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.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Aseanplus News

Boris Becker to be discharged from bankruptcy - lawyer
Soccer-FIFA signs four year worldwide partnership deal with Saudi Aramco
KKB by-election: Perikatan names Khairul Azhari Saut as candidate
Soccer-Female refereeing team to take charge of Serie A game for first time
Harvey Weinstein's conviction overturned by top New York court
Asean News Headlines at 10pm on Thursday (April 25, 2024)
Pakistan’s ‘horror zoo’ reborn as rehab centre for abused wildlife
Critically endangered Raffles’ banded langur spotted on Singapore's Eco-Link for the first time
Bomb squad rushed to KLIA after 'explosive' laptop found
Indonesian authorities keep tabs on two villages despite lower eruption alert on Mount Ruang

Others Also Read