Economic Performance of Central Visayas grows by 8.8 percent in 2016

Reference Number: 

2017-SR07-001

Release Date: 

22 December 2017

The economy of Central Visayas accelerated to 8.8 percent in 2016, higher than the 4.9 percent growth recorded in 2015. The continued growth was attributed to the upsurge in Industry.

 

 

Services remained to account for the largest share in the region’s economic output with 55.5 percent. Industry followed at 39.1 percent and Agriculture, Hunting. Forestry and Fishing (AHFF) at 5.4 percent.
 
 
Economic Performance by Industry
 
Industry posted a 14.6 percent growth as Construction rebounded to a 40.4 percent growth from a decline of 13.0 percent in 2015. Manufacturing and Electricity, Gas and Water Supply (EGWS) likewise accelerated by 5.9 percent and 7.7 percent, respectively. Mining and Quarrying (MAQ) also increased but at a slower rate of 1.0 percent from its growth of 3.0 percent in the previous year.
 
 
All subsectors in Services expanded in 2016 and pushed the growth by 5.9 percent. This is, however, slower compared with the 8.7 percent in the previous year. Subsectors with slower growth were: Transportation, Storage and Communication (TSC) with 5.1 percent; Trade and Repair of Motor Vehicle, Motorcycle, Personal and Household Goods (Trade) with 4.6 percent; Financial Intermediation (FI) with 3.8 percent; and Other Services (OS) with 8.1 percent. On the other hand, Public Administration and Defense, Compulsory Social Security (PAD) accelerated to 7.9 percent while Real Estate, Renting and Business Activities (RERBA) maintained its pace at 7.1 percent.
 
On the other hand, AHFF contracted by 0.6 percent due to the 1.4 percent decline in Agriculture and Forestry. In contrast, Fishing rebounded by 4.4 percent from a decline of 0.7 percent in 2015.
 
Overall Contribution to the total Central Visayas’ Economic Growth 
 
Of the overall 8.8 percent growth of the region, Industry contributed 5.4 percentage points while Services shared 3.4 percentage points. AHFF, however, pulled down the growth by 0.04 percentage point.
 
 
Central Visayas’ Economic contribution to the Philippine Economy
 
Central Visayas remains at the top four contributing regions with 0.56 percentage point to the total 6.9 percent growth of the Philippine Economy in 2016. 
 
NCR was the top contributor to the national growth at 2.72 percentage points followed by Central Luzon, 0.88 percentage points and CALABARZON with 0.82 percentage point
 
 
Per Capita GRDP
 
The average real per capita GRDP of Central Visayas increased from 64,846 pesos in 2015 to 69,390 pesos in 2016 or by 7.0 PERCENT. 
 
 
NCR ranked first with 232,837 pesos per capita GRDP followed by CALABARZON with 94,826 pesos and CAR with 75,279 pesos. 
 
In 2016, Eastern Visayas posted the highest per capita GRDP growth rate at 10.3 percent followed by Central Luzon with 7.9 percent and Davao Region with 7.3 percent. 
 

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