GDP fell by 9.6% in 2020 after growing by 6.1% in 2019, given the severe impact of the COVID-19 pandemic. The contraction was sharpest in the second quarter, falling by 17.0% during a period of strict lockdowns. Steep declines in consumption (7.9%) and investment (27.5%) were only partly offset by higher government spending (which grew by 10.5%). The unemployment rate peaked at 17.6% in April 2020 before easing to 8.7% in October (well above the 5.3% rate in January). Services, which accounts for 61% of GDP, fell by 9.2% in 2020; industry fell by 13.2%; and agriculture fell by a slight 0.2%. Inflation averaged 2.6% in 2020, edging higher toward yearend on higher food prices (it rose to 4.5% during the first quarter of 2021). Government debt increased to 54.6% of GDP by end-2020, compared with 39.6% at end-2019. GDP growth is forecast to rise to 4.5% in 2021 and 5.5% in 2022.
|Composite Stock Price Index 1||6.0 (May21)||6.0||5.0|
|Broad Money Growth 2||8.3 (Mar21)||8.3||9.4|
|Headline Inflation Rate 3||4.5 (Apr21)||4.5||2.2|
|Industrial/ Manufacturing Production Growth Rate 3||-3.0 (Sep19)||-9.7||1.6|
|Merchandise Export Growth 3||72.1 (Apr21)||72.1||33.3|
|Exchange Rate Index 4||91.4 (May21)||92.4||96.5|
|1 Monthly average, local index.|
3 y-o-y, %.
4 Monthly average, January 2006 = 100, $/local currency.
|Source: Bloomberg LP; CEIC database; Philippine Statistics Authority; National Statistics Office.|
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