Renewed lockdowns prompt DBCC to revisit economic growth targets bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
endIndex:
Metro Manila (CNN Philippines, May 11) The Philippine economy declined anew in the first quarter of 2021 as quarantine restrictions and the lingering COVID-19 pandemic continue to hamper business and consumer activity.
National Statistician Dennis Mapa reported Tuesday an economic contraction of 4.2% for the period, milder than the 8.3% plunge recorded in the last three months of 2020 and steeper than the 0.7% drop from January to March last year.
The country’s recent economic performance is worse than the average -2.82% growth forecast resulting from a CNN Philippines poll among analysts, in line with expectations the economy will remain in recession albeit with a softer drop.
DBCC to review economic growth targets in May bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
SunStar
SunStar File Photo January 28, 2021 THE Philippines’ gross domestic product (GDP) has declined by 8.3 percent in the last quarter of 2020, bringing the annual growth rate down by 9.5 percent, the Philippine Statistics Authority (PSA) announced Thursday, Jan. 28, 2021.
This is worse than the 7.3 percent contraction in 1984-1985, when political unrest led to a recession and the 0.5 percent decline in 1998 due to the Asian financial crisis.
However, the PSA said the country’s GDP posted a quarter-on-quarter growth of 5.6 percent in the fourth quarter, after shrinking by 11.5 percent in the third quarter and by 16.9 percent in the second quarter.
The -16.9 percent growth in the second quarter was the lowest recorded quarterly growth starting the 1981 series.