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
October –
Monthly Observances:
Industry and Commerce Safety Month
National Statistics Month
Local Government Month
Consumer Welfare Month
Cooperative Month
National Quality and Productivity Improvement Month
National Health and Wellness Tourism Month
National Indigenous Peoples Month
Weekly Observances:
Week 1: Elderly Filipino Week
Week 2: National Health Education Week
Local Government Week
National Mental Health Week
October 17-23:
National Week for Overcoming Extreme Poverty
October 18 – 24:
United Nations Week
Last Week:
Nurses’ Week
Consumers’ Protection Week
Week of the 4th Sunday:
Barrio Farmers’ Week
Daily Observances:
First Monday (Oct 4): Universal Children’s Day i
n the Philippines
Oct 5: National Teachers’ Day
Oct 10: Local Government Day
Third Thursday (Oct 14): Conflict Resolution Day
Oct 21: Tenants’ Emancipation day
Oct 24: United Nations Day
Oct 29: National Indigenous People’s Thanksgiving Day
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.
