Philippines economy shrinks 4.2% in first quarter

A health worker puts on personal protective equipment (PPE) at a Covid-19 test site set up in Quezon City, Metro Manila on Tuesday, May 11, 2021. The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid cases hamper reopening efforts and destroy jobs. - Bloomberg

MANILA, May 11 (AFP): The Philippine economy shrank in the first three months of the year as coronavirus restrictions suppressed activity, but a top official said there were signs the country was "on the mend".

Gross domestic product contracted 4.2 percent from a year ago, the statistics authority said, marking the fifth straight quarter of decline as efforts to combat Covid-19 deepened the country's economic pain.