MANILA, May 11 — The Philippine economy shrank by more than expected in the first quarter of 2021, supporting views that the central bank will keep interest rates at a record-low at a policy meeting tomorrow. Gross domestic product fell 4.2 per cent in the March quarter from a year earlier, the...
Tuesday, 11 May 2021 12:30 PM MYT
Economists in a Reuters poll had expected the GDP to contract 3.0 per cent after slumping 8.3 per cent year-on-year in the previous quarter. The economy’s performance, however, improved on a sequential basis, growing 0.3 per cent from the previous quarter on seasonally adjusted terms.
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