2018 Gross Regional Domestic Product
2018 Gross Regional Domestic Product
Davao Region’s economy posts 8.6 percent growth in 2018
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 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 the6.7 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 region’s GRDP was estimated at 400.8 BILLION PESOS in 2018 from about 369.1 BILLION in 2017.
At Constant 2000 Prices, the Philippine economy decelerated to 6.2 percent in 2018 from the revised 6.7 percent in 2017. Davao Region’s economy, followed the same trend, from 10.7 percent in 2017, to 8.6
In the last 7 years, the economy of Davao Region continued to grow with 2017 as the highest at 10.7 percent.
Distribution by Industry and Sub-industry
Services accounted for 49.3 percent to the total economy of the region in 2018. Out of the region’s total Services, Trade and Repair accounted for 37.7 percent. Other Services (OS) accounted for 17.6 percent; Real Estate, Renting and Business Activities (RERBA), 14.7 percent; Financial Intermediation (FIN), 10.3 percent; while Public Administration & Defense; Compulsory Social Security (PAD) contributed the least with 4.8 percent.
Meanwhile, Industry shared 40.1 percent to the total economy of the region. Manufacturing (MFG) accounted for 57.1 percent of the region’s Industry output; Construction (CONS), 36.2 percent; Electricity, Gas and Water Supply (EGWS), 4.1 percent; and Mining and Quarrying (MAQ), 2.6 percent.
AHFF, on the other hand, shared the least to the total economy of Region XI with 10.6 percent. Out of the region’s total AHFF output in 2018, Agriculture and Forestry.
Contribution to growth by Industry
Industry contributed the biggest share to the region’s economic growth in 2018 with 4.3 percentage points. Services contributed 4.0 percentage points, while AHFF shared 0.3 percentage point.
Of all the sub-industries, Construction contributed the biggest to the growth with 2.4 percentage points
Per Capita GRDP
The per capita GRDP of Davao region stood at 76,378 pesos in 2018, an increase of 6.6 percent it registered the previous year. While, the per capita index of the region is 88.4 to the national average, indicating that the region’s per capita GRDP is 11.6 percent lower than the national average.
Gross Regional Domestic Product (GRDP) measures the economic performance of a region. It covers the value of goods and services produced in the region in a given period of time. Per Capita GRDP is the total GRDP levels divided by the total population to construe how much each individual contributes to the regional economy.
Performance of Davao Region vis-à-vis other Regions
All the regions in the country posted positive growth rates.
Bicol Region posted the highest growth at 8.9 percent, while, MIMAROPA and Davao Region tied at the second rank with 8.6 percent growth each. Following is Central Visayas at 7.6 percent GRDP growth rate.
Twelve (12) out of 17 regions, including Davao Region, posted higher growth rates than the national growth rate of 6.2 percent in 2018.
Share to Total GDP
The above figure shows the percent share of the regions in 2018 to the total GDP at constant 2000 prices. NCR topped the rank with 36.0 percent contribution, CALABARZON and Central Luzon came in next with 17.0 percent and 9.8 percent share, respectively.
Davao Region ranked 5th with 4.4 percent contribution to the country’s total GDP, making it the biggest economy among the regions in Mindanao.
Structure of the Regional Economies
Examining the structure of the Regional Economies, ARMM is the only region that is predominantly agricultural-based in 2018 while three regions are predominantly industrial, these are Cordillera Administrative Region, Central Luzon, and CALABARZON.
Davao Region is predominantly services-based along with other 12 regions, namely: NCR, Western Visayas, Bicol Region, Central Visayas, Cagayan Valley, Ilocos Region, Caraga, MIMAROPA, Eastern Visayas, Zamboanga Peninsula, Northern Mindanao and SOCCSKSARGEN.
