PH’s GDP shrinks 4.2% from Jan-March
Data released by the Philippine Statistics Authority (PSA) revealed that the Philippines’ Gross Domestic Product (GDP) contracted in Q1 – falling by an annual 4.2% – marking the most prolonged recession since the Marcos era.
However, in a joint statement, Socioeconomic Planning Secretary Karl Kendrick T. Chua, Finance Secretary Carlos G. Dominguez III, and Budget and Management Secretary Wendel E. Avisado said that the economy’s performance in the first quarter is “consistent with the recovery in the labor market.”
The economic managers said, “As of March 2021, we surpassed [pre-pandemic] employment by 2.8 million jobs, as the labor force participation rate improved to 65% and the unemployment rate fell to 7.1%, the lowest since the height of the pandemic.”
However, the country’s gross national income declined by 10.9% in the first quarter compared with a 1.6% contraction in 2020’s comparable three months.
