The Philippine economy, as measured by the gross domestic product (GDP), contracted by 8.3 percent in the fourth quarter of 2020 from a growth of 6.7 percent in the same period in 2019. For the whole of 2020, GDP shrank by 9.5 percent from an expansion of 6.0 percent in 2019. This is at the low-end of the government’s growth estimate of -8.5% to -9.5% for 2020. According to the Philippine Statistics Authority (PSA), the 9.5 percent GDP contraction in 2020 is the worst economic performance ever based on recorded data since 1945.
