Home Top News and Stories Philippines News Headline NCR, 2 other regions post huge economic decline in 2020

NCR, 2 other regions post huge economic decline in 2020

0
   

NCR, 2 other regions post huge economic decline in 2020

THE National Capital Region (NCR) posted a 10.1 percent decline in its economy in 2020 but the largest drop in the same year was recorded in Central Luzon at 13.9 percent and Calabarzon at 10.5 percent, the government reported on Thursday.

In a press briefing on Thursday, PSA officials said NCR’s gross domestic product dropped by 10.1 percent to P5.6 trillion last year, as compared to P6.2 trillion recorded in 2019, which was a significant increase from P5.8 trillion in 2018.

This represents an economic loss of P627.745 billion for NCR in 2020, PSA NCR Regional Director Paciano Dizon said.

Dizon attributed the drop to disruptions in the economy that include the eruption of Taal Volcano in early 2020, followed by a series of typhoons, the African Swine Fever outbreak and coronavirus disease 2019 (Covid-19) pandemic.

“We should take note that the pandemic started in the latter part of the first quarter in March [and] this greatly affected the economic output of the region,” Dizon said.

All regions posted declines in economic performance in 2020, the PSA said. The largest decrease was in Central Luzon at 13.9 percent, followed by Calabarzon (Cavite, Laguna, Batangas, Rizal, Quezon) at 10.5 percent and NCR at 10.1 percent.

The Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posted the smallest decline at 1.9 percent. This was followed by Soccsksargen at 4.3 percent and Northern Mindanao and Zamboanga Peninsula both at 5.2 percent.

In early April, the PSA reported that GDP fell by 9.6 percent in 2020, mainly due to contractions in construction at 25.7 percent; manufacturing at 9.8 percent; transport and storage at 30.9 percent; real estate and ownership of dwellings at 17.0 percent; and wholesale and retail trade; repair of motor vehicles and motorcycles at 6.0 percent.