The economy of the Province of Benguet posted a growth of 6.0 percent in 2021, a rebound from a -5.0 percent decline in the previous year. In 2021, the Gross Provincial Domestic Product (GPDP) of the province is valued at PhP 74.9 billion, up from the 2020 level of PhP 70.7 billion. (Figure 1)

Source: Philippine Statistics Authority

Mining and quarrying contributed the most to GPDP growth in 2021, accounting for 1.9 percentage points. Construction and Financial and insurance activities followed with 0.7 percentage points and 0.6 percentage points, respectively. (Table 1)

In terms of distribution of the major industries to the GPDP of Benguet, Services dominated, accounting for 60.6 percent of the province's economy. Industry shared 23.2 percent, while Agriculture, forestry, and fishing had a 16.2 percent share. (Table 1)

Among the 16 production industries, Agriculture, forestry and fishing had the largest share with 16.2 percent. The next three industries with the largest share of the province's economy were: Wholesale and retail trade; repair of motor vehicles and motorcycles with 15.2 percent, Financial and insurance activities with 12.9 percent; and Mining and quarrying with 12.2 percent. (Table 1)

The Philippine Statistics Authority (PSA), established through Republic Act No. 10625, or The Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators at the national and subnational level. The Provincial Product Accounts (PPA) is a mechanism to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.

In 2020, the PSA identified the pilot provinces and HUCs that started the annual release of their provincial level economic performance. Benguet is one of the pilot areas for PPA compilation stating 2021.

For full report, statistical tables, and visuals on the PPA releases, please visit our website at http://rssocar.psa.gov.ph/benguet or at the PSA Benguet Provincial Statistical Office.