NSA-7: Central Visayas’ Gross Domestic Product declined in 2020
LAPU-LAPU CITY, Philippines — The Gross Regional Domestic Product (GRDP) of Central Visayas in 2020 declined to negative 9.9 percent, lower than the 6.2 percent the region posted in 2019.
Based on the report by the Philippine Statistics Authority in Central Visayas (PSA-7) on Thursday, April 29, 2021, the services industry declined to 7.9 percent.
Among the services, these are the only ones with positive growth rates: Financial and Insurance Activities at 9.3 percent; Information and Communication at 2.7 percent; and Public Administration and Defense; and Compulsory Social Activities at 1.1 percent.
The industries that declined the most were: Accommodation and Food Service Activities, -43.4 percent; other services, -38.8 percent; and Transportation and Storage, -37.4 percent.
The overall industry also declined to 18.3. Among the hardest hit were: Construction, -36.4 percent; Mining and Quarrying, -30.6 percent; and Manufacturing, -12.9 percent.
The region’s Gross Regional Domestic Product (GRDP) was measured at 1.1298 trillion pesos, lower than 2019’s 1.254.1 trillion pesos.
Despite the decline in growth rate, Regional Director Ariel Florendo of PSA-7 said that Central Visayas still remains the 4th largest contributor to the nation’s total Gross Domestic Products (GDP) following the National Capital Region (NCR) or Metro Manila, Calabarzon, and Central Luzon.
Regional Director Efren Carreon of the National Economic Development Authority in Central Visayas (NEDA-7), said that if many people will be vaccinated against COVID-19 as soon as possible it will contribute a lot to the resumption of many economic activities.
Leopoldo Alfanta Jr., the chief statistical specialist of PSA-7, said in order for Central Visayas to at least match the level in 2019, the region needs to grow at least 11 percent in 2021. /rcg
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