Philippine economy shrinks at slower pace in Q4, posts record contraction in 2020

MANILA: The Philippine economy shrank at a slower pace in the fourth quarter of last year, helped by higher government spending, but saw a record full-year contraction in 2020 as it grappled with the fallout of the COVID-19 pandemic.

Gross domestic product (GDP) shrank 8.3% in the December quarter from a year earlier, the statistics agency said. Economists in a Reuters poll had forecast a 8.5% contraction after a fall of 11.4% in the third quarter.