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Philippines economy shrinks 0.2% in Q1

Published 05/07/2020, 10:28 AM
Updated 05/07/2020, 10:30 AM

MANILA, May 7 (Reuters) - The Philippines economy shrank for
the first time in more than two decades in the first quarter due
to the impact of the coronavirus outbreak that has hit trade,
tourism, and domestic consumption, the statistics agency said on
Thursday.
Philippines, among the fastest growing economies in Asia
during the pre-pandemic period, contracted 0.2% in January-March
from the same period last year, based on 2018 constant prices.
A Reuters poll had forecast growth of 3.1%.
Growth in the fourth quarter of last year was revised
upwards to 6.7% from 6.4% previously after the statistics office
changed the base year it uses to calculate economic output to
2018 from 2000.

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