Philippines economy continues to shrink; Q1 GDP contracts 4.2%

Pearl Bantillo

11-May-2021

SINGAPORE (ICIS)–The Philippines’ economy continued to contract this year, dragged down by heavy declines in the construction and real estate sectors.

Economic output fell by 4.2% year on year in January-March 2021, shrinking for a fifth consecutive quarter, but the rate of decline has been narrowing since the trough hit in 2020, official data showed on Tuesday.

On a seasonally adjusted quarter-on-quarter basis, however, the economy posted 0.3% growth, according to the Philippine Statistics Authority (PSA).

For the whole of 2020, the economy posted a 9.6% contraction, its worst performance since 1947, because of the coronavirus pandemic.

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