By Inquirer.Net
The country’s retail sector is projected to grow by 5% in 2024, fueled by the ongoing expansion of modern stores, a report by the US Department of Agriculture (USDA) said.
The USDA’s Foreign Agricultural Service (FAS) forecast this year’s retail sales to grow to $119 billion from $113 billion the year prior.
“Modern retail store expansion to key cities and provinces generates additional retail sales. Stores continue exploring new imported food and beverage products to offer novel options to consumers,” the USDA-FAS said in a report.
The foreign agency is expecting a continued expansion in the local food manufacturing sector, projecting a 5% growth, despite some manufacturers jacking up their production costs amid higher raw material prices.
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