Philippines GDP 2024 +5.6%

According to data from the Philippine Statistics Authority, the country’s economy expanded by 5.6 per cent in 2024.

The Philippines’ GDP grew by 5.2 per cent in the fourth quarter of 2024, while on a quarterly basis it increased by 1.8 per cent in the October-December period.

The main sectors contributing to the growth were construction (10.3 per cent), financial and insurance activities (9 per cent), and wholesale and retail trade, including repair of motor vehicles and motorcycles (5.6 per cent).

The manufacturing and industrial production grew by 4.4 per cent, while services expanded by 6.7 per cent. In contrast, the agriculture, forestry, and fishing sector shrank by 1.8 per cent in the fourth quarter, bringing its total decline for the year to 1.6 per cent.

The Association of Southeast Asian Nations (ASEAN), a political and economic union of ten member states, has a population of 667 million and spans a territory of 4.5 million square kilometers. It is currently the third-largest economy in Asia-Pacific and the fifth-largest in the world. The ASEAN Economic Community (AEC) has a combined GDP of USD 4.2 trillion, according to estimates for 2024.