Philippines GDP shrinks 8.3% y/y in Q4

The Philippine economy contracted by slightly less than expected in the last quarter of 2020, official data showed on Thursday, helped by increased spending around the Christmas holidays.

The gross domestic product shrank 8.3% in the December quarter from a year earlier, the statistics agency said. Economists in a Reuters poll had expected the economy to shrink 8.5% after a revised 11.4% fall year-on-year in the third quarter.

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