The Philippines posted a -8.9% fourth quarter GDP growth rate, bringing the overall economic performance to -9.5% in 2020. On an annual basis, industry posted the largest contraction (-13.1%) while both services and agriculture also posted negative growth rates at -9.1% and -0.2%, respectively. While the three-month strict lockdown at the onset of the COVID-19 pandemic and the strong typhoons during the fourth quarter weighed on the economic performance, the gradual pickup of economic activity due to easing of quarantine restrictions helped in cushioning the drop.