Philippine economy slows to 2.1% in Q3
The economy lost more steam in the third quarter, as agriculture dragged growth.
The Philippine economy slowed to 2.1% growth in the third quarter of 2026, falling short of the 2.4% expansion recorded in the previous quarter, according to figures released by the Philippine Statistics Authority on Monday, November 9. Agriculture contracted sharply, declining by 4.8%, while industry saw a negligible decrease of 0.003%.
Services, however, continued to lead the growth, expanding by 3.7% and contributing 2.5 percentage points to the country's GDP growth. Within services, wholesale and retail trade, along with the repair of motor vehicles and motorcycles, accounted for the largest industry contribution at 0.8 percentage point. Overall, the country's gross national income grew by 2.7%.
GDP measures the value of all goods and services produced within the country's borders, whereas GNI reflects the income earned by the country's residents, including net income from abroad. This marks the second quarter of consecutive weaker growth, with last year's growth rate for the same period standing at 4%.
Written by urgent.news from Philippine Star Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
