Mindanaotoday.com | PSA shares LDN, Iligan’s economic growth in 2021
By: Lou Ellen Antonio
ILIGAN CITY – To present a complete picture of the provincial economies, the Philippine Statistics Authority Lanao del Norte shared its 2021 Provincial Product Accounts (PPAs) for Iligan City and Lanao del Norte to provide more appropriate measures and assessment to their economic performance and track and evaluate local economic development.
According to PSA Lanao del Norte, the economy of the city here posted a growth of 6.1% in 2021, accelerating from 3.2% growth the previous year.
The city’s Gross City Domestic Product (GDP) in 2021 is valued at P71.6 billion from the 2020 level of P67.5 billion.
Additionally, manufacturing, accommodation and food service activities and construction were the major contributors to the city’s GDP growth in 2021.
Among the major economic industries, industry had the largest share to the economy of the city, accounting for 49.6% followed by services with a share of 48.6%, while agriculture, forestry and fishing had a share of 1.9%.
Meanwhile, Lanao del Norte’s economy recorded a growth of 3.2% in 2021, a turnaround from a -5.2% decline in the previous year.
The Gross Provincial Domestic Product (GPDP) of the province in 2021 is valued at P58.1 billion from the 2020 level of P56.3 billion.
The top contributors to the province’s 3.2% growth of the 2021 GPDP were construction, public administration and defense, compulsory social activities and human health and social work activities and education.
Among the major economic industries, industry and services posted positive growths in 2021 with 7.7 % and 5.7 %, respectively. Meanwhile, agriculture, forestry and fishing recorded a decline of -0.6%. (LELA | PIA-10 | Lanao del Norte | With reports from PSA Lanao del Norte)
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