Mt. Province records 7.8% economic growth in last 4 years

Bontoc, Mt. Province - The provincial government of Mt. Province observed 7.8 percent economic growth in the past four years.

The Philippine Statistics Authority-Mountain Province reported this during the Provincial Product Accounts Forum last Tuesday, December 5, 2023.

The agency, represented by Chief Statistical Specialist Jerry Santos, relayed that the province’s economy grew by 7.8 percent in 2022.

The figure is 3.7 percent higher compared to the 4.1 percent during the pandemic time.

Data showed that the increase is due to the province’s fastest growing industries such as Transportation and Storage which increased to 43.8 percent; Accommodation and Food Services, up by 33 percent; and other services were monitored to grow by 44.2 percent.

As a result, the Gross Domestic Product (GDP) of the province is now valued at P14.89 billion, a tremendous surge when matched with the 0.82 billion value in 2019.

Despite the province’s inclining economy, agriculture, forestry, and fishing sectors, in the meantime, showed a negative trend with a 2.1 percent decrease.

Santos explained that these sectors were affected by disasters such as typhoons that hit the province in recent years, thus, the decline in its trend.

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