The economic output of the area covering the Organization for Economic Cooperation and Development (OECD) improved to 0.5 percent in the third quarter of 2024 of this year compared to the 0.4 percent in the second quarter.

The OECD is made up largely of Western countries of which a number are trading partners of the Philippines.

Meanwhile, gross domestic product (GDP) growth in the wealthy Group of Seven countries dropped to 0.2 percent in July-Sept, compared to 0.5  percent in April-June.

Also, the Japanese economy grew 0.2  percent quarter-on-quarter in the three months to September, down from 0.5  percent in the previous period. For its part, the US economy increased by 0.7  percent in the third quarter, matching the previous quarter's growth rate.

The German economy posted a slight expansion of 0.2  percent following a 0.3  percent contraction. The Italian economy remained flat in the third quarter, with a growth rate of zero percent.

The EU's quarterly growth rate in the third quarter was 0.3  percent, while the Euro area's was 0.4  percent.