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The Philippine Statistic Authority (PSA) on Tuesday said Philippine economy continued to recover from the impact of the COVID-19 pandemic as gross domestic product (GDP) expanded 7.1 percent in the third quarter.

The Philippine Statistic Authority (PSA): Philippine GDP grew 7.1% in Q3. PH GDP Growth was at 12% in Q2. PH Government’s full-year growth forecast for 2021 is 4-5%.

However, the third quarter’s GDP growth is slower compared to the revised 12 percent GDP growth in the second quarter.

In 2020, the economy contracted 9.6 percent, its worst performance since the end of World War 2, largely due to the impact of the COVID-19 pandemic and the mobility restrictions that followed.

This year, the government has imposed less restrictive quarantine measures to give more room for select economic activities.

The economy is seen to lose some P41 trillion due to the pandemic in the long term, based on estimates from the National Economic and Development Authority.

But the economy could gain at least P3.6 billion per week with Metro Manila under Alert Level 2, Socioeconomic Planning Secretary Karl Chua earlier said.

Businesses are also betting on holiday spending to recoup losses this year as consumer spending rises in the fourth quarter.

The government estimates that the country’s GDP could grow by 4 to 5 percent this year.