May 7, 2020 / 2:32 AM / 24 days ago

Philippines economy shrinks 0.2% in Q1

MANILA, May 7 (Reuters) - The Philippines economy shrank for the first time in more than two decades in the first quarter due to the impact of the coronavirus outbreak that has hit trade, tourism, and domestic consumption, the statistics agency said on Thursday.

Philippines, among the fastest growing economies in Asia during the pre-pandemic period, contracted 0.2% in January-March from the same period last year, based on 2018 constant prices.

A Reuters poll had forecast growth of 3.1%.

Growth in the fourth quarter of last year was revised upwards to 6.7% from 6.4% previously after the statistics office changed the base year it uses to calculate economic output to 2018 from 2000. (Reporting by Neil Jerome Morales and Karen Lema; Editing by Sam Holmes and Muralikumar Anantharaman)

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