Economics
Philippine Economy Shrinks More Than Expected on Weak Demand
- GDP contracts 8.3% in fourth quarter, lower than -7.9% seen
- Full-year contraction of 9.5% is worst in records back to 1946
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The Philippine economy contracted more than economists expected in the fourth quarter, capping its worst year on record, as private consumption remained anemic even as more businesses reopened from lockdowns.
Gross domestic product shrank 8.3% in the three months through December from a year earlier, the statistics agency said Thursday. That compared with the median estimate for a 7.9% decline in a Bloomberg survey and the third quarter’s revised 11.4% contraction.