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Philippine economy shrinks 4.2% in first quarter
Strict lockdowns to contain the coronavirus have thrown millions out of work in the Philippines and hammered consumer spending AFP/Jam STA ROSA
11 May 2021 04:09PM (Updated:
11 May 2021 04:09PM) Share this content
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MANILA: The Philippine economy shrank in the first three months of the year as coronavirus restrictions suppressed activity, but a top official said there were signs the country was on the mend .
Gross domestic product contracted 4.2 per cent from a year ago, the statistics authority said, marking the fifth straight quarter of decline as efforts to combat COVID-19 deepened the country s economic pain.
Philippine GDP Shrinks More Than Expected Amid Virus Fight
May 11 2021, 10:39 AM
May 11 2021, 8:40 AM
May 11 2021, 10:39 AM
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The Philippinesâ economy is struggling to gain momentum as elevated numbers of Covid cases hamper reopening efforts and destroy jobs.
Gross domestic product fell 4.2% in the first quarter from a year ago, the statistics authority said Tuesday, below all estimates in a Bloomberg survey of economists.
May 12, 2021
MANILA (CNA) – The Philippine economy shrank in the first three months of the year as coronavirus restrictions suppressed activity, but a top official said there were signs the country was “on the mend”.
Gross domestic product contracted 4.2 per cent from a year ago, the statistics authority said, marking the fifth straight quarter of decline as efforts to combat COVID-19 deepened the country’s economic pain.
The number of infections has surpassed a million in the Philippines – the second highest virus caseload in Southeast Asia – where authorities have used crippling lockdowns to ease pressure on overstretched hospitals.
But the measures have thrown millions out of work, forced businesses to scale back operations and smothered consumer spending. “The latest economic performance shows the limits of economic recovery without any major relaxation of our quarantine policy,” Socioeconomic Planning Secretary Karl Chua told a briefing.
Daily Times
May 11, 2021
MANILA: The Philippine economy shrank in the first three months of the year as coronavirus restrictions suppressed activity, but a top official said there were signs the country was “on the mend”.
Gross domestic product contracted 4.2 percent from a year ago, the statistics authority said, marking the fifth straight quarter of decline as efforts to combat Covid-19 deepened the country’s economic pain. The number of infections has surpassed a million in the Philippines the second highest virus caseload in Southeast Asia where authorities have used crippling lockdowns to ease pressure on overstretched hospitals. But the measures have thrown millions out of work, forced businesses to scale back operations and smothered consumer spending. “The latest economic performance shows the limits of economic recovery without any major relaxation of our quarantine policy,” Socioeconomic Planning Secretary Karl Chua told a briefing. But there were tenta