Creative economy contributes P1.72 trillion to GDP in 2023

By: Ian Nicolas P. Cigaral - | March 22,2024 - 10:48 AM

Photo shows the skyscrapers in Metro Cebu, home to one of the country’s bustling creative sectors.

Photo shows the skyscrapers in Metro Cebu, home to one of the country’s bustling creative sectors. | Photo by Carlo Lorenciana

MANILA, Philippines — The local creative economy surged ahead in 2023, surpassing national output growth to reach a total value of P1.72 trillion. This sector not only generated more jobs but also made a significant contribution to the gross domestic product (GDP).

According to data from the Philippine Statistics Authority (PSA) released on Thursday, the creative economy, which includes artists, influencers, content creators, and entertainers, grew by 6.9 percent last year. Although this growth outpaced the overall economy’s 5.6-percent increase, it was slower compared to the 12.2-percent expansion witnessed in the creative industry in 2022.

Despite the slower growth, the PSA said the sector managed to contribute 7.1 percent to the Philippine GDP last year, when the country delivered an economic output of P21.05 trillion.

READ: Jobs ‘master plan’ to focus on creatives

With an output contribution of P1.72 trillion, the creative economy has grown to reach nearly double the size of some of the country’s largest conglomerates like San Miguel Corp., whose gross revenues exceed P1 trillion a year.

The creative economy is composed of industries engaged in audio and audiovisual media activities; digital interactive goods and service activities; advertising, research and development, and other artistic service activities; as well as symbols and images and other related activities.

Industry components

Also included in this growing sector are businesses in media publishing and printing activities; music, arts and entertainment activities; visual arts activities; traditional cultural expression activities; and art galleries, museums, ballrooms, conventions and trade shows and related activities.

PSA data showed that the growth of creative economy has recovered since contracting by 9 percent in 2020 due to pandemic lockdowns. As the sector continued to expand, President Marcos himself vowed to provide more support to the creative industries.

READ: DTI: Support local creative industries for economic growth, competitiveness

Broken down, firms in the symbols and images industry contributed the most to the creative economy in 2023 with an output of P541.75 billion, up by 2.4 percent. Advertising, research and development, and other artistic service activities contributed 21.9 percent, while digital interactive goods and service activities had a share of 21.1 percent.

State statisticians estimated that there were 7.26 million people employed in creative industries last year, up by 4 percent. Most of the jobs were in companies engaged in traditional cultural expression activities, which accounted for 35.5 percent of total employment in the sector.

Earlier this month, Secretary Arsenio Balisacan of the National Economic and Development Authority said the local creative industry would be the government’s top priority in crafting the “master plan” under a new law meant to generate more employment in the country and improve the quality of jobs.

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TAGS: creative, economy, GDP, Philippine economy

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