Thursday, April 28, 2022
Eastern Visayas’ economy rebounded to 6.0 percent in 2021, from a -7.4 percent contraction in 2020. The economic growth was driven by the positive performance of all major industries. The total value of goods and services in the region as measured by the Gross Regional Domestic Product (GRDP) increased to PhP 461.0 billion in 2021 from PhP 434.8 billion in 2020, resulting in PhP 26.2 billion economic gains during the reference period. This level, however, is still PhP 8.3 billion lower compared with the 2019 pre-pandemic level.
Services grew by 6.2 percent in 2021 from -9.2 percent in 2020. Three (3) of its sub-industries accelerated in 2021, namely: Information and Communication (9.4 percent); Financial and Insurance Activities (4.6 percent); and Public Administration and Defense and Compulsory Social Activities (4.4 percent). Meanwhile, the following industries made a turn-around in 2021 from its negative performance in 2020: Trade and Repair (5.0 percent); Transportation and Storage (6.1 percent); Accommodation and Food Service Activities (12.5 percent); Real Estate and Ownership of Dwellings (0.8 percent); Professional and Business Services (7.6 percent); Education (9.6 percent); Human Health and Social Work Activities (22.4 percent); and Other Services (4.8 percent).
Industry rebounded to 8.0 percent in 2021 from -8.0 percent decline in 2020. Construction, and Mining and Quarrying grew by 10.3 percent and 60.6 percent, respectively. Manufacturing, and Electricity, Steam, Water and Waste Management (ESWW), likewise grew, albeit slower, by 9.2 percent and 1.6 percent, respectively.
Agriculture, Forestry and Fishing (AFF) managed to grew slower by 0.1 percent in 2021 from 0.9 percent in 2020.
Services (45.7 percent) and Industry (40.4 percent) shared the bulk of the region’s economy. AFF shared the remaining 13.9 percent.
Among the three (3) major industries, Industry and Services contributed 3.2 percentage points and 2.8 percentage points, respectively to the region’s 6.0 percent growth in 2021. AFF contributed 0.02 percentage point.
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Sgd. WILMA A. PERANTE