The main contributors to the economy of Cagayan de Oro City were Wholesale and retail trade; repair of motor vehicles and motorcycles, Manufacturing, and Real estate and ownership of dwellings based on the 2018 to 2020 annual average share of 40.4 percent, 15.1 percent, and 7.7 percent respectively. Among the major industries, Services shared the highest three-year average share of 75.7 percent followed by Industry with 23.5 percent, and Agriculture forestry and fishing with 0.8 percent.

In 2019, the city’s economy grew by 8.3 percent but declined by 8.0 percent in 2020. All major industries registered increases in 2019. However, only Agriculture, forestry, and fishing recorded a positive growth rate of 3.1 percent in the following year. Services posted the largest decline of 9.4 percent, followed by Industry which contractedby 3.8 percent.

The top three negative contributors to the contraction in Services in 2020 were Accommodation and food service activities (-56.9%), Real estate and ownership of dwellings (-22.9%), and The top three contributors to the contraction in Services in 2020 were: Accommodation and food service activities, -56.9 percent; Real estate and ownership of dwellings, -22.9 percent; and Transportation and storage, -29.6 percent. For Industry, negative contributors were: Construction, -47.1 percent; and Mining and quarrying, -1.8 percent.

Despite the economic contraction of the city in 2020, some industries recorded growth. These were: Manufacturing, 9.1 percent; Financial and insurance activities, percent 6.8 percent; Public administration and defense; compulsory social activities, 22.4 percent; Information and communication, 6.7 percent; Electricity, steam, water and waste management, 2.0 percent; and Personal and business services, 1.4 percent.

Of the 5.6 percent economic growth registered in Northern Mindanao for 2019, the City of Cagayan de Oro contributed 2.2 percentage points, the top contribution among the provinces and highly urbanized cities of Region X. Meanwhile in 2020, the region’s economy took a downturn of 5.2 percent with the City of Cagayan de Oro as the main driver of the region’s economic contraction, pulling down the region’s growth by 2.2 percentage points.

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 City of Cagayan de Oro is one of the pilot HUCs for PPA in 2021.

For full report, statistical tables, and visuals on the PPA releases, please visit our website at www.rsso10.psa.gov.ph/ppa or Misamis Oriental Provincial Statistical Office.