Business

Philippines first quarter GDP contracts 4.2per cent year-on-year, more than expected

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.

A worker installs steel rods at a construction site in Paranaque city, metro Manila
FILE PHOTO: A worker installs steel rods at a construction site in Paranaque city, metro Manila, Philippines May 29, 2018. REUTERS/Romeo Ranoco

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MANILA: 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 4.2per cent in the March quarter from a year earlier, the statistics agency said.

Economists in a Reuters poll had expected the economy to contract 3.0per cent after falling 8.3per cent year-on-year in the previous quarter.

(Reporting by Neil Jerome Morales, Karen Lema and Enrico Dela Cruz; Editing by Himani Sarkar)

Source: Reuters