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Philippines revises 2020 GDP contraction to 9.6%

Published 04/08/2021, 03:53 PM
Updated 04/08/2021, 04:00 PM
© Reuters.

MANILA, April 8 (Reuters) - The Philippine economy shrank by
9.6% last year, the Philippine Statistics Authority said on
Thursday, revising the figure from an initial estimate of a 9.5%
contraction, which already was the worst slump on a yearly basis
on record.
The pandemic-hit economy's contraction in the fourth quarter
of 2020 on an annual basis was unchanged at 8.3% PHGDP=ECI , it
said in a statement.
The government has projected the domestic economy, which
faces fresh challenges from a resurgence of COVID-19 infections,
will bounce back this year with growth of 6.5%-7.5%.

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