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Officials expect, plan for continued ZamPen economic slowdown in 2021
Philippine Information Agency
07 May 2021, 16:38 GMT+10
ZAMBOANGA CITY, May 7 (PIA) - The Region s economy declined significantly in 2020 due to the pandemic, and this trend is expected to continue in 2021.
According to Philippine Statistics Authority (PSA) Regional Director Mewchun Pamaran, the regional economy declined 5.2 percent in 2020, as compared to 2019. She said major industries that were affected include agriculture, forestry & fisheries, industries including construction and manufacturing, and services including transportation, accommodation, real estate, education and information and communications.
PSA data indicates that employment rate also dropped from 96.3 percent before the pandemic to 90.1 percent by the end of 2020. Demand for meat has also declined due to the partial or full closure of restaurants. Moreover, household consumption declined by 6 percent.