The country’s gross domestic product declined slower in the first quarter of the year at 4.2 percent, according to the Philppine Statistics Authority. (PSA).
But the local economy is expected to stage a recovery in the next quarters despite the reimposition of stricter quarantine measures in Metro Manila and other provinces, PSA said.
The country’s GDP posted a smaller contraction in the first three months of 2021 compared to an 8.3-percent decline in the fourth quarter of 2020 that resulted in the -9.5 percent growth rate last year, PSA added.
“We saw quarter-on-quarter growth although it is not very high. These are improvements that will support our recovery towards our growth trajectory or target of 6.5-7.5 percent… Next quarter, I believe there is a strong reason to see even better or even positive growth,” Socioeconomic Planning Secretary Karl Kendrick Chua said.
Chua said growths of exports and manufacturing have turned positive and created a net of 2.8 million jobs, indicating a direction of an improvement in the economy.
He is optimistic about economic recovery, citing the difference in the implementation of enhanced community quarantine (ECQ) and modified enhanced community quarantine (MECQ) in 2021 compared to last year.