Economy posts slower rate of decline in third quarter

November 10, 2020

The Philippine economy declined by 11.5 percent  in the third quarter, the Philippine Statistics Authority (PSA) said Tuesday.

In the second quarter, gross domestic product went down by a revised 16.9 percent.

Although the rate of decline slowed down, this is the first time GDP  went down for three straight quarters.

Agriculture grew by 1.2 percent but industry and services went down by 17.2 percent and services 10.6 percent.

The PSA said services and industry pulled third quarter growth down by minus 6.7 percentage points and minus 4.9 percentage points. Agriculture contributed 0.1 percentage point growth.

In the production side, the growth rate of Otr Services went down by minus 53.4 percent while financial and insurance activities posted the highest growth rate of  6.2 percent in the third quarter, PSA said. DMS