Economy in Negros Oriental Declines in 2020 Amid Pandemic
The economy in Negros Oriental declined in the year 2020 due amidst the pandemic. Negros Oriental’s gross domestic product (GDP) increased by 6.3 percent in 2018 with 146.2 billion pesos to 155.9 billion pesos in 2019. However, this declined by 5.6 percent in 2020 with 147.3 billion pesos in the attempt to contain the COVID-19 pandemic.
Economy in Negros Oriental
The Economy in Negros Oriental is the third highest contributor with 6.2 percent economic growth in Central Visayas in 2019 with a 0.8 percentage point. According to the Philippine Statistics Authority (PSA) last December 3, 2021, despite the decline in the overall economic performance of the province, some industries grew during this period. These industries include agriculture, forestry, and fishing. A growth of 8.1 percent can be seen in these industries. Meanwhile, 9.6 percent of the economic performance improved in financial and insurance activities. Professional and business services with 1.2 percent, and information and communication with 2 percent.
PSA Provincial Head Engr. Ariel Fortuito said that the top industries that share the total provincial economy include wholesale and retail trade, repair of motor vehicles and motorcycles with an average share of 26.8 percent; agriculture, forestry, and fishing with 14.9 percent; and real estate and ownership of dwellings with 8.8 percent from 2018 to 2020. Compiling and maintaining the macroeconomic accounts and indicators at the national and subnational level are some of the tasks of the PSA. At the provincial level, the Provincial Product Accounts (PPA) is the tool to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.
