Thursday, April 25, 2019
The economy of Davao Region posted an 8.6 percent growth, the second fastest growth among all regions in 2018. This was, however, slower than the 10.7 percent growth recorded in the previous year.
Services grew by 8.1 percent in 2018, faster than the 6.9 percent growth in 2017. The top contributor to growth in Services was the Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods, which grew by 7.4 percent. Sub-industries with faster growth include: Public Administration and Defense; Compulsory Social Security, by 12.9 percent from the 6.5 percent; Financial Intermediation, by 10.4 percent from 6.2 percent; Other Services, by 8.3 percent from 3.8 percent; and Transport, Storage and Communication, by 8.1 percent from 7.2 percent in 2017. Meanwhile, Real Estate, Renting and Business Activities grew slower by 6.4 percent growth, from the 6.7 percent growth recorded in the previous year.
Industry posted a 10.9 percent growth, a deceleration from 19.0 percent growth in 2017. All grew at a slower rate, except for Electricity, Gas and Water Supply which accelerated to 18.1 percent, from 3.8 percent in 2017. Construction, the top contributor to the growth of Industry, grew by 18.1 percent as compared with the 37.9 percent expansion in 2017. Mining and Quarrying expanded by 8.3 percent, slower than the 18.2 percent in the previous year. Manufacturing likewise decelerated to 6.4 percent, from 11.4 percent in 2017.
Agriculture, Hunting, Forestry and Fishing (AHFF) recorded a 2.9 percent growth, faster than the 1.7 percent growth in 2017. The growth of the industry was brought by the Agriculture and Forestry which grew by 3.5 percent, from 2.0 percent in 2017. Fishing, on the other hand, further declined by 7.0 percent, from 3.6 percent contraction in 2017.
Services continued to account for the biggest share to the region’s economy at 49.3 percent. Industry followed with a 40.1 percent share; and Agriculture, Hunting, Forestry and Fishing with 10.6 percent share.
Of the 8.6 percent economic growth of the region, Industry contributed the most with 4.3 percentage points followed by Services with 4.0 percentage points. AHFF contributed the least with 0.3 percentage point.
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 2016-2018 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, psa.gov.ph and rsso11.psa.gov.ph. For more inquiries, please contact PSA XI at telephone number (082) 224-1140 or e-mail email@example.com or firstname.lastname@example.org
RUBEN D. ABARO, JR. OIC-Regional Director