MALASIQUI: Pangasinan province’s economy grew by 7.4 percent in 2022, or a total value of PHP352.9 billion in gross domestic product (GDP), according to the Philippine Statistics Authority (PSA).
In a statement Monday, PSA Pangasinan chief statistician Edgar Norberte said the province’s three major industries and their contributions to the Ilocos Region’s economy are agriculture, forestry, and fishing at 61.4 percent; industry, 52 percent; and services, 52.6 percent.
Overall, all four provinces in Ilocos Region grew in 2022, with Ilocos Norte posting the fastest growth of 8.7 percent, followed by La Union at 7.7 percent.
Ilocos Sur followed Pangasinan at 7.1 percent.
Pangasinan’s industries with the biggest shares in the economy were agriculture, forestry, and fishing at 19 percent; wholesale and retail trade and repair of motor vehicles and motorcycles, 17.1 percent; construction, 11.5 percent; and manufacturing, 11.3 percent.
‘Collectively, these four industries already accounted for more than half of
Pangasinan’s economy in 2022,’ he said.
Norberte said the per capita GDP of Pangasinan was valued at PHP111,451 in 2022, lower than the regional per capita of PHP122,333.
Among the four economies in the region, the province of Pangasinan had the lowest recorded per capita GDP, while Ilocos Norte has the highest per capita GDP of PHP150,150.
GDP per capita is defined as the sum of gross value added by all resident producers in the economy plus any product taxes (less subsidies) not included in the valuation of output, divided by midyear population.
Nonetheless, Pangasinan has the highest share in the Gross Regional Domestic Product of the Ilocos Region at PHP654.87 billion. It shared 53.9 percent of the total GRDP in 2022.
Source: Philippines News Agency
