The Philippine economy suffered its deepest contraction on record in the second quarter and revised down its forecast for the year amid one of Asia’s strictest lockdowns against the coronavirus. Fourth-quarter gross domestic product (GDP) for 2020 was kept at … MANILA - The Philippine economy contracted by 9.6 percent instead of 9.5 percent in 2020, according to the revised estimates released by the Philippine Statistics Authority on Thursday. Nov 10, 2020 10:05 AM PHT. GDP is forecast to rise sharply, by 6.5-7.5%, with the economy returning to pre-pandemic levels by mid-2022. Philippines gdp for 2016 was $318.63B, a 3.97% increase from 2015. Projections by IMF. December 2020: Building a Resilient Recovery. Philippines - GDP GDP drops at softer but still pronounced pace in Q4 2020. Philippines gdp for 2018 was $346.84B, a 5.59% increase from 2017. World Bank national accounts data, and OECD National Accounts data files. BUTUAN CITY, May 6 --The economy of Caraga contracted by 7.2 percent in 2020 compared with the 5.4 percent growth in 2019. The GDP recorded a growth rate of -11.5 percent in the third quarter, compared to the previous quarter’s growth rate of -16.9 percent.. The economy shrank 8.3% on an annual basis in the fourth quarter of 2020, following the 11.4% contraction tallied in Q3. GDP growth (annual %) - Philippines. The multiple shocks that hit the Philippines – the COVID-19 health crisis, economic activities across the country frozen by quarantine measures, devastating typhoons in November, and the global recession – will likely shrink the economy by 8.1 percent in 2020, temporarily reversing gains made in poverty reduction in recent years. The industries that contributed the least to the GDP were Construction, -39.8 percent growth; Real estate and ownership of dwellings, -22.5 percent growth; and Manufacturing, -9.7 percent growth. Philippines gdp for 2017 was $328.48B, a 3.09% increase from 2016. Despite the moderation, the drop was still pronounced, as the continuous extension of restrictions throughout Q4 weighed on activity. Philippines's GDP growth is expected at 4.5% in 2021 and 5.5% in 2022 – ADO 2021 Philippine inflation rates forecasted at 4.1% in 2021 and 3.5% in 2022 – ADO 2021 Per capita GDP growth for the Philippines is expected at 3.1% in 2021 and 4.2% in 2022 – ADB Report The top three contributors to decline in 2020 were construction, which dropped by 32.9 percent; transportation and storage at -26.8 percent; and mining and quarrying at -11.5 percent, according to the Philippine Statistics Authority (PSA) in Caraga. Slow recovery: Philippine economy slumps 11.5% in Q3 2020. The 4Q reading translated to a 9.5% contraction in GDP for the whole of 2020 with officials touting a “strong comeback” in 2021. GDP Growth and GDP per capita Growth of Philippines. Estimates by world bank since 1961. 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