The Gross Domestic Product (GDP) of Romblon is estimated at 25.6 billion pesos in 2020. It posted a decline of -9.5 percent, a decline from the 0.7 percent growth rate recorded in the previous year. The GDP provides a comprehensive measure of economic activity. It measures the value of all final goods and services produced within the economy in a given period of time.
Among major industries, the economy of Romblon is driven by Services, which accounted for more than half of the province’s total economic output with an annual average share of 58.3 percent from 2018 to 2020. It was followed by Industry with 25.2 percent share, and Agriculture, Forestry and Fishing (AFF) at 16.5 percent share.
Services expanded by 5.8 percent, and AFF grew by 1.6 percent in 2019. However, they suffered declines in the following year at -7.3 percent and at -5.2 percent, respectively. On the other hand, Industry further declined by 17.3 percent in 2020, from its -10.1 percent growth rate in the previous year.
In 2019, almost all industries posted positive growths. Wholesale and retail trade; repair of motorcycles, which comprised the biggest share of the province’s economy, contributed the most with 10.1 percent. Meanwhile, Information and communication recorded the fastest growth, with 16.1 percent. This was followed by Human health and social work activities, with 15.7 percent. On the other hand, industries that posted contractions were: Construction, at -20.4 percent; Transportation and storage, at -6.8 percent; and Mining and quarrying, at -3.8 percent.
In 2020, the main contributors that pulled down the industry growth rates were: Construction, at -29.1 percent; Accommodation and food service activities, at -38.3 percent; and Transportation and Storage, at -23.4 percent.
Romblon is the fifth contributor among the five provinces and one highly urbanized city (HUC) in MIMAROPA region, with an average share of 7.3 percent from 2018 to 2020.
The Philippine Statistics Authority (PSA) which was 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 of the identified pilot provinces and HUCs. The Province of Romblon is one of the pilot provinces for PPA in 2021.
For full report, statistical tables, and visuals on the PPA Romblon releases, please visit our website at www.rssomimaropa.gov.ph/romblon or the PSA Romblon Provincial Office with address and contact details below:
2/F Navarette Bldg., Brgy. 2, Romblon, Romblon 5500
Email: psaromblon@yahoo.com
Mobile number: 09398760734
(SGD) ENGR. JOHNNY F. SOLIS
Chief Statistical Specialist
