NEGROS Oriental’s gross domestic product (GDP) has increased by 6.3 percent from P146.2 billion in 2018 to P155.9 billion in 2019, the Philippine Statistics Authority (PSA) in Dumaguete City said on December 3.
But PSA Provincial Head Engr. Ariel Fortuito said the provincial GDP declined by 5.6 percent to P147.3 billion in 2020 in an attempt to contain the Covid-19 pandemic.
The top industries that share the total provincial economy include wholesale and retail trade, repair of motor vehicles and motorcycles with an average share of 26.8 percent; agriculture, forestry, and fishing with 14.9 percent; and real estate and ownership of dwellings with 8.8 percent from 2018 to 2020.
Fortuito said despite the decline in the overall economic performance of the province in 2020, the following industries grew during the period: agriculture, forestry, and fishing with 8.1 percent growth; financial and insurance activities with 9.6 percent; professional and business services with 1.2 percent; and information and communication with 2 percent.
Negros Oriental was the third highest contributor to the 6.2 percent economic growth in Central Visayas in 2019 with 0.8 percentage point.
Meanwhile in 2020, the province contributed 0.7 percentage point to the 9.9 percent decline of the regional economy.
PSA is tasked to compile and maintain macroeconomic accounts and indicators at the national and subnational level.
At the provincial level, the Provincial Product Accounts (PPA) is the tool to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.
Starting this year, PSA will be releasing annually the provincial level economic performances following the identified pilot provinces and HUCs.
The province is one of the pilot provinces for PPA in 2021. (PIA)