The Philippine economy expanded an annual 5.2% in fourth quarter from a year earlier, official data showed on Thursday, missing the median forecast of 5.4% growth in a Reuters poll of economists. On a quarterly basis,

President Ferdinand Marcos Jr.’s administration had aimed for a GDP growth target of 6% to 6.5% in 2024. However, for the second consecutive year, the Philippines fell short after also missing its target in 2023.

For the whole of 2024, GDP growth was 5.6 percent meaning the country missed its 6 to 6.5 percent target growth rate for the year.