MANILA, Aug 6 (NNN-PNA) – The GDP growth rate of the Philippines dropped by 16.5 percent in the second quarter of 2020, the lowest recorded quarterly growth since 1981, bringing the country to a technical recession.<\/p>\n\n\n\n
In a virtual briefing held today, the Philippine Statistics Authority (PSA) said, the economy contracted by 16.5 percent during the Apr to June period, following the downward-revised -0.7 percent in the first quarter of the year, and 5.4 percent in the second quarter of 2019.<\/p>\n\n\n\n
PSA head, Dennis Mapa, said, the main contributors to the decline were: manufacturing, 21.3 percent; construction, 33.5 percent; and transportation and storage, 59.2 percent.<\/p>\n\n\n\n
Among the major economic sectors, the PSA said, only agriculture, forestry, and fishing increased with 1.6 percent growth.<\/p>\n\n\n\n
The PSA added that industry and services both decreased during the period by 22.9 percent and 15.8 percent, respectively.<\/p>\n\n\n\n
On the other hand, the government’s final consumption expenditure posted positive growth of 22.1 percent.<\/p>\n\n\n\n
The PSA said, Net Primary Income from the rest of the world and gross national income both declined by 22.0 percent and 17.0 percent, respectively.<\/p>\n\n\n\n
Mapa said, the economic slowdown was “partly because of the Apr – May lock-down,” adding that the second-quarter GDP rate is the “largest decline” so far, since 1981.<\/p>\n\n\n\n
In mid-Mar, the Philippines imposed a lock-down in Metro Manila and other parts of the country to curb the spread of the virus.– NNN-PNA <\/p>\n","protected":false},"excerpt":{"rendered":"
MANILA, Aug 6 (NNN-PNA) – The GDP growth rate of the Philippines dropped by 16.5 percent in the second quarter of 2020, the lowest recorded quarterly growth since 1981, bringing the country to a technical recession. In a virtual briefing held today, the Philippine Statistics Authority (PSA) said, the economy contracted by 16.5 percent during […]<\/p>\n","protected":false},"author":10,"featured_media":86506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,300],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/86502"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=86502"}],"version-history":[{"count":0,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/86502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/86506"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=86502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=86502"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=86502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}