Release Date :
Reference Number :
PSAMISOCC-PR-2021-01
The economy of Misamis Occidental declined in 2020 by 6.2 percent, a turnaround from the recorded growth of 5.6 percent growth in 2019. The contraction of the economy of the province in 2020 was mainly attributed to the recorded declines in Services and Agriculture, forestry and fishing by 8.4 percent and 0.4 percent, respectively. On the other hand, Industry expanded in 2020 by 1.5 percent. recorded growth of 1.5 percent. Meanwhile, in 2019, except for Agriculture, forestry and fishing, Industry and Services posted growth of 3.7 percent and 7.1 percent, respectively.
Services accounted for the largest average share of 74.5 percent of the total economy of the province. Industries that contributed most to the growth of Services in 2019 were: Wholesale and retail trade, repair of motor vehicles and motorcycles which grew by 5.3 percent; Public administration and defense; compulsory social activities with growth of 25.2 percent, and Education, posting 16.5 percent growth. Meanwhile, in 2020, main drivers to the decline were: Wholesale and retail trade, repair of motor vehicles and motorcycles at -5.8 percent; Transportation and storage, at -62.7 percent; and Public administration and defense; compulsory social activities at -17.8 percent.
Agriculture, forestry and fishing followed Services with a three-year average share of 13.0 percent.
In addition, Industry shares 12.5 percent to the total economy of the province. Construction has the biggest share, followed by Manufacturing and Electricity, steam, water and waste management, at 6.7 percent, 3.6 percent, and 2.1 percent respectively. Mining and quarrying in the province has the lowest share in the sector with a three-year average share of 0.1 percent. The main drivers of growth in Industry in 2020 were Manufacturing with a recorded growth of 10.0 percent and Electricity, steam, water and waste management with an increase of 16.0 percent.
Of the 5.6 percent economic growth of Northern Mindanao for 2019, the province of Misamis Occidental contributed 0.7 percentage point, ranking fourth among the provinces and HUCs in the region. Meanwhile, in 2020, Misamis Occidental was the third biggest contributor to the decline of the economy of the province with a 0.8 percentage point contribution to the 5.2 percent decline in the regional economy.
In terms of share to the regional economy, Misamis Occidental is the fourth biggest provincial economy in Northern Mindanao with an average share of 13.1 percent.
Despite the contraction in the economy in 2020, some industries grew, including Electricity, steam, water and waste management at 16.0 percent, Manufacturing at 10.5 percent, and Financial and insurance activities at 10.1 percent.
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 time.
Starting this year, the PSA will annually release the provincial level economic performances following the identified pilot provinces and HUCS. The Province of Misamis Occidental is one of the pilot provinces for PPA in 2021.
For full report, statistical tables, and visuals on the PPA releases, please visit our website at http://rsso10.psa.gov.ph/ppa and http:// psa.gov.ph/ppa or at the PSA Provincial office with contact details below:
PSA-Misamis Occidental
G/F Gaisano Mall Southwing
Port Road Cor. De Noviembre St., Ozamiz City
Email Add: psa_ozamiz@yahoo.com
Tel. No.: (088)-521-091
(Sgd.)MARIA LIZA M. BIGORNIA
Chief Statistical Specialist
PSA-Misamis Occidental