The Philippines economy in the fourth quarter of 2024 extended an expansion that stretches back to the pandemic era, but still missed some outlooks, according to figures released by the Philippine Statistics Authority (PSA) on Thursday.

The nation's gross domestic product (GDP) grew by 5.2% in the fourth quarter from a year earlier, and for the full year of 2024, the Philippine GDP expanded by 5.6% year on year over 2023.

Nevertheless, the 2024 economic expansion was below the national government's 6.0% to 6.5% growth target for the year.

In 2024, the Philippines economy endured several setbacks, including extreme weather events that limited agricultural output, geopolitical tensions, and subdued global demand, government officials told a media session on Thursday, reported Reuters.

The Philippine "farm sector, badly beaten by serial typhoons, contracted" in the fourth quarter, noted the Manila-based Business Mirror newspaper.

The Philippines agriculture, forestry, and fishing sector posted an on-year decline of 1.8% in the fourth quarter, reported the PSA.

in contrast, in the fourth quarter, the Philippines industrial sector expanded by 4.4% on year, and the services sector by 6.7%, according to official figures.

After declining in the pandemic years of 2020-2021 the Philippines GDP has consistently sustained an expansion in the 5% to 7% range, according to PSE figures.

The Philippine economy should extend its expansion into 2025, Department of Finance Secretary Ralph Recto said in mid-January.

"For 2025, Recto is confident that the economy will expand by over 6%, with key drivers including strong domestic consumption and investments," reported the official Philippines New Agency.