The nation's economy shrank a real 1.4 percent during the October-December term compared with the previous quarter, logging negative growth for the second consecutive period, the Economic Planning Agency said Monday.

Private consumption fell 1.6 percent from the July-September quarter.

The dismal showing, which translates into an annualized rate of negative 5.5 percent in gross domestic product, was largely due to a fall in private consumption and public works spending.