Release Date :
Reference Number :
SR 2022-18
Gross Regional Domestic Product (GRDP) measures the economic performance of a region. It covers the value of goods and services produced in the region in a given period of time.
The GRDP includes the regional estimates on the three major industries of the economy including their sub-industries. The three major industries are Agriculture, Forestry and Fishing (AFF), Industry and Services.
The GRDP is presented in nominal and real terms. Nominal GRDP measures the value of the outputs of the economy at current prices while real GRDP or at constant prices measure the value of economic outputs using the prices of a fixed base year. The GRDP is usually reported in real terms or constant prices since the effects of inflation are removed.
Cordillera’s economy recovers, grows by 7.5 percent in 2021
- The economy of Cordillera improved by 7.5 percent in 2021 from the -10.2 percent contraction in 2020.
Figure 1. CAR GRDP: 2019-2021
(At Constant 2018 Prices, In Thousand Pesos)
Source: Philippine Statistics Authority
- The regional economy was estimated at PhP321.7 billion in 2019, declined to PhP288.9 billion in 2020, and rebounded to PhP310.6 billion in 2021.
- The 2021 regional gross value added of PhP310.6 billion was still lower than the prepandemic level of PhP321.7 billion. However, it is worth noting that the economy of CAR in 2021 was better than the 2017 and 2018 in terms of GRDP levels.
Figure 2. Contribution to CAR’s 2021 Growth
Rate, by Industry
Source: Philippine Statistics Authority
- Services contributed most to the region’s economic growth in 2021 with 3.9 percentage points of the 7.5 percent growth. Industry further contributed 3.8 percentage points while AFF slowed down the economy by -0.2 percentage points.
Growth rates by major industry/sub-industry
- The gross value added of the two major industries, Industry and Services, exhibited growths in 2021. Meanwhile, Agriculture, forestry, and fishing continued to contract.
- Industry recovered from a negative 13.7 percent in 2020 to a positive 16.3 percent in 2021, the fastest growing major industry in the region.
Table 1. GRDP Growth Rates, CAR: 2019-2020 and 2020-2021
(At Constant 2018 Prices)
Note: Details may not add up to totals due to rounding.
Source: Philippine Statistics Authority
- Manufacturing, Industry’s biggest contributor, posted a growth of 17.1 percent in 2021 from a negative 18.9 percent in the previous year. Construction recovered from a negative 5.9 percent in 2020 to a positive 17.2 percent in 2021.
- Services grew by 5.9 percent in 2021 from negative 10.1 percent in 2020. All of the Services sub-industries grew in 2021, with Accommodation and Food Service Activities and Human Health and Social Work Activities growing the fastest both with 16.2 percent. The second fastest increase was Education with 8.7 percent, followed by Information and Communication with 8.6 percent, and Financial and Insurance Activities with 7.6 percent.
- AFF continued to contract from a negative 2.2 percent in 2020 to a negative 1.7 percent in 2021.
Shares by industry/sub-industry
Table 2. Percent Distribution by Industry/Sub-Industry, CAR: 2020-2021
(At Constant 2018 Prices)
Note: Details may not add up to totals due to rounding.
Source: Philippine Statistics Authority
- Services had the biggest contribution to the 7.5 percent growth of the Cordillera economy with 3.9 percentage points. Industry further accelerated the regional economy by 3.8 percentage points. On the other hand, AFF slowed down the economy by -0.2 percentage points.
- In terms of shares of major industries to the regional economy, Services accounted for more than half of the region’s total economic output with 65.5 percent share, followed by Industry with 25.2 percent share, and AFF with 9.2 percent share.
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In the 65.5 percent share of Services, Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles accounted the largest share with 17.5 percent, followed by Financial and Insurance Activities with 11.9 percent share, Real Estate and Ownership of Dwellings with 7.3 percent share, and Education and Professional and Business Services both with 5.7 percent shares to the total production of the industry.
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In the Industry Sector, the biggest contributors were Manufacturing and Construction with 13.0 and 7.4 percent shares, respectively. Manufacturing grew mainly due to increased outputs in Computer, electronic and optical products.
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For AFF, the output in 2021 accounted for 9.2 percent of the total GRDP. Crops comprised the biggest share, with 6.1 percent, while Animals had a share of 2.1 percent. The top 5 crops in CAR in 2021 were Palay, Corn, Cabbage, White Potato and Carrots.
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 CAR-SR-2022-18_2021GRDP.pdf |
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