Philippines Q2 GDP shrinks 16.5% yr/yr, worse than expected

Credit: REUTERS/ROMEO RANOCO

The Philippine economy marked its first recession in 29 years, hammered by one of the world's longest and strictest coronavirus lockdowns in the second quarter, the statistics agency said on Thursday.

MANILA, Aug 6 (Reuters) - The Philippine economy marked its first recession in 29 years, hammered by one of the world's longest and strictest coronavirus lockdowns in the second quarter, the statistics agency said on Thursday.

The gross domestic product shrank by 16.5% in April-June from the same period last year PHGDP=ECI, the Philippine Statistics Authority said.

That was far steeper than the 9% contraction projected in a Reuters poll, and much worse than the revised 0.7% year-on-year slump in the first quarter.

Seasonally adjusted GDP fell 15.2% in the second quarter from the first three months of the year.

(Reporting by Neil Jerome Morales, Enrico Dela Cruz, and Karen Lema; Editing by Ana Nicolaci da Costa)

((enrico.delacruz@tr.com))

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