The Philippine economy shrank in the third quarter, albeit at a slower rate compared with the second quarter, data released by the Philippine Statistics Authority this morning showed.
The Philippine gross domestic product (GDP) declined by 11.5% in the third quarter.
The third-quarter decline was slower than the revised 16.9% plunge in the second quarter. This was still, however, a reversal of the 6.3% expansion recorded in the same quarter last year.
The latest result continues to put the Philippines into a recession as economic output shrank for the third consecutive quarter.
The latest figure was lower than the median decline of 9.2% in a BusinessWorld poll of 19 economists conducted last week.
Year to date, GDP performance stood at -10%, way off the expected contraction of the government at 4.5%-6.6% this year.
Gross national income – the sum of the nation’s GDP and net income received from overseas – posted a 13% decline in the third quarter compared with a 5.2% growth in 2019’s comparable three months. — Michelle Anne P. Soliman