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Philippines lowers 2020 economic growth rate to -9.6 percent

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/business/04/08/20210407-manila-baseco-cash-aid-gc-0058.jpg"/><figcaption>Beneficiaries of the government cash aid line up at a covered court in Baseco Compound, Tondo Manila on April 7, 2021. <em>George Calvelo, ABS-CBN News/File</em></figcaption></figure></div><p>MANILA - The Philippine economy contracted by 9.6 percent instead of 9.5 percent in 2020, according to the revised estimates released by the Philippine Statistics Authority on Thursday.</p><p>Fourth-quarter gross domestic product (GDP) for 2020 was kept at -8.3 percent, the PSA said in a statement. </p><p>However, the PSA further lowered the second-quarter GDP growth rate to -17 percent from -16.9 percent. This was already the worst contraction since the end of World War 2, and had also already been lowered from -16.5 percent last year.</p><div><strong>The following are the revised economic growth data for 2019 and 2020:</strong></div><p>• 2019 Q1: 5.9 percent <br/>• 2019 Q2: 5.6 percent <br/>• 2019 Q3: 6.3 percent <br/>• 2019 Q4: 6.6 percent </p><p>• 2020 Q1: -0.7 percent <br/>• 2020 Q2: -17.0 percent <br/>• 2020 Q3: -11.6 percent <br/>• 2020 Q4: -8.3 percent </p><p>&quot;Revisions on the estimates are based on the updated data submissions/releases by the data source agencies,&quot; the PSA said in a statement. </p><p>Revisions are also based on policies consistent with international standard practices on national accounts revisions, it said.</p><p>The -9.6 percent contraction is the country&#x27;s worst economic data since the end of World War 2. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/01/28/21/philippine-economy-shrinks-83-percent-in-fourth-quarter-full-2020-growth-at-95-pct">PH posts worst GDP contraction since World War 2 with -9.5 pct growth rate in 2020</a></li></ul><p>Economic activities were hindered by the restrictions imposed to contain the spread of COVID-19. </p><p>The Philippines first imposed one of the world&#x27;s toughest and longest COVID-19 lockdowns, which started in the island of Luzon in mid-March 2020. </p><p>Metro Manila, Cavite, Rizal, Laguna and Bulacan are once again under enhanced community quarantine due to the recent surge in daily COVID-19 cases. </p><p>Economic managers predicted that the 2021 first quarter economic growth would remain low as the pandemic drags on.</p><p>The Philippines recorded the worst contraction among major ASEAN economies last year. In contrast to the Philippines&#x27; -9.6 percent growth rate, Indonesia posted -2 percent GDP growth rate according to data from Reuters. Singapore meanwhile posted -5.4 percent growth, Thailand -6.1 percent, Malaysia -5.6 percent, while Vietnam defied the trend by posting a positive growth rate of 2.9 percent. </p><div><br/><strong>-- with a report from Edson Guido, ABS-CBN Data Analytics</strong></div><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/video/news/04/05/21/ph-government-eyes-mecq-in-ncr-plus-after-ecq-extension">PH government eyes MECQ in NCR plus after ECQ extension</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1649543" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The Philippine economy contracted by 9.6 percent instead of 9.5 percent in 2020, according to the revised estimates released by the Philippine Statistics Authority on Thursday.</p>

The Philippine economy contracted by 9.6 percent instead of 9.5 percent in 2020, according to the revised estimates released by the Philippine Statistics Authority on Thursday.