Central Luzon’s economy dropped at a faster pace in 2020
The economy of Central Luzon contracted by 13.9 percent in 2020 compared with the 5.9 percent growth in the previous year. The main drivers for the decline are Accommodation and food service activities with 45.2 percent; Mining and quarrying, and Other services both with 32.5 percent; and Construction with 29.4 percent.
Services accounted 46.6 percent of the region’s total GRDP in 2020, followed by Industry with 39.9 percent and Agriculture, forestry, and fishing with 13.5 percent.
Services, declined by 10.6 percent in 2020 compared with the 7.0 percent growth in 2019. This was mainly attributed to the decline in Accommodation and food service activities and Other Services.
Of the 9.6 percent economic drop in the country, Central Luzon was the second largest contributor to the decline with 1.6 percentage points, accounting for 10.7 percent of the total GDP.
Central Luzon’s gross capital formation contracts by 43.9 percent
Central Luzon's gross capital formation spending posted a contraction of 43.9 percent in 2020. Household final consumption expenditure contracted to 7.1 percent in 2020, compared with the 5.5 percent growth during the previous period. Gross fixed capital formation declined significantly by 30.6 percent during the period from a
7.6 percent growth in 2019. Total exports of goods and services to ROW and Total imports of goods and services from ROW both registered declines of 15.3 percent and 22.6 percent, respectively. However, Government spending in the region grew by 9.1 percent during the period.
Real per capita HFCE considerably dropped by 8.7 percent in 2020. The real per capita HFCE in the region was recorded at PhP 142,950 in 2020, higher than the national level which amounted to Php 118,723.
Click image to view full size