BARMM’s Economy Contracts the Least among All Regions in 2020
The economic performance of BARMM dropped by 1.9 percent in 2020 and recorded the lowest decline among all regions. The industries that registered the steepest declines were: Mining and Quarrying; 54.7 percent; Other Services with 54.2 percent; Accommodation and food service activities with 47.9 percent; Construction with 37.5 percent; and Transportation and storage with 20.9 percent.
In terms of contributors to the decline, Transportation and Storage; Mining and Quarrying; and Construction pulled down the most.
Agriculture, Forestry and Fishing (AFF) posted 2.7 percent growth and contributed the most to GRDP growth. In terms of share, Services had the biggest share to the regionâ€™s economy at 39.2 percent.
The industries that contributed positively were: Financial and insurance activities, which grew by 14.8 percent; Human health and social work activities by 11.8 percent; Information and communication by 8.4 percent; Electricity, steam, water and waste management by 6.7 percent; and Public administration and defense; compulsory social activities, which grew by 3.5 percent. However, growth in these industries were weighed down by the impacts of industries that declined during the period.
With the 1.4 percent of the total GDP of the country, BARMM contributed only 0.02 percentage point of the total 9.6 percent contraction in the country's economy in 2020.
BARMM's HFCE and Gross Capital Formation Contribute to the Decline
In the expenditure side, Household Final Consumption Expenditure (HFCE) declined by 6.4 percent while Gross Capital Formation (GCF) declined by 47.2 percent â€“ contributing the most to the decline of BARMM's economy in 2020. However, Government Final Consumption Expenditure (GFCE) recorded an 11.3 percent growth during the period, but this was not enough to offset the decline of other expenditure items.
In 2020, decline of per capita in BARMM was the lowest among all other regions. The region’s per capita GRDP/GRDE was estimated at 51,736 pesos, down by 3.9 percent from the previous year’s record of 53,825 pesos. In addition, the per capita HFCE in the region declined by 8.3 percent at 59,783 pesos. This was 49.6 percent lower than the national average of 118,723 pesos.