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Economy

Philippines' GDP slump eases to 11.5% in Q3

Worse than expected performance makes annual target 'no longer feasible'

Filipinos queue for cash subsidies from the government amid the coronavirus disease outbreak, in Quezon City, Metro Manila in August.   © Reuters

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%.

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