economy contracts by 7.6% in 2020
April 29, 2021
TACLOBAN CITY – The
economy of Eastern Visayas contracted by 7.6 percent in 2020 from
its 5.6 percent growth recorded in 2019. The total value of goods
and services in the region or the Gross Regional Domestic Product (GRDP)
declined to 433.4 billion pesos in 2020 from 469.3 billion pesos in
2019, resulting in 35.9 billion pesos economic loss during the
The economic contraction
in 2020 was driven by the declines in Construction, Transportation
and Storage, Wholesale and Retail Trade, Repair of Motor Vehicles
and Motorcycles, Accommodation and Food Service Activities (AFSA),
Real Estate and Ownership of Dwellings (REOD), Education, Other
Services (OS), Mining and Quarrying (MAQ), and Professional and
Business Services (PBS).
Services 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. The
following industries also dropped: Transportation and Storage
(40.2%); Other Services (19.3 %); Real Estate and Ownership of
Dwellings (11.6%); Trade (6.6%); Education (5.0%); and Professional
and Business Services (3.2%).
Industry declined by 8.5
percent in 2020 from 3.2 percent growth in 2019. Construction, and
Mining and Quarrying (MAQ) dropped by 34.2 percent and 26.8 percent,
respectively. 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.
Forestry and Fishing (AFF) managed to grew by 0.9 percent in 2020
from 2.1 percent in 2019.
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.
Among the three (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