Apayao’s economy recorded a growth of 2.6 percent in 2022.
This denotes an increase in the Gross Domestic Product (GDP) by P290 million, reaching P11.50 billion in 2022 from P11.21B in 2021.
The performance of the economy is measured by three major economic industries, namely: services and industry, which decelerated in growth to 7.9 percent and 4.8 percent from their growth of 8.3 percent and 18.4 percent in the previous year, respectively.
Conversely, agriculture, forestry, and fishing declined by -9.5 percent from -11.7 percent in 2021.
Among the 16 production industries, three posted double-digit growth rates: ether services at 21.0 percent; transportation and storage at 16.5 percent; and accommodation and food service activities at 14.8 percent.
In terms of share to the GDP of Apayao, construction had the largest industries with 26.5 percent share; followed by agriculture, forestry, and fishing with 21.9 percent; wholesale and retail trade; repair of motor vehicles and motorcycles with 12.0 percent; and public administration and defense; compulsory social activities with 10.7 percent.
The Philippine Statistics Authority established through Republic Act 10625 or The Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and sub-national level.
The Provincial Product Accounts is a mechanism to measure the economic performance of the province or highly urbanized cities at a given time. – Press release
