PH recession extended to Q1 2021 amid prolonged pandemic | Inquirer Business

PH recession extended to Q1 2021 amid prolonged pandemic

By: - Reporter / @bendeveraINQ
/ 10:25 AM May 11, 2021

People wearing masks shop for fresh food at a market in Manila on August 6, 2020. The Philippines plunged into recession as the economy reels from COVID-19 coronavirus lockdowns that have wrecked businesses and thrown millions out of work. (Photo by Lisa Marie David / AFP)

MANILA, Philippines — The Philippine economy shrank by a worse-than-expected 4.2 percent year-on-year during the first quarter, extending the pandemic-induced recession to five straight quarters, the longest since the Marcos-era debt crisis in the 1980s.

The government on Tuesday reported that the first-quarter outturn prolonged the preceding four quarters’ year-on-year declines in gross domestic product (GDP): 0.7 percent in the first quarter of 2020; the record 16.9 percent in the second quarter of 2020 amid the then most stringent COVID-19 lockdown in the region; 11.4 percent in the third quarter; and 8.3 percent in the fourth quarter of last year.


The government targets 6.5-7.5 percent GDP growth this year to rebound from the record 9.6-percent full-year GDP drop in 2020—the Philippines’ worst post-war recession.

National Statistician Dennis Mapa said the agriculture, industry and services sectors all contracted year-on-year during the first three months.



For more news about the novel coronavirus click here.
What you need to know about Coronavirus.
For more information on COVID-19, call the DOH Hotline: (02) 86517800 local 1149/1150.

The Inquirer Foundation supports our healthcare frontliners and is still accepting cash donations to be deposited at Banco de Oro (BDO) current account #007960018860 or donate through PayMaya using this link .

Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: coronavirus pandemic, Gross Domestic Product, Recession
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2021 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.