MANILA: The Philippine economy shrank by 9.6% last year, the Philippine Statistics Authority said on Thursday, revising the figure from an initial estimate of a 9.5% contraction, which already was the worst slump on a yearly basis on record.

The pandemic-hit economy's contraction in the fourth quarter of 2020 on an annual basis was unchanged at 8.3%, it said in a statement.

The government has projected the domestic economy, which faces fresh challenges from a resurgence of COVID-19 infections, will bounce back this year with growth of 6.5%-7.5%.