The Cordillera office of the Philippine Statistics Authority (PSA-CAR) disclosed that the city’s economy rebounded from a negative 17.1 percent contraction in 2020 to a 9.9 percent growth in 2021.
PSA-CAR chief statistical analyst Aldrien Federico Bahit said that the local economy was estimated to be at P146.9 billion in 2018 that increased to 152.9 billion in 2019 before declining to P126.7 billion in 2020 and rebounded to P139.2 billion in 2021.
However, the city’s economy valued at P139.2 billion in 2021 was still much lower compared to the 2018 and 2019 levels, thus, the local economy has to gain at least 9.8 percent in 2022 to be able to match the 2018 and 2019 levels.
He claimed that all the major industries contributed to the growth of the city’s economy in 2021 with industry contributing the highest with 5.1 percentage points followed by services with 4.7 percentage points and agriculture, forestry and fishery with 0.3 percentage points.
In 2020, all the major industries also contributed to the decline in the city’s economy with services being the hardest hit by the pandemic registering negative 11.5 percentage points, followed by industry with negative 5.6 percentage points and agriculture, forestry and fishery with 0.003 percentage points.
Except for industry that reportedly pulled down the economy by negative 0.9 percentage points, services and agriculture, forestry and fishery contributed positively to the 4 percent growth in 2019. Services had 4.9 percent contribution while agriculture, forestry and fishery contributed 0.003 percent.
Based on the annual growth contribution of the highlighted industries in 2021, the growth of the city’s economy was triggered by manufacturing with 4.4 percent; financial and insurance activities – 1.5 percent; and accommodation and food services – 1.1 percent. The rest of the industries similarly grew during the said year, except for transportation and storage which pulled the growth by 0.3 percent.
In terms of growth human health and social work activities was the fastest growing industry in the city at 22.4 percent closely followed by manufacturing and accommodation service activities with growths of 22.3 percent and 21.3 percent, respectively. Bahit reported that transportation and storage will decline in 2021 with a negative 1.6 percent.
In terms of contribution of the major industries, services contributed more than half of the city’s economic output with 71.7 percent share followed by industry with a share of 27.7 percent and agriculture with only 0.6 percent.
With the 11 sub-industries under services, wholesale and retail trade, repair of motorcycles and motor vehicles had the biggest share with 23.2 percent followed by financial and insurance activities with 201. Percent shar; real estate and ownership of dwellings with 14.3 percent share where the said industries alone contributed 57.6 percent share to the service industry and 41.3 percent share to the city’s economy while the remaining 8 industries accounted for the remaining 42.4 percent services gross value added.
Of the 4 sub-industries comprising industry, manufacturing had the biggest share with 80.2 percent followed by construction with 16.9 percent share and electricity – 2.9 percent.
Based on the annual shares of the highlighted industries for 2021, the city’s economy was driven by manufacturing with a share of 22.2 percent, wholesale and retail trade, repair of motorcycles and motor vehicles with 16.6 percent share and financial and insurance activities with 14.4 percent share.
On the other hand, industries with the least share to the city’s economy are mining and quarrying with 0.005 percent share among others.
Bahit added that the city’s per capita domestic product in 2021 was estimated at P379,712.00 which is still lower than the pre-pandemic levels in 2019 and 2018.
The PSA-CAR is now preparing for the 2022 gross city domestic product that is why it is soliciting the support of the local government unit for the data gathering to be able to complete the same right on time.