MISAMIS ORIENTAL (PIA)--The economy of Misamis Oriental contracted by 11.2 percent in 2020, mainly driven by a decline in services primarily contributed by transportation and storage at -52.7 percent, followed by wholesale and retail trade; repair of motor vehicles and motorcycles at -14.4 percent, and other services at -14.5 percent.
This is in contrast to its previous year as the province observed a 7.8 percent growth in 2019, among the major industries, only agriculture, forestry, and fishing registered a decline of 0.5 percent in the same year while services posted the fastest increase of 14.1 percent, Industry recorded a gain of 3.5 percent.
However, all major industries posted a decline in 2020 with the following growth rates: -2.9 percent, -6.5 percent, and -17.2 percent for agriculture, forestry and fishing, industry, and services, respectively.
The major contributors to the economy of Misamis Oriental were Wholesale and retail trade; repair of motor vehicles and motorcycles, manufacturing, and agriculture, forestry, and fishing based on 2018 to 2020 annual average share of 20.0 percent, 18.3 percent, and 13.4 percent, respectively.
Among the major industries, services shared the highest three-year average share of 46.3 percent, followed by Industry at 40.3 percent.
The Province of Misamis Oriental was the third biggest contributor to the economic growth of northern Mindanao, contributing 1.4 percentage points to the 5.6 percent economic growth of the region in 2019. Meanwhile, the province contributed -2.0 percentage points to the -5.2 percent economic growth of the region in 2020.
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.
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 period.
Starting this year, the PSA will annually release the provincial-level economic performances following the identified pilot provinces and HUCs. The Province of Misamis Oriental is one of the pilot provinces for PPA in 2021. (PSA-10/PIA-10/Misamis Oriental)
