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PSA: NegOr’s economy declines in 2020 amid pandemic

 

Provincial Statistics Officer Engr. Ariel Fortuito (2nd from right) of the Philippine Statistics Authority (PSA) during the data dissemination forum on Dec. 2 in Dumaguete City. (Contributed photo)


DUMAGUETE CITY, Negros Oriental, Dec. 6 (PIA) -- Negros Oriental’s gross domestic product (GDP) has increased by 6.3% from P146.2 billion in 2018 to P155.9 billion in 2019, the Philippine Statistics Authority (PSA) here announced on Dec 3.

However, PSA Provincial Head Engr. Ariel Fortuito said the provincial GDP declined by 5.6% to P147.3 billion in 2020 in an attempt to contain the COVID-19 pandemic.

The top industries that share the total provincial economy include wholesale and retail trade, repair of motor vehicles and motorcycles with an average share of 26.8%, agriculture, forestry, and fishing with 14.9%, and real estate and ownership of dwellings with 8.8% from 2018 to 2020.

Fortuito said despite the decline in the overall economic performance of the province in 2020, the following industries grew during the period: agriculture, forestry, and fishing with 8.1% growth; financial and insurance activities with 9.6%; professional and business services with 1.2%; and information and communication with 2.0%.

Negros Oriental was the third highest contributor to the 6.2% economic growth in Central Visayas in 2019 with 0.8 percentage point.

Meanwhile in 2020, the province contributed 0.7 percentage point to the 9.9% decline of the regional economy.

PSA is tasked to compile and maintain macroeconomic accounts and indicators at the national and subnational level.

At the provincial level, the Provincial Product Accounts (PPA) is the tool to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.

Starting this year, PSA will be releasing annually the provincial level economic performances following the identified pilot provinces and HUCs.

The province is one of the pilot provinces for PPA in 2021. (JCT/PIA7 Negros Oriental)

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Location: Negros Oriental, Philippines

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