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Officially a recession: PH GDP shrank 16.5% in Q2

By: - Reporter / @bendeveraINQ
/ 10:19 AM August 06, 2020

A general view of the skyline of the financial district of Makati. (AFP)

MANILA, Philippines–The Philippine economy contracted by a record 16.5 percent during the second quarter — at the height of the longest and most stringent COVID-19 lockdown in the region that had put a halt to 75 percent of economic activities and shed millions of jobs.

The Philippines fell into a technical recession or two straight quarters of gross domestic product contraction during the first half, as GDP shrank by 0.7 percent year-on-year during the first quarter no thanks to the eruption of Taal Volcano and the tourism revenue losses at the onset of the COVID-19 pandemic.

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National Statistician Claire Dennis S. Mapa earlier told the Inquirer that the last time the Philippines’ GDP dropped was in the first quarter of 1985 — during the waning years of the Marcos dictatorship, by 10.5 percent.

The economy also shrank by 10.7 percent in the third quarter of 1984.

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Economic managers had projected GDP declining by 2-3.4 percent for the entire 2020.

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TAGS: 2020 Philippine gross domestic product, coronavirus, COVID-19, economy, GDP, Philippiines, Recession, Taal Volcano eruption
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