Economy sank deeper in 2020 than initial estimates PSA By TED CORDERO, GMA News
Published April 8, 2021 5:35pm
A woman reads a book to a group of youngsters sitting on the breakwater of Manila Bay in Pasay City as the sun sets on September 9, 2020. DANNY PATA The economic fallout in 2020 resulting from the COVID-19 pandemic is worse than initially reported, revised estimates by the Philippine Statistics Authority (PSA) showed Thursday. Data released by the PSA showed the country’s economy as measured by gross domestic product (GDP) the summation of all the goods and services produced by a country in a specified period shrank by 9.6% last year, a deeper contraction than the -9.5% reported in January.
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