Ifugao economy grew 2.3% in 2021

Ifugao, Philippines – The economy of Ifugao province posted positive growth for the full year of 2021 at 2.3 percent, a rebound from the -3.0% decline in 2020.

Data from the local Philippine Statistics Authority (PSA) showed the Gross Provincial Domestic Product (GPDP) has been valued at P24.1 billion, surpassing the 2020 GPDP of P23.6 billion.

The figure, however, is still lower than the 2019 pre-pandemic level of P24.3 billion.

Construction was the fastest growing industry in the province with 20 percent growth, followed by information and communication with 14.5 percent, and transportation and storage with 14.3 percent.

On the other hand, agriculture, forestry, and fishing pulled down the growth as it declined by -3.1 percent in 2021. Accommodation and food service activities also dropped by -1.2 percent, reported PSA - Ifugao.

In terms of share to the GPDP of Ifugao, wholesale and retail trade; repair of motor vehicles and motorcycles led the industries with a share of 24.6 percent. Agriculture, forestry, and fishing came next with a 15.1 percent share. Other top contributors were construction, manufacturing, and financial and insurance activities with shares of 10.6 percent, 10.0 percent, and 9.5 percent, respectively.

The GPDP of the province reflects the total market value of all the goods and services produced by the economy during the said period, serving as a measurement of the total economic production and performance.

In 2021, Ifugao contributed 7.8 percent to the Cordillera region’s P310.6 billion gross domestic product.

Provincial Planning and Development Coordinator, Engr. Carmelita Buyuccan called the attention of leaders and stakeholders to further improve and grow the economy by conceptualizing and implementing programs and projects.

Further, Buyuccan asked data providers to improve economic databases for the release of ‘reliable, timely, and accurate data.’

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