PH economy contracts 4.2% in Q1, longest recession since Marcos era

Updated Wed, May 12, 2021 at 12:34 AM Published Mon, May 10, 2021 at 12:34 AM

The Philippine economy contracted by 4.2% in the first quarter of 2021, marking its fifth consecutive quarter of decline and the longest recession since the Marcos era.

This contraction was worse than the median forecast of 2.6% from a BusinessWorld poll.

However, the economy showed signs of a slow recovery with a 0.3% growth on a seasonally adjusted basis from the fourth quarter of 2020.

Government spending was the sole component that posted an annual growth rate of 16.1% in the first quarter.

Household spending dropped at a slower pace of 4.8% compared to the previous quarter, though it still represented a decline.

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