Local economy of Davao City estimated at P454.7 billion in 2021
DAVAO CITY (MindaNews / 20 Dec) – The local economy of Davao City was estimated at P454.7 billion in 2021 despite the pandemic, the highest in the Davao Region composed of five provinces and one highly urbanized city, according to data from the Philippine Statistics Authority (PSA).
Based on the Provincial Product Accounts (PPA) of Davao Region, the agency said in a report dated December 19 that the city’s output accounted for 51.6 percent of the total economic output of the region that also include Davao de Oro, Davao del Norte, Davao del Sur, Davao Occidental, and Davao Oriental.
It said the PPA is a “mechanism to compile the Gross Domestic Product (GDP) at the subregional level,” providing a suitable measure of economic performance at the provincial or city level.
The PPA, considered as a source of indicators that monitor economic development at the local level, is viewed “as a means to strengthen the planning and decision-making of provincial policymakers and stakeholders in crafting more informed economic policies.”
Davao del Norte came in second with 17.9 percent, Davao del Sur with 11.1 percent, Davao de Oro with 9.9 percent, Davao Oriental with 5.6 percent, and Davao Occidental with 3.9 percent.
It also reported that the local economy bounced back, growing by 6 percent last year from a negative growth of 9.6 percent in 2020 amid the implementation of strict community quarantine.
The agency reported that the services contributed 3.5 percentage points, followed by industry with 2.1 percentage points, and agriculture, forestry and fishing with 0.4 percentage point. (Antonio L. Colina IV / MindaNews)
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