フィリピン経済　前年同期比8.3％縮小　2020Q4

In Q4 2020, the Philippines real GDP increased for a second successive quarter by a seasonally adjusted 5.6% q/q, while declining on an unadjusted basis by 8.3% y/y, showing some improvement from sharper declines in the previous two quarters. On a year-average basis, real GDP declined by 9.5% in 2020 following growth rates exceeding 6% per annum for the best part of a decade.

Industry GDP declined on a real-terms basis by 9.9% y/y in Q4 2020, services by 8.4% y/y, and agriculture, forestry and fishing by 2.5% y/y. On an expenditure basis, private consumption fell by 7.2% y/y, gross fixed capital formation by a hefty 29%, and goods and services exports and imports by 10.5% y/y and 18.8% y/y, respectively. Bolstered by pandemic-related spending, government consumption grew by 4.4% y/y.

Sign in to your CEIC Data (CDMNext) account to access the full CEIC Philippines Economy in a Snapshot Q1 2021 report.