(Eagle News) — The Philippines’ Gross Domestic Product shrank by 4.2 percent in the first quarter of 2021.
According to the Philippine Statistics Authority, this is less compared to the 8.3 percent shrinking of the Philippine GDP in the fourth quarter.
The PSA said the contributors to the decline were the following industries:
- Construction: -24.2 percent
- Other Services: -38.0 percent
- Real Estate and Ownership of Dwellings: -13.2 percent
The following industries, on the other hand, were the main contributors to growth:
- Financial and insurance activities: 5.2 percent
- Public administration and defense
- compulsory social activities: 7.5 percent
- Human health and social work activities: 11.7 percent.
The information and communication; manufacturing; and electricity, steam, water, and waste management managed to grow during that period at 6.3 percent, 0.5 percent and 1.9 percent, respectively.
The PSA said among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) declined by -1.2 percent in the first quarter of 2021.
The Services and Industry contracted by -4.4 percent and -4.7 percent, respectively during the period.
Household Final Consumption Expenditure (HFCE) declined by -4.8 percent on the demand side.
Gross Capital Formation (GCF), exports, and imports also contracted by -18.3 percent,-9.0 percent, and -8.3 percent, respectively.
Government Final Consumption Expenditure (GFCE), on the other hand, grew by 16.1 percent in the first quarter of 2021.
