Philippines enters recession with Q2 GDP down 16.5%

Philippine GDP contracted by a record 16.5% in Q2 2020, marking the country's first technical recession since 1991.

The contraction was primarily due to the COVID-19 pandemic and strict lockdown measures implemented from March to May.

Household consumption, private investment, exports, and imports significantly declined during this period.

Only agriculture, forestry, and fishing sectors showed growth with a 1.6% increase.

Government final consumption expenditure saw positive growth of 22.1%, but the overall economy remains in a challenging position.