Philippines' economy plunges into technical recession
The Philippines has plunged into a technical recession as the economy dropped 16.5 percent in the second quarter of 2020, the lowest recorded quarterly growth since 1981.
Illustrative image (Photo: Reuters) Hanoi (VNA) – The Philippines has plunged into a technical recession
as the economy dropped 16.5 percent in the second quarter of 2020, the lowest
recorded quarterly growth since 1981.
In an online meeting on August 6, the Philippine Statistics Authority (PSA) said the economy contracted by 16.5 percent during the April to June period, following the downward-revised -0.7 percent in the first quarter of the year, and 5.4 percent in the second quarter of 2019.
According to the PSA, in the second quarter, both industry and services declined 22.9 percent and 15.8 percent, respectively.
The main contributors to the decline were manufacturing, 21.3 percent; construction, 33.5 percent; and transportation and storage, 59.2 percent.
Among the major economic sectors, agriculture, forestry, and fishing increased with 1.6 percent growth.
According to experts, the economic slowdown was partly because of the April - May coronavirus lockdown.
In mid-March, the Philippines imposed a lockdown in Metro Manila and other parts of the country to curb the spread of the virus./.
In an online meeting on August 6, the Philippine Statistics Authority (PSA) said the economy contracted by 16.5 percent during the April to June period, following the downward-revised -0.7 percent in the first quarter of the year, and 5.4 percent in the second quarter of 2019.
According to the PSA, in the second quarter, both industry and services declined 22.9 percent and 15.8 percent, respectively.
The main contributors to the decline were manufacturing, 21.3 percent; construction, 33.5 percent; and transportation and storage, 59.2 percent.
Among the major economic sectors, agriculture, forestry, and fishing increased with 1.6 percent growth.
According to experts, the economic slowdown was partly because of the April - May coronavirus lockdown.
In mid-March, the Philippines imposed a lockdown in Metro Manila and other parts of the country to curb the spread of the virus./.
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