Philippines second-quarter GDP contraction revised to 16.9% year-on-year from 16.5%

Philippines second-quarter GDP contraction revised to 16.9% year-on-year from 16.5%

FILE PHOTO: Filipinos queue for cash subsidy from the government amid the coronavirus disease (COVID-19) outbreak, in Batasan Hills, Quezon City, Metro Manila, Philippines, August 27, 2020. REUTERS/Eloisa Lopez

MANILA (Reuters) - The Philippine economy contracted 16.9% in the second quarter from a year earlier, worse than the preliminary estimate of a 16.5% 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.