Philippine economy shrinks

Philippine economy shrinks

MANILA (DPA): The Philippines' gross domestic product (GDP)
shrank 1.9 per cent in the fourth quarter of 1998 due to a slump
in agricultural production, which was ravaged by droughts and
floods, a top official said Friday.

The figure marked the third consecutive quarter of economic
contraction.

For the year, the GDP was down 0.5 per cent, said Socio-
Economic Planning Secretary Felipe Medalla, but the gross
national product (GNP) grew by 0.1 per cent. Income from
Filipinos abroad enabled overall output to achieve positive
growth, he said.

The Philippines plunged into a recession after second and
third-quarter GDP tumbled.