The ocean economy grew by 21.1 percent in 2022, posting a gross value added of P 857.74 billion from P708.10 billion in 2021, the Philippine Statistics Authority said Wednesday.
It also accounted for 3.9 percent of the gross domestic product at current prices in 2022.
Data showed that in terms of growth rates, the top three industries were coastal accommodation and food and beverage services activities (248.3 percent), coastal recreation (161.7 percent) and Offshore and coastal mining and quarrying (56.3 percent).
Among the industries, ocean fishing accounted for the largest share of 31.5 percent of the total ocean economy. This was followed by manufacture of ocean-based products (21.6 percent), sea-based transportation and storage (14.6 percent) and ocean-based power generation, transmission and distribution (11.3 percent).
The number of persons employed in ocean-based industries reached 2.22 million in 2022, up by 10.9 percent from 2.01 million in 2021. This also accounted for 4.7 percent of the total employment in the country in 2022. Ocean fishing accounted for 51.4 percent of the total ocean-based employment.
