Philippines Q2 GDP contraction revised to 16.9 pct, worse than initial estimate

MANILA - The Philippine economy contracted 16.9 percent in the second quarter from a year earlier, worse than the preliminary estimate of a 16.5 percent decline, the statistics agency
said on Monday.
 
The government will announce the economy's third-quarter performance on Tuesday, with economists expecting an annual contraction of 9.8% based on the median forecast in a Reuters' poll.

The economy fell into recession for the first time in 29 years with a record contraction in the second quarter, as coronavirus lockdown measures hit consumption and business activity.

• Philippines falls into recession as second quarter GDP dives 16.5 percent