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The economy of Central Luzon surpasses the pre-pandemic level

According to a report released on Thursday by the Philippine Statistics Authority Regional Statistical Services Office in Central Luzon (PSA RSSO III), the region’s GDP has now surpassed its pre-pandemic level.

According to the most recent regional accounts, the region’s economic production increased from 7.4 percent in 2021 to 8.1 percent in 2022, beating the 5.6 percent pre-pandemic figure for 2019.

The PSO RSSO III Regional Director Arlene Divino stated that the region’s economy is in a strong position right now as the government has made significant progress in recovering from the effects of the Covid-19 pandemic during the presentation of the report on the 2022 economic performance of Central Luzon held at the Orchids Garden here on Thursday.

Central Luzon’s economy is back on track, according to Nerrisa Esguerra, regional director of the National Economic and Development Authority (NEDA), despite suffering the biggest regional economic fall in 2020 as a result of the epidemic.

In terms of growth in 2022, the region will rank third after the Western Visayas and the Cordillera Administrative Region, along with the regions of Davao and Bicol.

According to Esguerra, the administration has been putting reforms, programs, and initiatives into place to address growth restraints and urgent problems, particularly inflation brought on by changes on the international stage and supply problems.

She emphasized the significance of putting the Philippine Development Plan and the Central Luzon Regional Development Plan 2023–2028 into action because they contain initiatives to improve society and the economy.

She stated that cooperation with the private sector is essential to continue building the infrastructure base, boost resilience, improve connectivity, achieve food sufficiency, and drive human capital development despite the limited fiscal space available.

Construction accounted for 15.2 percent of the region’s economic growth, followed by manufacturing (5.7 percent), wholesale and retail commerce, and auto and motorcycle repairs, at 8.0 percent each.

Similarly, after declining by -6.0 percent in 2021, agriculture, forestry, and fishing increased to 2.1 percent in 2022.

In 2022, services comprised 46.3 percent of the region’s economy. Industry came in second with 42.5 percent, and agriculture, forestry, and fisheries came in third with 11.2 percent.

From 5.8 percent in 2022 to 8.9 percent in 2022, services increased.

Accommodation and food service activities, which contributed 29.6% of the growth in services; professional and business services, which contributed 8.6% of the growth; and wholesale and retail trade, motor vehicle and motorcycle maintenance, which contributed 8.0 percent.

Central Luzon was the third largest contributor to the country’s 7.6 percent economic growth, adding 0.9 percentage points to the total, accounting for 11.0 percent of the GDP in 2022.

The household final consumption expenditure in Central Luzon also increased from 1.1 percent in 2021 to 7.7 percent in 2022.

Gross capital formation, which was 42.6 percent in 2021, fell to 12.5 percent in that same period.

Additionally, government spending slowed down, falling from 9.0 percent in 2021 to 4.2 percent.

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