Cagayan de Oro City posted a 9.6 percent growth last year (2021) as the city’s economy rebounded from an 8.8 percent decline in 2020 caused by the pandemic. In fact, all provinces and highly urbanized cities in Northern Mindanao posted positive growths in 2021 based on figures released by the Philippine Statistics Authority (PSA).
As shown below, the city’s 9.6% growth is the fastest in the region. In 2021, the Gross City Domestic Product (GCDP) of the City is valued at PhP 239.25 billion from the 2020 level of PhP 218.3 billion. The GCPD level in 2021 is slightly lower than the 2019 pre-pandemic level valued at PhP 239.27 billion.
The PSA reported that the main contributors to the 2021 GCPD growth were: Wholesale and retail trade; repair of motor vehicles and motorcycle with 3.4 percentage points, Manufacturing with 2.3 percentage points, and Accommodation and food service activities, and Financial and insurance activities both with 0.6 percentage point contribution.
Major economic industries, namely: Agriculture, forestry and fishing, Industry, and Services all posted positive growths in 2021 with 2.3 percent, 12.9 percent, and 8.7 percent, respectively.
Overall, the regional economy of Northern Mindanao rebounded this year, posting a growth rate of 6.3 percent in 2021 from a 5.3 percent decline in 2020. The top drivers to the 2021 economic recovery of Region X were: City of Cagayan de Oro, which posted a growth of 9.6 percent; Bukidnon, which accelerated to 6.4 percent; and Misamis Oriental, recording a growth of 4.0 percent.
More details at http://rsso10.psa.gov.ph/ppa
