GUIMARAS – This island province’s economy recorded the fastest growth of 7.7 percent in 2021 among the eight provinces in Western Visayas.
The growth was a rebound from a -5.1 percent decline in the island’s economy in 2020.
This was also faster than the 5.9 percent growth in the Gross Regional Domestic Product of the region.
The data was unveiled by the Philippine Statistics Authority (PSA) during the dissemination forum on provincial product accounts of the province on Dec. 14.
The main contributors to Guimaras’ economic growth were services (3.8%), agriculture, forestry, and fishing (2.1%), and iIndustry (1.9%).
Among the 16 industries, the 7.7% economic growth of Guimaras was fueled mainly by agriculture, forestry and fishing; construction; wholesale and retail trade; and repair of motor vehicles and motorcycles.
Meanwhile, the Gross Provincial Domestic Product (GPDP) of the island reached P14.8 billion in 2021 from the 2020 level of P13.7 billion.
Guimaras was one of the 16 provinces that had surpassed the 2019 GPDP level among the 46 provinces in the country that were the pilot of Provincial Product Accounts compilation.
Provincial Product Accounts (PPA) is a mechanism to measure the economic performance of the province or highly urbanized cities at a given time.
The province of Guimaras is one of the pilot areas for PPA compilation beginning 2022. (Guimaras PIO/PN)
