Davao Region’s economy posts 7.0 percent growth in 2019

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Wednesday, November 25, 2020
The economy of Davao Region posted a 7.0 percent growth in 2019, slower as compared with the 7.2 percent growth in 2018.  The main drivers for growth in 2019 are Wholesale and retail trade; repair of motor vehicles and motorcycles with 12.0 percent; Construction with 26.6 percent; Financial and insurance activities with 13.1 percent; and Transportation and storage with 7.4 percent.
Services continued to account for the biggest share to the region’s economy at 58.5 percent. Industry followed with a 26.1 percent share; and Agriculture, forestry and fishing with 15.5 percent share. 
While accounting for about 4.6 percent of the country’s total economy, Davao Region contributed a 0.3 percentage point to the 6.0 percent economic growth of the country in 2019.
Davao Region’s expenditure decelerates in 2019
In 2019, Household final consumption expenditure grew by 5.7 percent, slower than the 7.1 percent growth registered in 2018. Likewise, gross capital formation and government spending slowed down by 5.2 percent and 9.6 percent, respectively, during the period. Both expenditure items registered double-digit growths in 2018.
On the other hand, gross fixed capital formation accelerated by 24.4 percent in 2019, faster than the 21.2 percent registered in 2018.
Total exports of goods and services to the Rest of the world (ROW) grew by 8.5 percent in 2019. On the other hand, Total imports of goods and services from ROW declined by 4.0 percent.
Real per capita Household final consumption expenditure (HFCE) grew by 4.1 percent in 2019. The real per capita HFCE in the region was recorded at PhP 113,691 in 2019, lower than the national level which amounted to Php 130,743.
Copies of the 2017-2019 GRDP and GRDE 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, www.psa.gov.ph and rsso11.psa.gov.ph. For more inquiries, please contact PSA XI at telephone number (082) 224-1140 or e-mail psaregion11@yahoo.com.ph or psaxi_socd@yahoo.com