PH 2020 GDP shrank even more, at 9.6%

The Philippine Statistics Authority (PSA) releases the revised estimates of the National Accounts of the Philippines for years 2019 and 2020; both quarterly and annual, by industry, and by expenditure.

Gross Domestic Product (GDP) for the fourth quarter of 2020 maintained its growth rate of -8.3 percent while annual growth rate of GDP for 2020 was revised downward from -9.5 percent to -9.6 percent.

Revisions on the estimates are based on the updated data submissions/releases by the data source agencies. The PSA revises the GDP estimates based on an approved revision policy (PSA Board Resolution No. 1, Series of 2017-053) which is consistent with international standard practices on national accounts revisions.

source: PSA