Philippines Q1 GDP contracts 4.2% yr/yr, more than expected
- Country:
- Philippines
The Philippine economy shrank by more than expected in the first quarter of 2021, official data showed on Tuesday, as prolonged pandemic-induced lockdowns kept domestic demand sluggish.
The gross domestic product fell 4.2% in the March quarter from a year earlier, the statistics agency said.
Economists in a Reuters poll had expected the economy to contract 3.0% after falling 8.3% year-on-year in the previous quarter.
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(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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