Market down: Traders work on the trading floor of the Philippine Stock Exchange. The Philippine Stock Exchange Index slid as much as 0.7% while the peso fell as much as 0.2% before trading little changed at 12:02pm in Manila yesterday. — Bloomberg
MANILA: The Philippine economy contracted in the first three months of 2020 as restrictions to stem the coronavirus outbreak shut most businesses and sapped consumption, a trend seen worsening in the current quarter.
Gross domestic product (GDP) fell 0.2% in the first quarter compared to a year ago, using 2018 as the new base year, the Philippine Statistics Authority said. That was worse than the median estimate of a 2.9% growth in a Bloomberg survey of economists and was the first contraction since the fourth quarter of 1998, according to the agency.
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