Apayao economy up by 2.6% in 2022

Luna, Apayao - The economic growth of Apayao province slowed to 2.6 percent in the year 2022 from the 5.2 percent expansion in 2021, the Philippine Statistics Authority - Apayao reported on Monday.

The data was presented by PSA - Apayao Chief Statistical Specialist Geoffrey Calimuhayan, during the Provincial Product Accounts dissemination forum held in Alem Pudtol, Apayao.

In a press release published by the agency, the data denotes an increase in the Gross Domestic Product (GDP) or the total value of goods and services produced, by P290 million, reaching P11.50 billion in 2022 from the P11.21billion in 2021, based on 2018 constant prices.

"The performance of the economy is measured by three major economic industries, namely: Services and Industry, which have decelerated in growth by 7.9 percent and 4.8 percent, respectively. Conversely, Agriculture, forestry, and fishing declined by -9.5 percent from -11.7 percent in 2021. Among the 16 production industries, three posted double-digit growth rates: other services at 21.0 percent; transportation and Storage at 16.5 percent; and accomodation and food service activities at 14.8 percent," the press release reads.

PSA - Apayao conveyed that in terms of share to the GDP of Apayao, construction had the largest industry with 26.5 percent; followed by agriculture, forestry, and fishing with 21.9 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles with 12.0 percent; and public administration and defense; compulsory social activities with 10.7 percent.

Despite the slight growth for the year 2022, government agencies including the local and Provincial Governments in Apayao continue to intensify and accelerate the execution of programs and projects, including the delivery of public services, to escalate the economic momentum and achieve the desired economic growth target for Apayao province.

Meantime, the Philippine Statistics Authority cited that the agency is tasked to compile and maintain macroeconomic accounts and indicators, at the national and sub-national level.

The data presented was derived from various data sources of government agencies including Bangko Sentral ng Pilipinas (BSP), Commission on Audit (COA), Department of Budget and Management (DBM), Department of Information and Communication Technologies (DICT), Department on Higher Education (CHED), Department of Energy (DOE), Department of Science and Technology (DOST), Department of Public Works and Highways (DPWH), Local Government Units (LGUs), Department of Trade and Industry(DTI), among others.

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