Agriculture, forestry and fishing posted the highest three-year average share of 51.5 percent to the total economy of the Province of Bukidnon for the years 2018 to 2020. This was followed by Wholesale and retail trade; repair of motor vehicles and motorcycles and Construction with a three-year average share of 12.8 percent, and 9.1 percent respectively. In 2019, the economy of Bukidnon grew by 3.4 percent. Its economic expansion decelerated in 2020 posting a GDP growth of 1.0 percent.
Services accounted for the largest average share of 31.8 percent to the total GDP of the provinces. Among the industries under Services, Wholesale and retail trade; repair of motor vehicles and motorcycles has the largest share, followed by Education, and Real estate and ownership of dwellings.
Meanwhile, Industry shared 16.7 percent to the total GDP. Construction accounted for the largest share in the total industry, followed by Manufacturing , and Electricity, steam, water and waste management.
In 2019, twelve industries posted expansion in 2019 with Education recording the fastest growth of 21.4 percent. Other Services followed which expanded at a rate of 10.9 percent, and Accommodation and food service activities which grew by 9.6 percent. On the other hand, four industries posted contraction in 2019with Mining and Quarrying recording the largest decline by 33.9 percent. Other industries which posted decline in its performance were: Information and communication, -21.0 percent; Professional and business services, -15.3 percent; and Transportation and storage with -0.04 percent.
In 2020, seven industries registered positive growths with Mining and quarrying as the fast-growing industry in 2020 which posted 24.4 percent growth. Other fast-growing industries were: Public administration and defense; compulsory social activities,19.1 percent; Electricity, steam, water and waste management, 15.8 percent. However, nine industries experienced a decline in 2020. Accommodation and food service activities posted the biggest drop of 44.5 percent.This was followed by Transportation and storage at -19.2 percent, and Professional and business services at -9.8 percent.
Northern Mindanao registered a 5.2 percent decline in its economic performance in 2020, a turnaround from the recorded economic growth of 5.6 percent in the previous year. The Province of Bukidnon contributed 0.26 percentage point, the biggest positive contribution, to pull-up the growth of the region in 2020. Meanwhile, in 2019, the province contributed 0.88 percentage point to the GDP growth of the region. In terms of share to the total economy of Northern Mindanao, Bukidnon is the second biggest provincial economy in Region X with an average share of 26.2 percent.
(Sgd.)MARIA EVANGELINE N. NON
(Supervising Statistical Specialist)
Officer-in-Charge
PSO - Bukidnon