The Cordillera office of the Philippine Statistics Authority (PSA-CAR) said that the city’s economy continues to expand following the 11.3 percent growth recorded last year.
PSA-CAR chief statistical specialist Aldrin Federico R. Bahit, Jr. said that the city’s gross domestic product (GDP) last year was estimated at P155.03 billion which surpassed the pre-pandemic level of PhP152.86 billion or 4 percent higher.
Further, the city’s GDP last year was also 10.3 percent more than the PhP139.28 billion GDP that was recorded by the agency in 2021.
He added that all the city’s industries grew last year and the fastest growth were registered by transportation and storage, 63.6 percent; accommodation and food service activities, P50.6 percent; and other services, 47.1 percent.
The PSA-CAR official pointed out that the city’s economy continues to be services-driven, constituting 72.8 percent of its total economy through the years.
Moreover, Bahit claimed that the industry sector contributed 26.6 percent to the city’s PhP155.03 billion GDP while agriculture, forestry and fishing contributed the least, accounting for only 0.6 percent.
Among the 16 industries, manufacturing contributed the largest share to the city’s economy with 21.3 percent which was followed by wholesale and retail trade; repair of motor vehicles and motorcycles, with 16.3 percent share; financial and insurance activities, with 14.3 percent share; and real estate and ownership of dwellings, with 9.5 percent share.
In 20222, Bahit reported that the per capita GDP of the city was estimated at PhP420,016 which was a 10.5 percent increase compared to the previous year and that it also surpassed the regional per capita GDP which was estimated at PhP183,827.
Among the sub-regional economies of the Cordillera, only Baguio City surpassed the region’s per capita GDP
On the other hand, Baguio remained the largest economy in the region accounting for 45.9 percent of the gross regional domestic product (GRDP) in 2022 where it was followed by Benguet with 23.3 percent and Kalinga with 8.0 percent.
The law mandates PSA to compile and maintain micro-economic accounts and indicators, at the national and sub-national level. The provincial product account is a mechanism to measure the economic performance of the province and highly urbanized cities at a given time.
Last year, the Cordillera was one of the 6 additional pilot regions to implement the provincial product account marking its expansion since the inception of the PPA in 2021.
Last year, the economy of the region grew by 8.7 percent where Baguio contributed the highest growth with its 11.3 percent increase in its economy making it one of the fastest growing economies in the different parts of the country. By Dexter A. See
Please edit the errors. Specifically, what is the contribution of the Accommodation Establishments and Food Service Establishments?