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CALABARZON’s Economy Contracts in 2020

Release Date: April 29, 2021
The economy of CALABARZON contracted by 10.5 percent in 2020 from a 4.6 percent growth in the previous year. The top contributors to the decline were Manufacturing, which dropped by 11.6 percent; Construction at -36.0 percent; and Real estate and ownership of dwellings at -17.8 percent.
 
 
Among the three major economic industries, Industry had the largest share which is 49.4 percent of the region’s economy; followed by Services with 44.8 percent share. Agriculture, Forestry and Fishing had the least share of 5.7 percent.
 
CALABARZON is the only predominantly industrial region. Overall, Industry dropped by 12.5 percent in 2020 compared with the 3.6 percent growth recorded in 2019. This was mainly attributed to the decline observed in its two industries, that is Manufacturing and Construction.
 
Of the -9.6 percent economic performance of the country, CALABARZON ranked third that contributed the most to its decline with -1.5 percentage points while accounting for 14.5 percent of the total GDP.

 

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