Philippines 1Q21 GDP contracted by 4.2% YoY with year-on-year economic growth slowing more sharply than anticipated (-3.2% consensus) as partial lockdowns weighed on consumer sentiment and overall economic activity.
Almost all major sectors of the economy contracted from a year ago, with only government expenditures managing to post an expansion of 16.1% as fiscal authorities deployed the second round of stimulus to help support the recovery.
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