The quarter-on-quarter improvement in gross domestic product (GDP) suggests the Philippines is on the path to recovery, the Department of Finance (DoF) said on Thursday, a week after the government announced that the economy contracted to its weakest level so far last year.
In an economic bulletin, the Finance department said that while the country’s domestic output shrank by 9.5 percent last year, seasonally adjusted figures “indicate that the economy might be well on its way to recovery.”
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