Cavite’s Economy Rebounds, Grows by 12.2 percent in 2021
Release-Date
Reference-Number
2022-057
The economy of Cavite posted a growth of 12.2 percent in 2021, a rebound from a -15.4 percent decline in the previous year. In 2021, the Gross Provincial Domestic Product (GPDP) of the province was valued at PhP 669.5 billion from the 2020 level of PhP 596.6 billion (Figure 1). Source: Philippine Statistics Authority Among the 16 production industries, the top contributor to the 2021 GPDP growth was Manufacturing with 8.0 percentage points. Of the three major industries, Industry posted the fastest growth in 2021 with 20.3 percent followed by Services with 6.1 percent. Meanwhile, Agriculture, Forestry and Fishing (AFF) registered a decline of 6.4 percent. 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. The Provincial Product Accounts (PPA) is a mechanism to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time. Starting last year, the PSA annually releases the provincial level economic performances following the identified pilot provinces and HUCS. Cavite is one of the pilot areas for PPA compilation starting 2022. For full report, statistical tables, and visuals on the PPA releases, please visit our website at http://rsso04a.psa.gov.ph/cavite or at the PSA Regional Office or PSA Provincial offices. (Sgd.)LUCIA IRAIDA A. SONEJA Chief Statistical Specialist Provincial Statistics Office - Cavite
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