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.
The Philippine economy slumped 11.5% in the third quarter, slower than the 16.9% (revised) drop in the previous quarter. While the growth rate remains negative, from a quarter-on-quarter basis the economy has actually grown by 8%.
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