Highlights of NCR's 2021 Economic Performance

Release Date: 

Thursday, April 28, 2022

NCR’s economy increased by 4.4 percent in 2021

The economy of NCR rebounded from a -10.0 percent decline in 2020 to 4.4 percent in 2021. The top 3 sub-industries that recorded the fastest growths were the following: Mining and Quarrying activities with 10.8 percent; Transportation and Storage with 10.8 percent; and Education with 8.3 percent. Meanwhile, Accommodation and food service activities is the only sub-industry that posted a contraction with -5.2 percent.

Source: Philippine Statistics Authority

Services accounted for 81.4 percent of the region’s total GRDP in 2021, followed by Industry with 18.6 percent share.

NCR contributed 1.4 percentage points to the total 5.7 percent growth in the country’s economy in 2021. This accounted for 31.5 percent of the total GDP, the highest among the regions.

Government spending in NCR grew by 7.7 percent in 2021

NCR’s government spending or Government final consumption expenditure sustained its growth by posting 7.7 percent in 2021, from 11.5 percent growth in 2020. Household final consumption expenditure grew by 0.4 percent in 2021 from -8.5 percent decline in 2020. Gross fixed capital formation likewise grew by 17.8 percent from -31.8 percent decline in the previous year. Lastly, Total Exports of goods and services to the Rest of the World (ROW) grew by 12.3 percent from the -16.5 percent decline in 2020 and total Imports of goods and services from ROW grew by 14.2 percent from the -19.1 percent decline.

Source: Philippine Statistics Authority

The per capita HFCE in the region was recorded at PhP 231,686 in 2021, higher than the national level per capita HFCE of PhP 132,580.

Source: Philippine Statistics Authority

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Description

Document Type Attachment
Regional Economy of the National Capital Region in 2016 pdf May 4, 2017
Regional Economy of the National Capital Region in 2017 pdf April 26, 2018
Regional Economy of the National Capital Region in 2018 pdf April 25, 2019
     

For more info: https://psa.gov.ph/regional-accounts/grdp

Definition

Gross Regional Domestic Product (GRDP) is the aggregate of gross value added (GVA) of all resident producer units in the region.
 
GRDP measures the economic performance of a region.  It covers the value of goods and services produced in the region.
 
GRDP is usually reported in terms of growth rate and expressed in real terms or at constant prices.  Growth rate shows if the economy grows faster (accelerated) or slower (decelerated) or decline (contracted) compared to the previous period.
 
GRDP measures the relative contribution of the three major economic sectors, Agriculture, Hunting, Forestry, and Fishing (AHFF), Industry, and Services.

Components

The GRDP includes regional estimates on the three major sectors including their sub-sectors namely:

Agriculture, Hunting, Forestry and Fishing (AHFF)

  • Agriculture
  • Fishing

Industry Sector

  • Mining and Quarrying
  • Manufacturing
  • Construction
  • Electricity, Gas and Water Supply (EGWS)

Service Sector

  • Transport, Storage and Communication (TSC)
  • Trade and Repair of Motor Vehicles, Motorcycles,
  • Personal and Household Goods
  • Financial Intermediation (FI)
  • Real Estate, Renting and Business Activity (RERBA)
  • Public Administration and Defense; Compulsory Social Security (PAD)
  • Other Services (OS)