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by Beiyi Seow Agence France-Presse BEIJING, China (AFP) — China logged its slowest economic growth since the initial Covid outbreak, official data showed Friday, expanding just 0.4 percent in the second quarter with lockdowns and property market weakness nudging a government target further out of reach. Beijing has dug its heels in on a zero-Covid policy of stamping out virus clusters as they emerge with snap lockdowns and long quarantines, but this has battered businesses […]
by Robin MILLARD Agence France Presse GENEVA, Switzerland (AFP) — Russia’s war in Ukraine could almost halve world trade growth this year and drag down global GDP growth too, the World Trade Organization projected Monday. The WTO said that the Russian invasion had not only created a humanitarian crisis of “immense proportions” but had also dealt a “severe blow” to the global economy. It also said that in the longer term, the conflict could […]
PHL posts 5.6 percent overall growth based on GDP for whole year of 2021 (Eagle News) – The Philippine economy grew further last year despite the Covid-19 pandemic and the highly debilitating Delta variant, as gross domestic product posted a growth of 7.7 percent in the fourth quarter. Because of this, the country’s GDP posted an over-all growth of 5.6 percent for the whole year of 2021, according to the latest data from the […]
SYDNEY, Australia (AFP) — Lockdowns and border controls shrank Australia’s economy by 1.9 percent in the third quarter, official statistics showed Wednesday, a decline more modest than expected but worse than in many other wealthy nations. The Australian Bureau of Statistics said the quarterly downturn — the first since it contracted at the start of the pandemic in the first half of 2020 — was due to “extended lockdowns” in the country’s most populous states. […]
Growth in 2nd quarter fastest in more than three decades MANILA, Philippines (AFP) — The Philippine economy grew in the second quarter at its fastest pace in more than three decades, but an official warned Tuesday of “speed bumps” as coronavirus restrictions were tightened to combat surging infections. Gross domestic product expanded 11.8 percent on-year, the statistics agency said, after five straight quarters of contraction. The increase — the best since the last three […]
(Eagle News) — The Philippines’ Gross Domestic Product shrank by 4.2 percent in the first quarter of 2021. According to the Philippine Statistics Authority, this is less compared to the 8.3 percent shrinking of the Philippine GDP in the fourth quarter. The PSA said the contributors to the decline were the following industries: Construction: -24.2 percent Other Services: -38.0 percent Real Estate and Ownership of Dwellings: -13.2 percent The following industries, on the other hand, […]
SYDNEY, Australia (AFP) — Australia’s economy contracted 1.1 percent in 2020 as the coronavirus pandemic took hold, but saw a remarkable recovery late in the year as outbreaks were brought under control and restrictions lifted. Official figures released Wednesday showed the economy grew 3.1 percent in the October-December quarter following a 3.4 percent increase in the previous quarter. The Australian Bureau of Statistics said it was the first time since records began 60 years ago […]
JAKARTA, Indonesia (AFP) — Indonesia on Friday logged its first annual contraction since the 1998 Asian financial crisis, as the coronavirus pandemic slammed Southeast Asia’s biggest economy. The country’s gross domestic product fell 2.07 percent in 2020 from a year earlier, the statistics agency said, with transportation and tourism among the hardest-hit sectors. Friday’s data marked the first time Indonesia’s economy contracted on a full-year basis since it was in the depths of the regional […]
MANILA, Philippines (AFP) — The Philippine economy shrank for the third straight quarter in July-September, official data showed Tuesday, but there were signs activity was slowly picking up as coronavirus restrictions eased and more businesses reopened. President Rodrigo Duterte’s government has been gradually loosening measures introduced in March to contain the virus after they sent the country plunging into its first recession in three decades and pushed many families deeper into poverty. Gross domestic product […]
by Kyoko HASEGAWA Agence France Presse TOKYO, Japan (AFP) — Japan dived into its first recession since 2015, according to official data Monday, with the world’s third-largest economy shrinking by 0.9 percent in the first quarter as it wrestles with the fallout from the coronavirus. The drop in gross domestic product followed a 1.9-percent decline in the fourth quarter of 2019 as a tax hike and typhoons hit Japan hard — even before the pandemic […]
SINGAPORE, Singapore (AFP) — Singapore’s economy, a bellwether for trade-reliant Asian countries, suffered its worst contraction since the global financial crisis in the first quarter as the coronavirus pandemic escalated, official data showed Thursday. The trading hub’s GDP shrank 2.2 percent year-on-year in the first quarter, according to advance estimates by the trade ministry. Compared with the previous quarter, GDP fell by 10.6 percent. Lockdowns and other measures to contain the spread of the virus […]
by Miwa SUZUKI TOKYO, Japan (AFP) — Japan has suffered its worst quarterly GDP contraction in more than five years, with a tax hike and a deadly typhoon taking a toll on the world’s third-largest economy. The nation’s gross domestic product in the three months to December shrank 1.6 percent from the previous quarter, even before the novel coronavirus outbreak in China hit Japan, according to official data published on Monday. The quarter was marked […]
