MALASIQUI, Pangasinan – From its 7.7 percent dip in 2020, the Ilocos Region’s economy bounced back with an increase of 4.6 percent in 2021, according to the Philippine Statistics Authority (PSA).
In a press conference on Thursday afternoon held at Ynad's Hotel and Resort in San Fernando City, La Union, PSA Ilocos Regional Director Lawyer Sheila de Guzman said 14 industries in the region posted an increase while agriculture, forestry, and fishing industry, as well as the transportation and storage, decreased by 4.9 percent and 1.8 percent, respectively.
She said 51.7 percent of the economy in the region was contributed by the services sector, 30.7 percent in industry, and 17.6 percent in agriculture, forestry, and fishing.
The industry sector is composed of mining and quarrying, manufacturing, construction, electricity, gas, and water supply, while the services sector includes transportation, storage, communication, trade and repair of motor vehicles, motorcycles, personal, and household goods, financial intermediation, real estate, renting and business activity, public administration and defense, compulsory social security, and others.
Of the total economic growth percentage, 2.9 percent was from industry, and 2.7 percent from services, while agriculture decreased its growth by one percent, de Guzman said.
She added that the biggest contributor to the economic growth in 2021 was the construction and expenditure items or the household consumption expenses.
“Since the restrictions eased starting last year, there was more economic activity,” she added.
The government's final consumption expenditure, gross capital formation, and net exports to the rest of the world also contributed.
National Economic Development Authority Assistant Regional Director Irenea Ubungen, in the same virtual forum, said the decrease in the economic growth in agriculture, forestry, and fishing was caused by Typhoon Maring that devastated the region in October last year.
Ubungen said growth in the region this year is promising with the continuous boom in construction and economic activity now that Ilocos is under Covid-19 Alert Level 1. (PNA)