The Philippine Statistics Authority (PSA) has said that the Gross Domestic Product (GDP) declined by 0.2 percent in the first quarter of 2020, the first contraction since the fourth quarter of 1998.
“The main contributors to the decline were: Manufacturing; Transportation and storage; and Accommodation and food service activities,” PSA said.
It noted that among the major economic sectors, Agriculture, forestry, and fishing; and Industry contracted by 0.4 percent and 3.0 percent, respectively. On the other hand, Services posted a growth of 1.4 percent during the period.
“On the expenditure side, items that declined are: Gross Capital Formation (GCF), 18.3 percent; Exports, 3.0 percent; and Imports, 9.0 percent. Meanwhile, Household Final Consumption Expenditure (HFCE) and Government Final Consumption Expenditure (GFCE) posted positive growths of 0.2 percent and 7.1 percent, respectively,” PSA said.
It also noted that the Net Primary Income (NPI) from the Rest of the World dropped by 4.4. percent resulting to the 0.6 percent contraction in the Gross National Income.
“Estimates on the first quarter 2020 National Accounts of the Philippines (NAP) are based on the 2018 base year following the recent revision and rebasing of the NAP series,” PSA said.