Philippine Gdp, Covıd-19, Philippine Economy, Business, Economy & Governance

Philippine Gdp, Covıd-19

Virus pushes Philippines into recession with worst GDP plunge on record

(UPDATED) The Philippines' gross domestic product shrinks 16.5% in the 2nd quarter of 2020, the sharpest drop ever on record

8/6/2020 8:03:00 PM

The Philippine economy shrinks by 16.5% in the 2nd quarter of 2020, joining the rest of the world in plunging into recession. Read:

(UPDATED) The Philippines' gross domestic product shrinks 16.5% in the 2nd quarter of 2020, the sharpest drop ever on record

Manufacturing at -21%Transportation and storage at -59.2%Among the major economic sectors, only agriculture, forestry, and fishing increased with 1.6% growth.Industry and services both decreased during the period by 22.9% and 15.8%, respectively.Household consumption and expenditure also fell by 15.5%.

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Exports and imports fell by 37% and 40%, respectively.Government final consumption expenditure posted positive growth of 22.1%."Without doubt, the pandemic and its adverse economic impact are testing the economy like never before. But unlike past crises, the Philippines is now in a much stronger position to address the crisis," Acting Socioeconomic Planning Secretary Karl Chua said.

For the entire 2020, the government's economic team sees the economy contracting by 5.5%, deeper than the 2% to 3.4% contraction earlier projected.Chua said the new projection takes into account the stricter lockdown now in effect in Metro Manila and nearby provinces for two weeks.

To recover from the slump, the economic team is backing the Senate's proposed Bayanihan 2 law, as well as a revised infrastructure program, which would pour billions of pesos into health projects. Read more: Rappler »

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