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Thursday, April 28, 2022

Rebound in Industry Boosts Central Luzon’s Economy in 2021

The economy of Central Luzon rebounded to 7.4 percent in 2021 compared with the -13.9 percent in the previous year. The sub-industries with the highest growth rates were Mining and quarrying (41.4%), Human health and social work activities (21.9%) and Manufacturing (17.1%). On the other hand, Agriculture, forestry, and fishing further declined by 6.0 percent. (Figure 1)

Services accounted for 46.0 percent of the region’s total economy in 2021, followed by Industry with 42.2 percent and Agriculture, forestry, and fishing with 11.8 percent.

Services rebounded to 5.8 percent in 2021 from -10.5 percent in 2020. This was attributed to the increase in all its sub-industries mainly Human health and social work activities, Information and communication, and Accommodation and food service activities.

Of the 5.7 percent economic growth in the country, Central Luzon was the third largest contributor to the increase with 0.8 percentage point, accounting for 10.9 percent of the total GDP.

Central Luzon’s Gross Capital Formation Grows by 42.8 Percent

Central Luzon's gross capital formation posted a growth of 42.8 percent in 2021. Household final consumption expenditure also grew by 1.1 percent compared from the decline of 7.1 percent during the previous year.  Gross fixed capital formation increased significantly by 8.3 percent in 2021, from a -30.6 percent decline in 2020. Total exports of goods and services to rest of the world and Total imports of goods and services from ROW both registered increase of 5.9 percent and 15.3 percent, respectively. However, government spending in the region slowed down by 8.9 percent in 2021 from 9.1 percent in 2020. (Figure 2)

Real per capita HFCE in Central Luzon slightly dropped by 0.5 percent in 2021. It was recorded at PhP 142,238 in 2021, higher than the national level which amounted to PhP 122,112. (Figure 3)