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.
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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