Philippine economy fell 16.5% year on year in the second quarter

Manila, August 6, 2006 the Philippine National Bureau of statistics released data showed that the second quarter of this year’s GDP fell 16.5% year-on-year, the largest quarterly decline since records began in 1981. Dennis mapa, head of the National Bureau of statistics of the Philippines, said on the same day that the large-scale “suspension” of the economy and consumption stagnation caused by the new crown epidemic were the important reasons for the country’s serious economic contraction in the second quarter. < p > < p > data shows that in several economic sectors seriously affected by the epidemic, the transportation and warehousing industry in the Philippines fell by 59.2%, the construction industry by 33.5%, and the manufacturing industry by 21.3%.