Philippine GDP posts -8.3 percent in the fourth Quarter 2020; -9.5 percent for full-year 2020

Reference Number: 

2021-51

Release Date: 

Thursday, January 28, 2021

GDP

The Philippine Gross Domestic Product (GDP) posted a growth rate of -8.3 percent in the fourth quarter of 2020, resulting in the -9.5 percent full-year growth rate for 2020.

On the other hand, contributors to the decline of the GDP growth for the fourth quarter of 2020 were Construction at -25.3 percent; Other Services at -45.2 percent; and Accommodation and Food Service Activities at -42.7 percent.

Among the major economic sectors, Agriculture, Forestry, and Fishing (AFF) registered -2.5 percent growth rate in the fourth quarter of 2020, while Services and Industry posted -8.4 percent, and -9.9 percent respectively.  On an annual basis, the growth rates are as follows: AFF at -0.2 percent, followed by Services at -9.1 percent, and Industry at -13.1 percent.

On the expenditure side, the Government Final Consumption Expenditure (GFCE) posted positive growth of 4.4 percent in the fourth quarter of 2020.  Household Final Consumption Expenditure (HFCE) declined by -7.2 percent, along with the Gross Capital Formation (GCF) at -29.0 percent; Exports, -10.5 percent; and Imports, -18.8 percent.  For full-year 2020, GFCE grew by 10.4 percent; HFCE at -7.9 percent; GCF at -35.8 percent; Exports at -16.7 percent; and Imports at -21.9 percent.

The Net Primary Income (NPl) from the Rest of the World, and the Gross National lncome (GNl) have corresponding growth rates of -53.2 percent, and -12.0 percent in the fourth quarter of 2020, while full-year 2020 growth rates of NPI and GNI were at -27.3 percent, and -11.1 percent respectively.

 

DENNIS S. MAPA, Ph.D.
Undersecretary
National Statistician and Civil Registrar General

 

For the latest update on the National Accounts, see National Accounts of the Philippines Latest Estimates at https://psa.gov.ph/national-accounts/base-2018/estimates.

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