Ilocos region’s economy rebounds in 2021

By May 9, 2022Business

DESPITE the onset of the COVID-19 pandemic, the economy of Ilocos Region saw a 4.6 percent increase in 2021 from the P581.9 billion in 2020 to P608.6 billion.

Atty. Sheila De Guzman, regional director of the Philippine Statistics Authority (PSA) in Ilocos, said Ilocos Region contributed 0.2 percentage point to the 5.7 percent growth in the economy of the country, accounting for 3.3 percent share of the total Gross Domestic Product.

De Guzman said human health and social work activities posted the fastest growth of 19.4 percent while construction registered the biggest contributor to economic growth at 2.0 percentage points.

“From the expenditure side, Gross Capital Formation posted the fastest growth of 14.6 percent, while Household Final Consumption Expenditure was registered the biggest contributor to expenditure growth at 4.5 percentage points,” she said.

She added, “The per capita Gross Regional Domestic Product and Gross Regional Domestic Expenditure is P114,544.”

Ilocos Region ranked ninth among the 17 regions. (PIA Pangasinan/AMMB)

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