Philippine Economy Cools as Lockdowns Linger to Halt Virus
(Bloomberg) — The Philippine economy fell back into contraction in the second quarter compared to the previous three months, as elevated numbers of Covid cases and extended lockdowns place the nation among Asia’s laggards.
Gross domestic product shrank a seasonally adjusted 1.3% in April-June from the previous quarter, the country’s statistics agency said, compared to the 1.1% contraction expected by economists surveyed by Bloomberg. That was down from a revised 0.7% growth on a sequential basis to start the year.
“It’s back to a contraction, suggesting the impact of the lockdowns and the resurgence in Covid-19 cases in the second quarter was significant,” said Euben Paracuelles, chief Asean economist at Nomura Holdings Inc. in Singapore. “It’s clear from today’s data that, with Manila now back in enhanced community quarantine and vaccination rates still among the…