The Philippine Statistics Authority on Thursday announced the downward revision of the 2020 gross domestic product contraction to a deeper 9.6 percent from the previous estimate of 9.5 percent.
It said the GDP in the fourth quarter maintained its growth rate of -8.3 percent, while the annual growth rate of GDP for 2020 was revised downward from -9.5 percent to -9.6 percent.
The previous estimate of a 9.5-percent contraction in 2020 was the worst on record, since the government started collecting economic data by the end of World War 2.
The PSA released the revised estimates of the National Accounts of the Philippines for years 2019 and 2020.
Acting Economic Planning Secretary Karl Chua said the changes were “due to the latest full-year data. We always update as needed if new data are available.”