The Philippines' economic growth unexpectedly shrank in the first quarter as the coronavirus pandemic brought domestic consumption and business activity to a grinding halt.
MANILA - The Philippines’ economic growth unexpectedly shrank in the first quarter as the coronavirus pandemic brought domestic consumption and business activity to a grinding halt.
Growth in the fourth quarter was revised upwards to 6.7%, from 6.4% previously, after the statistics office changed the base year it uses to calculate economic output to 2018 from 2000. “Containing the spread of the virus and saving hundreds of thousands of lives through the imposition of ECQ has come at a great cost to the Philippine economy,” Acting Economic Planning Secretary Karl Chua told an online news conference.was down 0.2% by 0236 GMT, while the Philippine peso fell as low as 50.54 to the dollar, from Wednesday's close of 50.46.
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