The economy of Iloilo recovers and expands in 2021.
In comparison to their performance in 2020, which was at -6.0 percent for the province and -12.8 percent for the city, the economies of Iloilo province and this highly urbanized metropolis have shown positive growth in 2021 at 4.5 percent and 6.8 percent, respectively.
“After the epidemic, it progressively rebounded, but it hasn’t outpaced our growth in 2019,” the author said. But it is getting close. The dissemination forum on provincial product accounts in Iloilo City on Tuesday was a fantastic opportunity for the province and city to draw in more investors, according to Jerry Dolutan, the office’s officer-in-charge, and supervisory statistical specialist.
Agriculture has had a positive growth of 3.8 percent, the industry has experienced growth of 1.7 percent, and services have experienced a growth of 6.1 percent.
To the province’s 4.5 percent economic growth, the services sector provided 3.1 percentage points, agriculture, forestry, and fisheries 1.1 percentage points, and industry 0.4 percentage points.
The wholesale and retail commerce, automotive repair, agriculture, fisheries, banking, and insurance operations, as well as education, information, and communication, were among its major contributions.
The province’s gross provincial domestic product (GPDP), which was higher than the GPDP for 2020 of PHP181.8 billion, was estimated at PHP190 billion.
Meanwhile, Iloilo City’s services sector saw the biggest growth, at 7.5 percent, followed by industry at 2.5 percent, and agriculture, forestry, and fisheries at 1.9 percent.
Agriculture, forestry, and fisheries each contributed 0.06 percent, and the service sector accounted for 6.5 percentage points of the city’s 6.8 percent growth rate.
Iloilo City’s gross city domestic product (GCDP) was worth PHP132.4 billion, up from PHP123.9 billion in 2020.
“Among the eight economies in Western Visayas, the city of Iloilo reported the highest per capita GPDP/GCDP of PHP280, 356 in 2021. The average contribution made by each person to the city’s economy is measured as per capita GPDP, according to the report.
The data provided by the PSA was crucial for the local government’s monitoring and policy/program decisions, according to Maria Lea Victoria Lara, Project Development Officer IV of the Iloilo City Local Economic Development and Promotion (LEDIP).
“The need for data to do those data-driven decisions cannot be overemphasized, especially coming out of the pandemic where data and statistics became as important as gold, so to speak,” she added.
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