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| The economy of Region VIII contracted by 7.6 percent in 2020 from its 5.6 percent growth recorded in 2019. Photo by Wikimedia Commons |
TACLOBAN CITY (PR) — The economy of Eastern Visayas contracted by 7.6 percent in 2020 from its 5.6 percent growth recorded in 2019. The total value of goods and services in the region or the Gross Regional Domestic Product (GRDP) declined to P433.4 billion in 2020 from P469.3 billion in 2019, resulting in P35.9 billion economic loss during the reference period.
The economic contraction in 2020 was driven by the declines in Construction, Transportation and Storage, Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, Accommodation and Food Service Activities (AFSA), Real Estate and Ownership of Dwellings (REOD), Education, Other Services (OS), Mining and Quarrying (MAQ), and Professional and Business Services (PBS).
Services plunged to -9.4 percent in 2020 from 8.9 percent growth in 2019.
Among its industries, AFSA posted the largest contraction of 70.4 percent. The following industries also dropped: Transportation and Storage (40.2%); Other Services (19.3 %); Real Estate and Ownership of Dwellings (11.6%); Trade (6.6%); Education (5.0%); and Professional and Business Services (3.2%).
Industry declined by 8.5 percent in 2020 from 3.2 percent growth in 2019.
Construction, and Mining and Quarrying (MAQ) dropped by 34.2 percent and 26.8 percent, respectively. On the other hand, the upbeat performance of Manufacturing slightly mitigated the contraction of the economy after posting 20.8 percent growth in 2020. Electricity, Steam, Water and Waste Management likewise grew by 4.1 percent.
Meanwhile, Agriculture, Forestry and Fishing (AFF) managed to grew by 0.9 percent in 2020 from 2.1 percent in 2019.
Services and Industry shared the bulk of the region’s economy at 45.7 percent and
39.6 percent, respectively. AFF had a share of 14.8 percent.
Among the three (3) major industries, Services and Industry contributed to the region’s economic contraction with -4.4 percentage points and -3.4 percentage points, respectively. AFF cushioned the decline at 0.1 percentage point.
For inquiries and further information, please contact our office with telephone number (053) 321-8392, and email address psa_reg8@yahoo.com. (PSA-RSSO 8/PRESS RELEASE)