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  • Writer's pictureZiggurat Realestatecorp

All Regions Posted Declines in Economic Performance in 2020

All regions posted declines in economic performance in 2020, with smallest drop posted by Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) at -1.9 percent. This was followed by SOCCSKSARGEN at -4.3 percent and Northern Mindanao and Zamboanga Peninsula both at -5.2 percent.

At the national level, Gross Domestic Product (GDP) was registered at -9.6 percent in 2020.

Industries with positive growth rates were:

Financial and Insurance Activities at 5.5 percent;

Information and Communication at 5.0 percent;

Public administration and defense; compulsory social activities at 4.6 percent.

On the other hand, main contributors that pulled down the national growth rate were:

Construction at -25.7 percent;

Manufacturing at -9.8 percent;

Transport and Storage at -30.9 percent;

Real Estate and Ownership of Dwellings at -17.0 percent;

Wholesale and retail trade; repair of motor vehicles and motorcycles at -6.0 percent.

Source: PSA

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