TUGUEGARAO CITY, Cagayan (PIA) – – The economy of Cagayan grew at 8.3 percent in 2022, faster than the 5.6 percent growth recorded in 2021 as revealed in the 2018 to 2022 Provincial Product Accounts (PPA) of the Philippine Statistics Authority-Cagayan.
Chief Statistical Specialist Elena U. Rivera said the 2022 Gross Domestic Product (GDP) of the province was valued at P148.78 billion, translating to an increase of P11.43 billion from its 2021 GDP level, which means that the economic status of the province is going stronger.
“The 2022 GDP surpassed its pre-pandemic level in 2019 which was estimated at P148.34 billion. This is an indicator that we have fully recovered from the effects of the COVID-19 pandemic,” she said.
In terms of the industries, all sectors posted positive growths, but the categories that registered the fastest growth were accommodation and food services at 51.4 percent; transportation and storage at 44.6 percent; and construction at 17.3 percent. Conversely, agriculture, forestry, and fishing grew the slowest at 0.6 percent.
Rivera also said the transportation and storage, retail trade, and repair of motor vehicles and motorcycles were the top contributors to the growth while mining and quarrying contributed the least.
The Gross Domestic Product of Cagayan province grew by 8.3 percent based on the Provincial Product Accounts presented by the Philippine Statistics Authority. (Image by PIA)
“In 2022, Cagayan was the third fastest economy among the five provinces in the Cagayan Valley Region. Nueva Vizcaya recorded the fastest growth at 13.1 percent, followed by Batanes which grew at 11.5 percent. The provinces of Isabela, Quirino, and Cagayan posted faster growth rates compared to the region’s economic growth registered at 8.0 percent,” Rivera said.
Based on the study, of the 8.0 percent economic growth of the region in 2022, Cagayan contributed 2.9 percentage points while accounting for a 35.3 percent share of the regional GDP.
In Cagayan Valley, she added, Isabela had the largest economy accounting for 44.8 percent of the Gross Regional Domestic Product estimated at P421.17 billion in 2022. Cagayan came second which shared 35.3 percent of the regional economy.
Rivera also explained that the PPA has been the mechanism of the PSA to compile annual estimates of Gross Domestic Product by province, consistent with regional and national accounts of the Philippines.
In 2023, Cagayan Valley was one of the seven additional pilot regions to implement the PPA, marking its expansion since the inception of the PPA in 2021.
Full data series, charts, and data visuals of PPA Cagayan Valley can be accessed at the PPA landing page of the PSA (psa.gov.ph/statistics/ppa), and the PSA Regional website (rsso02.psa.gov.ph/statistics/ppa). (OTB/PIA Region 2 with reports from PSA Cagayan)
Chief Statistical Specialist of PSA Cagayan, Engr. Elena Rivera, presents the Provincial Product Accounts of Cagayan province. (Image by PIA)
