Davao Region’s economy expands by 10.9 percent in 2017

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Thursday, April 26, 2018
The economy of Davao Region grew by 10.9 percent in 2017, the second fastest growth among the 17 regions in the country. The growth was higher than the 9.5 percent growth recorded in 2016.
Services continued to account for the biggest share to the region’s economy at 49.6 percent. Industry followed with a 39.2 percent share; and Agriculture, Hunting, Forestry and Fishing (AHFF) with 11.2 percent share. The percentage share of the Industry sector to the total economy of the region increased, while Service sector and Agriculture, Hunting, Forestry and Fishing shares declined. 
Industry posted a 19.1 percent growth on account to the improved performance of Construction and Manufacturing. Construction accelerated to 38.2 percent, from 24.0 percent in 2016. Manufacturing likewise grew by 11.4 percent, from 11.3 percent in 2016. Mining and Quarrying grew by 18.2 percent, from 15.7 percent in the previous year. Meanwhile, Electricity, Gas and Water Supply decelerated to 3.8 percent from 43.5 percent in 2016.  
Services grew by 7.3 percent in 2017, slower than the 8.0 percent growth recorded in 2016. All subsectors grew and contributed positively to the growth: Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods, grew by 8.8 percent; Other Services, grew by 6.0 percent; Transportation, Storage and Communication, by 7.1 percent; Real Estate, Renting and Business Activities, by 6.8 percent; Financial Intermediation, by 6.2 percent; and Public Administration and Defense; Compulsory Social Security, by 5.6 p
AHFF rebounded to 1.7 percent, from its 1.3 percent decline in 2016. The sector’s growth was brought about by the Agriculture and Forestry which rebounded to 1.9 percent, from its 1.4 percent decline the previous year. Fishing further declined to 3.6 percent, from 0.6 percent contraction in 2016. 
The Industry sector contributed the biggest share to the region’s economic growth in 2017 at 7.0 percentage points. Meanwhile, Service sector and Agriculture, Hunting, Forestry and Fishing shared 3.8 percentage points and 0.2 percentage point, respectively to the total region’s growth.   
The Gross Regional Domestic Product (GRDP) measures the goods and services produced in each of the geo-political regions of the country. It provides for an analysis of the regional distribution of the country’s GDP, the industries and factors that contribute to the regional economies, and the pace at which these economies are moving on an annual basis. The GRDP is compiled on an annual basis by the Philippine Statistics Authority (PSA).
Copies of the 2015-2017 GRDP are available for sale at the PSA XI Office, located at Ango Bldg., JP Cabaguio Ave., Davao City. The publication can also be downloaded at PSA website, http://psa.gov.ph and http://rsso11.psa.gov.ph. For more inquiries, please contact PSA XI at telephone number (082) 221-8338 or e-mail psaregion11@yahoo.com.ph or psaxi_socd@yahoo.com