Philippine GDP dropped 0.2% in the first quarter of the year

Philippine GDP dropped 0.2% in the first quarter of the year

THE Philippines’ economic growth slowed by 0.2% in the first quarter of 2020.

 

This was confirmed by Acting Secretary of Socioeconomic Planning Karl Kendrick T. Chua at a press conference of the Philippine Statistics Authority (PSA) compared to 5.7% in the first quarter of last year.

 

According to Chua, this is the first time GDP growth has sunk since 1998.

 

In the fourth quarter of 2019, Gross Domestic Product (GDP) growth has been recorded to 6.7%.

 

Chua said the COVID-19 crisis was a major challenge to the country’s growth and development prospects.

 

However, such a slowdown in economic performance has clearly been a priority of the government in protecting the lives and health of Filipinos amidst the spread of coronavirus disease or COVID-19.

 

However, such a slowdown in economic performance has made it clear that the government has made it a priority to protect the lives and health of Filipinos amidst the spread of coronavirus disease or COVID-19.

 

SMNI NEWS

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