2017 Gross Regional Domestic Product
2017 Gross Regional Domestic Product
The economy of Davao Region registered a double-digit growth in 2017 with 10.9 percent in 2017, an acceleration from the revised 9.5 percent growth in 2016. The region’s GRDP was estimated at 370.0 BILLION PESOS in 2017 from about 333.4 BILLION in 2016.
In the last 4 years, the economy of Davao Region continued to grow with 2017 as the highest at 10.9 percent.
The Philippine economy decelerated to 6.7 percent in 2017 from the revised 6.9 percent in 2016. Davao Region’s economy, on the other hand, accelerated to 10.9 percent in 2017, from 9.5 percent in 2016.
Industry posted higher growth of 19.1 percent on account to the improved performance of Construction and Mining and Quarrying. Construction sector accelerated to 38.2 percent, from 24.0 percent in 2016. Mining and Quarrying grew by 18.2 percent, from 15.7 percent the previous year. Manufacturing also posted slight improvement as it grew by 11.4 percent, from 11.3 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 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 & Business Activities, by 6.8 percent; Financial Intermediation, by 6.2 percent; and Public Administration & Defense; Compulsory Social Security, by 5.6 percent.
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.
Service sector accounted for 49.6 percent to the total economy in the region; while Industry sector shared 39.2 percent; and AHFF accounted for 11.2 percent.
By sub-sector;
• Out of the region’s total AHFF output in 2017, Agriculture and Forestry accounted 95.0 percent. While, Fishing accounted the remaining 5.0 percent.
• Manufacturing accounted for 59.5 percent of the region’s Industry output; Construction, 34.0 percent; Electricity, Gas and Water, 3.8 percent; and Mining and Quarrying, 2.7 percent.
• In 2017, Trade and Repair accounted for 37.8 percent of the region’s Service output. Other Services accounted for 17.9 percent; Real Estate, Renting and Business Activities for 14.9 percent; Financial Intermediation, 10.0 percent; while Public Administration & Defense; Compulsory Social Security contributed the least with 4.6 percent share.
The Industry sector contributed the biggest share to the region’s economic growth in 2017 at 7.0 percentage points. Meanwhile, Service sector and AHFF shared 3.8 and 0.2 percentage points, respectively to the total region’s growth.
Per capita GRDP is the total GRDP levels divided by the total population to construe how much each individual contributes to the regional economy.The per capita GRDP of Davao region stood at 71,762 pesos in 2017, an increase of 8.9 percent it registered the previous year. While, the per capita index of the region is 86.9 to the national average, indicating that the region’s per capita GRDP is 13.1 percent lower than the national average.
CAR (Cordillera Administrative Region) and Davao Region, both registered a double-digit GRDP growth rates. CAR posted the highest at 12.1 percent, while, Region XI followed at 10.9 percent. Following is Region 3 (Central Luzon) at 9.3 percent GRDP growth rate.
Examining the structure of the Regional Economies.
Four regions are predominantly industrial, these are Cordillera Administrative Region, Central Luzon, CALABARZON and Eastern Visayas while ARMM is predominantly agricultural-based.
In 2017, Davao Region is among the 12 regions that are predominantly services-based.
Among the 17 regions, NCR posted the highest per capita GRDP of P244,453, followed by Region 4-A (CALABARZON) at P99,328.
Davao Region ranked 5th among the 17 regions with highest per capita GRDP. At P71,762.
In summary, Davao Region is the SECOND fastest growing economy in 2017 with 10.9 percent growth rate.
Among the 17 regions, Davao Region stands as the 5th biggest economy in the country, and the biggest among Mindanao regions