The Philippine economy expanded by 2.1% year on year in the third quarter, unexpectedly slowing from a year ago as agricultural output declined amid El Niño, the Philippine Statistics Authority (PSA) reported on Monday.
Gross domestic product (GDP) growth sharply slowed from the 4% expansion in the same period last year and the revised 2.4% recorded in the second quarter.
The third-quarter growth was well-below the 2.7% median forecast in a BusinessWorld poll last week.
This also marked the economy’s weakest performance since the 3.8% contraction in the first quarter of 2021, during the coronavirus pandemic. Excluding the pandemic years, this was the slowest growth in over 16 years, or since the 1.8% expansion in the fourth quarter of 2009.
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