The province economy grew by 7.8 percent in 2019 but declined by 11.2 percent in 2020. Among the major industries, only Agriculture, forestry, and fishing registered a decline of 0.5 percent in 2019. Services posted the fastest increase of 14.1 percent, while 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.

In 2020, the contraction in Services was primarily contributed by Transportation and storage (-52.7%). It was followed by Wholesale and retail trade; repair of motor vehicles and motorcycles at -14.4 percent, and Public administration and defense; compulsory social activities at -14.5 percent. Meanwhile, under Industry, only half of the industries registered negative growth. Construction contributed -34.9 percent, and Mining and quarrying with -21.7 percent. Despite the contraction of the economy of the province in 2020, there were a few sub-industries which posted positive growths namely Manufacturing (11.9%), Electricity, steam, water and waste management (3.3%), Financial and insurance activities (11.9%), and Information and communication (4.3%).

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.

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