According to the Philippine Statistics Authority (PSA), at least three out of every ten families…
Eastern Visayas is expected to expand by 6% in 2021.
TACLOBAN CITY, Philippines – According to the Philippine Statistics Authority (PSA), the Eastern Visayas economy grew by 6% in 2021, owing to more relaxed movement restrictions, but it is still far from pre-pandemic levels.
The result is a significant improvement above the negative 7.4% growth rate of the Gross Regional Domestic Product (GRDP) in 2020.
PSA Eastern Visayas Regional Director Wilma Perante said in a press briefing at the Summit Hotel here that the development is mostly driven by the strong performance of all key industries.
“As evaluated by the GRDP, the total value of products and services in the region climbed to PHP461 billion in 2021 from PHP438.8 billion in 2020, resulting in PHP26.2 billion in economic gains.”
“However, this number is still PHP8.3 billion lower than the pre-pandemic level in 2019,” Perante said.
According to the PSA, the region will need to increase by an additional 1.8 percent to match its 2019 economic performance.
According to the PSA, the services sector rose by 6.2 percent last year, accounting for 45.7 percent of the area economy.
The human health and social work activities subsector drove the services sector’s outstanding performance.
“The manufacturing sector, which accounts for 40.4 percent of the regional GDP, rebounded to 8% in 2021 after a negative 8% decline in 2020. Perante told reporters that construction and mining and quarrying expanded by 10.3 percent and 60.6 percent, respectively.
Meanwhile, the agricultural, forestry, and fishery (AFF) sector grew by 0.1 percent in 2021, compared to 0.9 percent in 2020. The AFF accounts for only 0.02 percent of the GRDP.
The Gross Regional Domestic Product (GRDP) is a metric that represents the value of goods and services produced by a region.
The gross domestic product of a country is calculated by adding the figures for all regions.