Recent Posts

Breaking News

PH economy plunges 16.5% in Q2

The country slumped into recession with 16.5 percent economic plunged in the second-quarter due to coronavirus-fuelled lockdowns, the Philippine Statistics Authority (PSA) announced today.

A dog walks around a deserted public market in Manila. (REUTERS/Eloisa Lopez / FILE PHOTO / MANILA BULLETIN)

The local economy, as measured by the country’s gross domestic product (GDP), is now in a technical recession for the first time since 1991 and the nation’s worst quarterly contraction starting the 1981 series.

This is also a reversal of the 5.4 percent growth logged in the second quarter last year.

The Philippines’ GDP performance is the most severe contraction among ASEAN economies like Singapore (minus 12.6 percent), and Indonesia (minus 5.32 percent). Vietnam grew 0.36 percent in the second-quarter.

The main contributors to the decline were manufacturing (minus 21.3 percent), construction (-33.5 percent), as well as transportation and storage (-59.2 percent).

Among the major economic sectors, only agriculture, forestry, and fishing increased with 1.6 percent growth.

Industry and Services both decreased during the quarter by 22.9 percent and 15.8 percent, respectively.


Source: Manila Bulletin (https://mb.com.ph/2020/08/06/ph-economy-plunges-16-5-in-q2/?utm_source=rss&utm_medium=rss&utm_campaign=ph-economy-plunges-16-5-in-q2)

No comments