Philippines Q1 GDP contracts more than expected on prolonged lockdowns


Vehicles travel along the Epifanio de los Santos Avenue (EDSA) highway in Metro Manila, the Philippines, on Tuesday, May 11, 2021. The Philippines’ economy is struggling to gain momentum as elevated numbers of Covid-19 cases hamper reopening efforts and destroy jobs. - Bloomberg

MANILA, May 15 (Reuters): The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting this week.

Gross domestic product fell 4.2% in the March quarter from a year earlier, the statistics agency said earlier this week, marking the fifth straight quarter of declines amid pandemic-induced lockdowns.

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Philippines , GDP , Q1 , Contracts , Covid-19 , Issues

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