Ilocos region economy grows by 7.6% in 2022

INQUIRER FILES

LAOAG CITY, Ilocos Norte — Ilocos region’s economy grew by 7.6 percent in 2022 as it was driven mainly by increased performance in services, industry, and agriculture, the Philippine Statistics Authority (PSA) said recently.

In a statement on April 28, the PSA said the service sector exhibited the “fastest growth among the major industries” in the region at 5.1 percent.

For services, accommodation and food delivered the highest growth at 39 percent. Wholesale and retail trade, repair of motor vehicles, and motorcycles also registered the biggest contribution to regional economic growth at 1.54 percentage points, the PSA said.

PSA Ilocos director lawyer Sheila de Guzman said the region’s economy exhibited a rebound from the pandemic, having even surpassed pre-pandemic figures.

The Ilocos region’s economic growth in 2022 accounted for P654.9 billion, compared to P606 billion in 2021, the PSA added.

“The per capita Gross Regional Domestic Product (GRDP) of Ilocos Region in 2022 was 122,333 pesos, higher than the 2021 amount of 114,548,” according to the PSA report, with Ilocos region ranking 8th in terms of per capita GRDP among the 17 regions in the country.

Aside from services, industry, and agriculture also contributed to the economic growth of the region at 2.2 and 0.3 percent, respectively, the PSA said. INQ

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