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Philippines GDP decline in 2020 steeper than initially reported
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Researcher
THE PHILIPPINE ECONOMY performed worse than previously reported in 2020, as the coronavirus pandemic continues to dampen business activity, the Philippine Statistics Authority (PSA) reported on Thursday.
Gross domestic product (GDP) â the value of all finished goods and services produced in the country at a given period â fell by record 9.6% last year, slightly faster than the 9.5% drop initially reported on Jan. 28.
Meanwhile, GDP for the fourth quarter of 2020 was unchanged at 8.3% from PSAâs preliminary estimate.
On the other hand, last yearâs gross national income â the sum of the nationâs GDP and net primary income from the rest of the world â was revised to an 11.4% decline from the earlier estimate of -11.1%.