PH GDP shrinks 4.2% in Q1 2021, marking longest recession in recent history May 11, 2021 10:05 AM PHT The Philippine Statistics Authority on Tuesday, May 11, announced that the country’s gross domestic product (GDP) shrank 4.2% in the first quarter of 2021, confirming experts' fears that the economy will recover much slower than expected. It is the fifth consecutive quarter that the country has registered negative GDP growth due to the pandemic, making it the longest recession since the Marcos years. Agriculture fell 1.2%, while services and industry contracted by 4.4% and 4.7%, respectively. The main contributors to the GDP decline were construction (-24.2%), other services like entertainment and recreation (-38%), and real estate (-13.2%).