The economy of the Province of Cebu is driven by the following industries: Manufacturing with 17.6 percent, Wholesale and retail trade, repair of motor vehicles and motorcycles with 13.7 percent, Real estate and ownership of dwellings, and Professional and business services with 11.5 percent based on the 2018 to 2020 annual average share. In 2019, the economy of the province grew by 4.7 percent but declined by 8.9 percent in 2020.
Of the 6.2 percent economic growth registered in Central Visayas for 2019, the Province of Cebu ranked second, accounting for 1.5 percentage points of the total regional economy. Meanwhile in 2020, the Province of Cebu contributed -2.7 percentage points to the -9.9 percent of Central Visayas.
The Philippine Statistics Authority (PSA) established through Republic Act No. 10625 or The Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and subnational level. At the provincial level, the Provincial Product Accounts (PPA) is the tool to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.
Starting this year, the PSA will be releasing annually the provincial level economic performances following the identified pilot provinces and HUCs. The Province of Cebu is one of the pilot provinces for PPA in 2021.
For full report, statistical tables, and visuals on the PPA releases, please visit our website at http://rsso07.psa.gov.ph/cebu or at the PSA Regional or PSA Provincial Offices with contact details below: