January 29, 2021 | 12:34 am Advertisement
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Gross domestic product (GDP) contracted by 9.5% in 2020, the worst ever in Philippine history. PHILIPPINE STAR/MICHAEL VARCAS
By
Reporter
THE PHILIPPINE ECONOMY suffered its worst annual contraction on record in 2020, even after gross domestic product (GDP) shrank by a slower pace in the fourth quarter, the statistics agency said on Thursday.
Preliminary Philippine Statistics Authority (PSA) data showed the country’s GDP contracted by 8.3% in the fourth quarter, a reversal of the 6.7% growth in the fourth quarter of 2019. However, this was better than the revised -11.4% in the third quarter and the record -16.9% in the second quarter.