Philippines economy contracts 11.5% y-o-y in Q3

[MANILA] The Philippine economy shrank by more than expected in the third quarter, official data showed on Tuesday, as the country continued to suffer from the fallout of the Covid-19 pandemic despite easing coronavirus curbs.

Gross domestic product shrank 11.5 per cent in the third quarter from a year earlier, the statistics agency said, higher than the 9.8 per cent contraction forecast in a Reuters poll.

The economy fell into recession for the first time in nearly 30 years in the second quarter with a revised contraction of 16.9 per cent.

REUTERS