Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email

NegOcc, Bacolod economies post growth

The economy of Negros Occidental posted a growth of 7.1 percent in 2021, a rebound from the -5.8 percent decline in the previous year.

The Gross Provincial Domestic Product (GPDP) of the province was valued at P230.7 billion in 2021, higher by 0.9 percent compared to the 2019 pre-pandemic GPDP level, a press release from the Philippine Statistics Authority said.

Negros Occidental was one of the 16 provinces that surpassed the 2019 GPDP level among the 46 pilot provinces of the Provincial Product Accounts (PPA) compilation.

Major economic industries, namely: Agriculture, forestry and fishing, Industry, and Services all posted positive growths in 2021 with
4.4 percent, 12.7 percent, and 5.6 percent, respectively.

Among the 16 industries, the top contributors to the 7.1 percent GPDP growth in 2021 were: construction which contributed 1.7 percentage points, followed by manufacturing and wholesale and retail trade -1.4 percentage points and repair of motor vehicles and motorcycles – 1.3 percentage points contributions.

BACOLOD ECONOMY

The economy of the City of Bacolod bounced back by 4.9 percent after posting a decline of -13.9 percent in 2020. The Gross City Domestic Product (GCDP) of the city was valued at P120.9 billion in 2021 from the 2020 level of P115.3 billion.

Services had the largest share of the total economy of Bacolod City with 74.6 percent. Meanwhile, industry, followed by agriculture, forestry, and fishing comprised 19.9 percent and 5.5 percent, respectively, of the city’s total economy.

Among the 16 industries, wholesale and retail trade; repair of motor vehicles and motorcycles contributed the most to the 4.9 percent GCDP growth. This was followed by manufacturing and human health and social work activities. All the other industries also contributed positively to the growth of the economy of the city in 2021.

The Philippine Statistics Authority (PSA) established through Republic Act No. 10625 or The Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and subnational level. The PPA is a mechanism to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.*

Share on facebook
Facebook
Share on twitter
Twitter
Share on email
Email
ARCHIVES

Read Article by date

January 2023
MTWTFSS
 1
2345678
9101112131415
16171819202122
23242526272829
3031 

Get your copy of the Visayan Daily Star everyday!

Avail of the FREE 30-day trial.