AEIR 2021

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.

Source: Asian Development Outlook 2021.
Latest Month-Ago Year-Ago
Composite Stock Price Index 1 6.0 (Jul21)6.0 6.0
Broad Money Growth 2 5.9 (Jul21)5.9 6.5
Headline Inflation Rate 3 4.9 (Aug21)4.1 2.4
Industrial/ Manufacturing Production Growth Rate 3 -2.8 (Dec20)-8.6 -7.3
Merchandise Export Growth 3 17.6 (Jun21)17.6 30.8
Exchange Rate Index 4 95.7 (Aug21)95.4 93.0
1 Monthly average, local index.
2 %.
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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