Daily News

Economy shrinks in 1Q2020, a first in more than 2 decades

The Philippine economy shrank for the first time in more than 21 years in the first quarter, the clearest sign of damage from the coronavirus pandemic, the Philippine Statistics Authority (PSA) reported. Gross domestic product (GDP), the sum of all goods and services created in an economy, contracted 0.2% year-on-year in the first quarter, the first time the local economy sank to the negative territory since the fourth quarter of 1998. At the time, the economy dipped 3% year-on-year in the aftermath of the Asian financial crisis.