The country’s economy performed worse than initially estimated last year.

The Philippine Statistics Authority (PSA) revised on Thursday, April 8, its gross domestic product (GDP) figure for last year from minus 9.5 percent to minus 9.6 percent.

The PSA, however, maintained the growth rate of minus 8.3 percent for the final three-months of 2020.

According to the PSA, the revisions on the estimates are based on the updated data submissions and releases by the source agencies.

 The deeper GDP contraction registered last year is the country’s worst economic data since the end of World War 2.


Source: Manila Bulletin (https://mb.com.ph/2021/04/09/ph-recession-deeper-in-2020/?utm_source=rss&utm_medium=rss&utm_campaign=ph-recession-deeper-in-2020)