RTTNews - Thursday, the National Statistical Coordination Board said the Philippine economy grew 0.4% annually in the first quarter, much slower than the 3.9% growth seen in the same period of previous year. Economic activity was weighed down by the impact of the U.S. financial meltdown and the global crisis, historic declines in manufacturing and trade, the board added.

Gross domestic product sank by a seasonally adjusted 2.3% quarter-on-quarter in the first three months of 2009, the lowest for the past 20 years. Meanwhile, gross national product declined 1.2%, marking the first time since the first quarter of 2001 when both GDP and GNP contracted on a sequential basis.

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