MANILA, Philippines — Gross Domestic Product has contracted in the Philippines during the fourth quarter of 2020, yielding a -9.5% contraction across the entire year. This is a vast change from last year’s growth, which saw 4 successive quarters of 5%+ growth.
According to the Philippines Statistics Authority (PSA), agricultural, forestry, and fishing recorded a -2.5% growth rate in Q4, whilst services and industry recorded a -8.4% and -9.9% growth rate respectively.
Accommodation and food services were among the worst-hit industries with both recording over 40% contractions.
2020’s GDP plunge in the Philippines is the largest on record since 1946, even topping the mid-1980s…
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