Eastern Visayas’ economic sector dropped by 7.6 percent last year due to the economic impact of the Covid-19 pandemic, according to the state statistics agency.
THE economy of Eastern Visayas contracted by 7.6 percent in 2020 from its 5.6 percent growth recorded in 2019, according to government statisticians.
A report from the Philippine Statistics Authority - Regional Statistical Services Office 8 (PSA-RSSO 😎 said that the total value of goods and services in the region or the Gross Regional Domestic Product (GRDP) declined to P433.4 billion in 2020 from P469.3 billion pesos in 2019, resulting in P35.9 billion pesos difference.
According PSA Regional Director Wilma Perante, the economic contraction in 2020 was driven by the decline of several sectors such as construction, transportation, retail, motor vehicle repair, accommodation, real estate and education due to the Covid-19 pandemic.
Also reported to have posted similar downtrend were Other Services (OS), Mining and Quarrying (MAQ), and Professional and Business Services (PBS).
Perante said the services sector plunged to -9.4 percent in 2020 from 8.9 percent growth in 2019.
“Among its industries, AFSA posted the largest contraction of 70.4 percent.”
A significant drop by 34.2 percent and 26.8 percent, respectively were accounted on construction, Mining and Quarrying (MAQ).
On the other hand, the upbeat performance of Manufacturing slightly mitigated the contraction of the economy after posting 20.8 percent growth in 2020. Electricity, Steam, Water and Waste Management likewise grew by 4.1 percent.
Meanwhile, Agriculture, Forestry and Fishing (AFF) managed to grew by 0.9 percent in 2020 from 2.1 percent in 2019.
The Services and Industry shared the bulk of the region’s economy at 45.7 percent and 39.6 percent, respectively. AFF had a share of 14.8 percent.
It was learned that among the 3 major industries, Services and Industry contributed to the region’s economic contraction with -4.4 percentage points and -3.4 percentage points, respectively.
AFF cushioned the decline at 0.1 percentage point, Perante said. (RC)
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