By Cai Ordinario, 28 Jan 2021
CRIPPLED by lockdowns, Philippine economy posted a contraction of 9.5 percent in pandemic year 2020, the worst performance on record since 1946, according to data released by the Philippine Statistics Authority (PSA) on Thursday.
In a briefing, National Statistician Claire Dennis S. Mapa said economic growth was the worst since the PSA started collecting annual data in 1946.
Mapa said the fourth quarter also saw the economy contract 8.3 percent, despite the holidays.
“In the fourth quarter of 2020, our economy performed better with a smaller GDP contraction of -8.3 percent. This brings the full-year GDP contraction to -9.5 percent, which is at the low end of the DBCC estimate of -8.5 to -9.5 percent for 2020. On a quarter-on-quarter basis, the economy grew by 5.6 percent,” Acting Socioeconomic Planning Secretary Karl Kendrick T. Chua said.
The top contributors to the decline of GDP growth for the fourth quarter of 2020 were Construction which declined 25.3 percent; Other Services, 45.2 percent; and Accommodation and Food Service Activities, 42.7 percent.
Among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) registered a contraction of 2.5 percent in the fourth quarter of 2020. Services and Industry posted declines of 8.4 percent and 9.9 percent, respectively.
In 2020, PSA said AFF contracted 0.2 percent; Services, 9.1 percent; and Industry, 13.1 percent.
On the expenditure side, PSA said the Government Final Consumption Expenditure (GFCE) posted positive growth of 4.4 percent in the fourth quarter of 2020.
Household Final Consumption Expenditure (HFCE) declined by 7.2 percent, along with the Gross Capital Formation (GCF) at 29 percent; Exports, 10.5 percent; and Imports, 18.8 percent.
For the whole of 2020, GFCE grew by 10.4 percent while HFCE contracted 7.9 percent; GCF, 35.8 percent; Exports, 16.7 percent; and Imports, 21.9 percent.
PSA data showed Net Primary Income (NPl) from the Rest of the World, and the Gross National Income (GNl) contracted 53.2 percent and 12 percent in the fourth quarter of 2020, while full-year 2020 growth rates of NPI and GNI declined 27.3 percent and 11.1 percent, respectively.
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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