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PH economy declines 11.5% in Q3

Shoppers wearing protective masks shop for vegetables in a market during a partial lockdown imposed due to the coronavirus in Quezon City, Metro Manila, the Philippines, on Wednesday, May 20, 2020. The Philippines is considering downsizing lockdowns to villages from regions, as it balances further reopening its economy with stemming the virus outbreak Photographer: Veejay Villafranca/Bloomberg

The country’s economy contracted by 11.5 percent in the third-quarter, the Philippine Statistics Authority said today.

The July to September gross domestic product (GDP) figure is softer than minus 16.9 percent in the previous quarter amid easing quarantine measures.

The actual GDP is worse than the 9.6 percent contraction expected, according to the median forecast in a Bloomberg survey of 20 economists.

The Duterte administration expects the economy to shrink as much as 6.6 percent this year.

Source: Manila Bulletin (

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