The Philippine economy unexpectedly slowed for a fifth straight quarter, raising questions about the central bank’s rate-hike cycle and heaping pressure on President Ferdinand Marcos Jr.
Gross domestic product expanded 2.1% in the three months to September from a year earlier, the statistics agency said Monday. That compares to 2.4% in the second quarter and was a full percentage point below the median estimate of 3.1% in a Bloomberg News survey.
Agricultural output fell 4.8% in the third quarter, and services growth continued to slow. Farm output was hurt as typhoons battered the climate-vulnerable nation, with El Nino further clouding the outlook.
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