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.