All regions posted declines in economic performance in 2020, with smallest drop posted by Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at -1.9 percent. This was followed by SOCCSKSARGEN at -4.3 percent and Northern Mindanao and Zamboanga Peninsula both at -5.2 percent.
At the national level, Gross Domestic Product (GDP) was registered at -9.6 percent in 2020.
Industries with positive growth rates were:
Financial and Insurance Activities at 5.5 percent;
Information and Communication at 5.0 percent;
Public administration and defense; compulsory social activities at 4.6 percent.
On the other hand, main contributors that pulled down the national growth rate were:
Construction at -25.7 percent;
Manufacturing at -9.8 percent;
Transport and Storage at -30.9 percent;
Real Estate and Ownership of Dwellings at -17.0 percent;
Wholesale and retail trade; repair of motor vehicles and motorcycles at -6.0 percent.
Source: PSA
Comments