Monday, June 17, 2024

Creative economy grew by 12% in 2022, says PSA

The local creative economy increased by 12.1 percent to P1.6 trillion in 2022 from P1.43 trillion in 2021, contributing 7.3 percent to the Philippine gross domestic product (GDP).

Photo from Freepik.com

The Philippine Statistics Authority (PSA) said the creative economy is composed of audio and audio-visual media, digital interactive goods and services, advertising, artistic services, symbols and images, media publishing and printing activities, music, arts and entertainment, visual arts, traditional cultural expression, art galleries, conventions, and trade shows.

Of the creative industries, symbols and images and other related activities had the highest share of 32.9 percent or P528.35 billion to the total creative economy in 2022, up by 10 percent from the P480.41 billion value of the creative economy in 2021.

Advertising, research and development, and other artistic service activities contributed 20.8 percent, while digital interactive goods and service activities shared 20.3 percent in 2022.

There were 6.98 million Filipinos employed in creative industries in 2022 up by 10.5 percent from 6.32 million persons in 2021.

Employment in traditional cultural expression activities recorded the highest share in 2022 at 42.5 percent followed by symbols and images (24.8%) and advertising, research and development, and other artistic service activities.

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