The economy contracted by 11.4 percent in the third quarter of 2020, the Philippine Statistics Authority (PSA) reported yesterday, with the figure slightly revised from the earlier announced decline of 11.5 percent.
The PSA said in a statement major contributors to the revision were real estate and ownership of dwellings, from -22.5 percent to -19.4 percent; education, from -21.4 percent to -17.8 percent; and other services, from -53.4 percent to -49.9 percent.
Net primary income from the rest of the world recorded downward revision from -28.2 percent to -29 percent, while the gross national income maintained its growth rate of -13 percent for the third quarter 2020.
The PSA revises the gross domestic product (GDP) estimates based on an approved revision policy, which is consistent with international standard practices on national accounts revisions.
The government is set to announce the fourth quarter and full year economic performance of the country at 10 a.m. today.
Year-to-date, the economy posted a decline of 9.7 percent.
The interagency Development Budget Coordination Committee said last December the Philippine economy is projected to contract by 8.5 to 9.5 percent in 2020, as it took into account the impact of the coronavirus pandemic, as well as the implemented lockdown measures, on the country.
The government however expects GDP growth to bounce back to 6.5 to 7.5 percent this year, and 8 to 10 percent in 2022. – Angela Celis