter of 2024 from a year earlier, down from a 6.4 percent growth in the second quarter, the Philippine Statistics Authority (PSA) said Thursday.

Growth rate for the first three quarters was 5.8 percent, slightly below the government's target of 6 percent to 7 percent.

"The main contributors to the third quarter of 2024 growth were wholesale and retail trade; repairs of motor vehicles and motorcycles, 5.2 percent; financial and insurance activities, 8.8 percent; and construction, 9 percent," PSA head Dennis Mapa said at a press conference.

Among major economic sectors, Mapa said industry and services posted year-on-year growths in the third quarter, with 5 percent and 6.3 percent, respectively.

Meanwhile, Mapa added that the agriculture, forestry and fishing sector posted a year-on-year decline of 2.8 percent.

On the demand side, Mapa said household final consumption expenditure was the top contributor to the increase in the country's GDP, which grew 5.1 percent in the third quarter.

National Economic and Development Authority Secretary Arsenio Balisacan attributed the third-quarter economic slowdown to agriculture and moderate growth in industry and services due to the El Nino phenomenon and the effects of typhoons and the Southwest Monsoon during the harvest season.

Balisacan said the economy needed to grow at least 6.5 percent in the fourth quarter to meet the 6-7 percent target for 2024. "We remain optimistic that this growth target is attainable," he added. Enditem

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