Philippine Statistics Authority (PSA)-RSSO 8 Regional Director Wilma Perante said all other expenditure items declined in 2020 with Gross Capital Formation (GCF) posting the biggest drop at 40.4 percent.
EASTERN Visayas posted a 9.5-percent increase in Government Final Consumption Expenditures (GFCE) in 2020, up from 7.0 percent in 2019, a report from the local statistics office said.
The GFCE refers to the value of all types of output of the general government to provide goods and services to the people for free or at insignificant prices.
Included in GFCE are the expenditures of the government on salaries of employees, supplies, materials, and day-to-day expenses.
In a press statement, Philippine Statistics Authority (PSA)-RSSO 8 Regional Director Wilma Perante said all other expenditure items declined in 2020 with Gross Capital Formation (GCF) posting the biggest drop at 40.4 percent.
Exports of Goods and Services to Rest of the World further declined to 13.6 percent from 10.3 percent.
Imports of Goods and Services to Rest of the World declined by 17.9 percent from 5.0 percent in 2019.
Likewise, the region’s Household Final Consumption Expenditure (HFCE) contracted by 7.9 percent in 2020 from 5.7 percent growth in 2019.
“Consequently, the per capita HFCE of the region declined by 9.1 percent in 2020. Per Capita HFCE was estimated at P79,116 in 2020 lower than the previous year’s figure of P87,033."
Meanwhile, in terms of the share of expenditure items to the regional economy, the PSA report said HFCE comprised the biggest share with 86.6 percent, followed by GCF with 26.7 percent, Net Exports to Rest of the World with 26.4 percent, and GFCE with 24.3 percent.
On the contrary, the negative performance of Net Exports to the Rest of the Philippines pulled down the expenditure in the region by 64.0 percent.
This would mean that the economy of Eastern Visayas contracted by 7.6 percent in 2020 from its 5.6 percent growth recorded in 2019.
(See also: Pandemic effect, EV economy contracts by 7.6% in 2020 )
Accordingly, the Gross Regional Domestic Expenditure (GRDE) complements the Gross Regional Domestic Product (GRDP) in monitoring the economic performance of a region. (RC)
Tags: #OpinYon8, #PhilippineStatisticsAuthority, #economy, #governmentspending