Philippine economy posts record contraction in 2020

MANILA: The Philippine economy shrank at a slower pace in the fourth quarter of last year, helped by higher government spending, but saw a record full-year contraction in 2020 as it grappled with the fallout of the COVID-19 pandemic.
Gross domestic product (GDP) shrank 8.3 percent in the December quarter from a year earlier, the statistics agency said. Economists in a Reuters poll had forecast an 8.5 percent contraction after a fall of 11.4 percent in the third quarter.
A 4.4 percent year-on-year increase in government spending helped limit the slump.