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In 2021, the economy of Central Luzon recovers to 7.4%.

PAMPANGA’S CITY OF SAN FERNANDO – The Philippine Statistics Authority Regional Statistical Services Office-Central Luzon (PSA RSSO III) stated on Thursday that Central Luzon’s GDP improved last year after a double-digit drop in 2020.

According to the most recent regional reports, the region’s economic production increased by 7.4% last year, reversing a 13.9 percent decrease in 2020.

In 2021, Central Luzon was one of the four regions with the fastest economic development. With 7.6% growth, Calabarzon came in first, followed by the Bangsamoro Autonomous Region in Muslim Mindanao and the Cordillera Administrative Region, both with 7.5 percent.

Central Luzon, with 0.8 percentage points of the country’s 5.7 percent economic growth, was the third-largest contributor, accounting for 10.9 percent of the total gross domestic product (GDP).

Mining and quarrying, with 41.4 percent growth, human health and social work activities, with 21.9 percent growth, and manufacturing, with 17.1 percent growth, were the sub-industries with the highest growth rates in the region.

Agriculture, forestry, and fishing in the region, on the other hand, fell by 6% last year, compared to 5% in 2020.

Services accounted for 46 percent of the region’s overall economy in 2021, according to the PSA RSSO III, with industry accounting for 42.2 percent and agriculture, forestry, and fishery accounting for 11.8 percent.

From -10.5 percent in 2020, services rebounded to 5.8% in 2021.

PSO RSSO III officer-in-charge Arlene Divino attributed the increase to an increase in all of the industry’s sub-industries, primarily human health and social work activities, information and communication, and accommodation and food service activities, according to a report.

Gross capital formation in Central Luzon increased by 42.8 percent in 2021, following a decline of 43.9 percent in 2020.

In addition, household final consumption expenditure increased by 1.1 percent, compared to a fall of 7.1 percent the year before.

From a -30.6 percent decline in 2020, gross fixed capital formation increased by 8.3 percent in 2021.

Total exports of goods and services to the rest of the world increased by 5.9%, while total imports of goods and services from the rest of the world increased by 15.3 percent.

Government spending in the region, on the other hand, dropped to 8.9% in 2021 from 9.1% in 2020.

In 2021, Central Luzon’s real per capita household final consumption expenditure fell by 0.5 percent.

In 2021, it was PHP142,238 per capita, which was greater than the national average of PHP122,112.

Gina Gacusan, regional director of NEDA Central Luzon, stressed the necessity of the 10-point economic recovery program in hastening the country’s recovery from the coronavirus disease 2019 (Covid-19) epidemic.

Metrics, immunization, hospital capacity, the economy and mobility, education, domestic and international travel, digital transformation, the pandemic flexibility bill, and medium-term pandemic resilience planning are all covered in the 10-point policy agenda.

To speed economic recovery, Gacusan also stressed the importance of managing food inflation, promoting investments, and encouraging women to enter the workforce.

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