An aerial view of Cebu City. CDN Digital photo | Brian J. Ochoa
The Philippine Statistics Authority in Central Visayas , in its latest Provincial Product Accounts report, said the island province’s economy had begun to rebound starting last year. State statisticians recorded a growth of 6.9 percent in Cebu City’s economy for the entire year of 2021 after its Gross City Domestic Product reached P266 billion. It was a rebound from the -10.8 percent decline PSA-7 noted in 2020.
Like its neighbor, Mandaue suffered a decline in its economic growth in 2020, largely due to the COVID-19 pandemic, which reached -12.1 percent.Cebu Province, Lapu-Lapu CityPSA-7 noted that the province posted a growth of 5.4 percent in 2021, a rebound from the contraction of 8.2 percent in 2020.