MANILA -- The Philippine economy shrank 11.5% year-on-year in the third quarter, improving from a record contraction that plunged the Southeast Asian nation into its first recession in three decades.
The July-September gross domestic product figure, announced by the country's statistics agency on Tuesday, is worse than the 9.8% contraction projected by analysts polled by Reuters, but signals recovery from the prior quarter when the economic output shrank by 16.9%.
