Economic Growth in Province of Abra.pptx

Abra’s economy is agriculture-based. Its major crops are rice, corn, and root crops. Commercial products are coffee, tobacco, and coconut while the extensive grassland and pasture areas are used for livestock production. Cottage industry is also a major source of livelihood for the people of the province. About 743 cottage industries exist in Abra, of which 208 are registered with the Department of Trade and Industry. About 59% are engaged in bamboo and rattan craft making which are both leading industries in the province.

1. Impacts of Population Growth Economic Growth

2. Economic Growth The production of goods and services in an economy over a period of time.

3. Province of Abra Abra’s economy is agriculture-based. Its major crops are rice, corn, and root crops. Commercial products are coffee, tobacco, and coconut while the extensive grassland and pasture areas are used for livestock production. Cottage industry is also a major source of livelihood for the people of the province. About 743 cottage industries exist in Abra, of which 208 are registered with the Department of Trade and Industry. About 59% are engaged in bamboo and rattan craft making which are both leading industries in the province.

4. Abra is Cordillera’s Fastest-growing Economy in 2021

5. The Province of Abra posted an economic growth of 10.0 percent in 2021, the fastest growth among economies in Cordillera region during the period. Abra’s economic growth was also faster than the regional growth of 7.5 percent in 2021. (Figure 1) With a Gross Provincial Domestic Product (GPDP) valued at PhP 22.5 billion in 2021, the economy of Abra already surpassed its pre-pandemic level after declining by -0.7 percent in 2020. All major industries grew during the period with Industry posting the fastest growth rate of 16.4 percent. Services and Agriculture, forestry and fishing also grew by 7.7 percent and 7.3 percent, respectively.

6. In terms of the distribution of major industries to the total economy of Abra , Services dominated with a 56.8 percent share. Industry shared 29.1 percent, while Agriculture, forestry, and fishing shared 14.1 percent. Moreover, among the 16 highlighted industries, following industries had the biggest shares: Construction, Wholesale, and retail trade; repair of motor vehicles and motorcycles and Agriculture, forestry, and fishing, with shares of 21.6 percent, 17.5 percent, and 14.1 percent, respectively. (Table 1)

7. How Population Growth CAN Contribute to Economic Growth Larger Workforce Increased Demand Innovation and Specialization