Economics
Philippines GDP Falls for First Time Since 1998 on Shutdowns
- Economic chief sees worse 2Q before a second half recovery
- Government says it’s drafting an economic recovery plan
Photographer: Ezra Acayan/Getty Images
This article is for subscribers only.
The Philippine economy contracted in the first three months of 2020 as restrictions to stem the coronavirus outbreak shut most businesses and sapped consumption, a trend seen worsening in the current quarter.
Gross domestic product fell 0.2% in the first quarter compared to a year ago, using 2018 as the new base year, the Philippine Statistics Authority said Thursday. That was worse than the median estimate of a 2.9% growth in a Bloomberg survey of economists and was the first contraction since the fourth quarter of 1998, according to the agency.