MANILA, Philippines—The prolonged pandemic-induced recession and quarantine slashed major industries’ revenues as well as private construction projects in the fourth quarter of 2020, the latest Philippine Statistics Authority (PSA) data showed.
In a report on Thursday (March 18), the PSA said the gross revenue index of major industries slid 12.4 percent year-on-year from October to December 2020, reversing the 3.2-percent growth posted a year ago.
The fourth-quarter contraction in industries’ revenues gradually narrowed compared to the third quarter’s 13.1-percent year-on-year decline and the second quarter’s 26.8-percent fall when 75 percent of the economy went on a standstill as th…
Keep on reading: COVID-19 impact: Key industries’ revenues register 12.4 percent negative growth