Services Drives the 4.3 Percent Growth of Lucena City’s Economy in 2021
Release-Date
Reference-Number
PR 2022-022
The economy of the City of Lucena grew by 4.3 percent in 2021, a rebound from a -10.3 percent decline in 2021. Among the major industries, Services contributed the most with 4.1 percentage points. Industry had a 0.7 percentage point contribution. Meanwhile Agriculture, Forestry and Fishing pulled down the growth by -0.5 percentage point. (Figure 1) Moreover, industries with the largest contribution in 2021 were: Transportation and Storage; Information and Communication; and Human Health and Social Work Activities. In terms of distribution of the major industries to the GCDP of Lucena City, Services dominated, accounting for 77.8 percent share. Industry shared 17.7 percent, while Agriculture, forestry and fishing had a 4.4 percent share. (Table 1) 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. City of Lucena 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 rsso04a.psa.gov.ph/quezon or at the PSA Regional Office or PSA Provincial offices. (Sgd.) AIRENE A. PUCYUTAN Provincial Statistics Office PSA Quezon
The economy of Quezon grew by 5.3 percent in 2023 from its 2022 level, slower than the 7.7 percent growth in the previous year. This represents an increase in the value of Gross Domestic Product (GDP…
