Typhoons, drought wreck Philippine economic growth target
Gross domestic product ticked up slightly to 5.6 percent compared with 5.5 percent in 2023, the Philippine Statistics Authority said.
But that failed to approach the government's target of 6 to 6.5 percent, Economic Planning Undersecretary Rosemarie Edillon told a news conference, blaming a dry spell in the early part of the year and six consecutive typhoons that pummelled the country in October and November.
"These extreme weather conditions led to a 1.8 percent year-on-year contraction in the agriculture, forestry and fishery sector," Edillon said.
The succession of typhoons also dampened tourism, the government agency said, even as industry and the services sector remained key growth drivers.
Scientists from the World Weather Attribution network concluded in a report last month that human-induced climate change had fuelled the rare string of typhoons that struck the Philippines, killing more than 170 people and causing hundreds of millions of dollars' worth of damage.
The Philippines also topped the World Risk Report last year of countries threatened by "extreme weather events".
"It is clear then that the key to economic growth in the new normal is to build resilience and ensure adaptability to changing preferences," Edillon said.
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