MANILA, Philippines, May 7 (Philippine Inquirer/ANN) – The Philippines’ gross domestic product (GDP) fell 0.2 percent year-on-year in the first quarter as the start of the year was marked with Taal Volcano’s eruption and the coronavirus disease 2019 (COVID-19) pandemic, which has not only slowed global trade and tourism but also forced a domestic lockdown to contain the disease.
The Philippine Statistics Authority’s (PSA) National Statistician Claire Dennis Mapa on Thursday reported that the last time that GDP shrank was in the fourth quarter of 1998.