Philippines Q1 GDP contracts 4.2% yr/yr, more than expected


Reuters | Manila | Updated: 11-05-2021 07:36 IST | Created: 11-05-2021 07:36 IST
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.

Also Read: Philippines seeks to lift medical capacity as COVID-19 cases top one million

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Give Feedback