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Jakarta, Indonesia
The Philippine economy contracted 11.5% year-on-year in the third quarter of 2020.
The decline followed a 16.9% contraction in the second quarter and a 15.2% contraction in the first three months of the year.
The economy contracted by an average of 10% in the first three quarters, beyond the government’s goal of 4.5% to 6.6%.
However, the Acting Secretary for Socioeconomic Planning, Karl Kendrick Chua, remained optimistic.
“It indicates that the economy is improving. The path is clearer to a strong rebound in 2021,” Karl said during a press conference.
Meanwhile, Kanika Batnagar, an economist at ANZ Bank, said: “While Philippine GDP rebounded in the third quarter, the pace was slow due to weak private consumption.”
ANZ had projected that GDP would contract 10.2% year-on-year in the last quarter.
* Written by Maria Elisa Hospita of Anadolu Agency Indonesian Language Services in Jakarta.
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