2020 PHL GDP drop faster than initially estimated

THE PHILIPPINE ECONOMY in 2020 declined at a slightly faster pace than previously reported, the Philippine Statistics Authority (PSA) reported on Thursday.

Gross domestic product (GDP) — the value of all finished goods and services produced in the country at a given period in time — fell by 9.6% last year, inching up from the 9.5% drop initially reported on Jan. 28.

Meanwhile, GDP for the fourth quarter of 2020 was unchanged at 8.3% from its initial estimate. — A. O. A. Tirona