India, Jan. 30 -- The Philippine economy expanded at a slower than expected pace in the fourth quarter as severe storms damped farm output and geopolitical tensions weighed on manufacturing, official data showed on Thursday. Consequently, the economy missed its full year official growth target in 2024.
Gross domestic product grew 5.2 percent year-on-year in the fourth quarter, the same pace as in the third quarter, the Philippine Statistics Authority said. Economists had expected a 5.4 percent growth.
In 2024, overall GDP expanded 5.6 percent, slightly up from 5.5 percent in 2023, the agency said. However, this was weaker than government's target of 6 percent to 6.5 percent.
The expenditure breakdown showed that household final consumpti...