The Philippines’ GDP growth rate slowed to 5.2% in the third quarter, down from 6.4% in Q2. This brings the year-to-date average to 5.8%. National Economic and Development Authority Secretary Arsenio Balisacan cited agriculture's contraction, influenced by El Niño and recent storms, as a key factor in the slowdown. To reach the target growth of 6-7% for 2024, the economy must grow 6.5% in Q4. Challenges in agriculture, industry, and services have impacted growth, but efforts are underway to recover momentum.
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