Regional Accounts

Regional Accounts Release

Central Visayas economy posts 5.1 percent growth in 2017

Release Date: 26 April 2018
Reference Number: 2018-PR07-004
2017 GRDP Central Visayas

Central Visayas GRDP grows by 5.1 percent in 2017
 
The Gross Regional Domestic Product (GRDP) of Central Visayas posted a  5.1 percent growth in 2017. The main drivers of growth for 2017 are Agriculture and Forestry, Public Administration and Defense; Compulsory Social Security (PAD), Real Estate, Renting and Business Activities (RERBA), and Financial Intermediation. 
 
Among the economic sectors, Agriculture, Hunting, Forestry and Fishing (AHFF) had the fastest growth at 7.0 percent, which recovered from negative 0.2 percent in 2016.  Services grew by 6.3 percent, higher than the growth in 2016 with 6.0 percent. On the other hand, Industry expanded at a slower pace with 3.0 percent growth in 2017 compared with 14.1 percent in 2016. 
 
Service sector remains the top contributor to Central Visayas GRDP
 
Services sustained the largest share in the region’s economy accounting to 56.3 percent in 2017. It contributed to the region’s total growth rate with 3.5 percentage points. 
 
Services, which remained as the main driver of the economy, expanded by 6.3 percent in 2017 from 6.0 percent in 2016. Public Administration and Defense (PAD) accelerated to 8.4 percent in 2017 from 7.7 percent in 2016. Other sectors that accelerated were: Real Estate, Renting and Business Activities (RERBA) with 7.9 percent, Financial Intermediation (FI) with 7.7 percent, and Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods (Trade) with 5.2 percent. On the other hand, the growth of Other Services and Transportation, Storage and Communication (TSC) slowed down to 5.8 percent in 2017 from 7.7 percent in 2016 and to 5.2 percent in 2017 from 5.3 percent in 2016, respectively. 
 
Industry decelerates
 
The total Industry, which had a share of 38.2 percent in the total 2017 GRDP, contributed  1.2 percentage points to the total GRDP growth.  
 
Industry decelerated to 3.0 percent in 2017 from 14.1 percent in 2016.  Manufacturing grew at a slower pace to 5.5 percent in 2017 from 6.0 percent in 2016. Meanwhile, Construction plunged to negative 0.9 percent in 2017. Mining and quarrying also suffered a decline by   5.5 percent. Electricity, Gas and Water Supply (EGWS) contracted by 0.9 percent in 2017. 
 
Agriculture, Hunting, Forestry and Fishing (AHFF) grows the fastest 
 
The AHFF sector, which had a share of 5.5 percent to the 2017 GRDP, rebounded to 7.0 percent growth in 2017 from negative 0.2 percent in 2016. Agriculture and Forestry posted the highest growth at 9.6 percent in 2017, a turnaround from a negative 1.0 percent in 2016.  Meanwhile, Fishing contracted from 4.7 percent in 2016 to a negative 8.5 percent in 2017. 
 
Real per capita GRDP of Central Visayas recorded at 71,677 
 
The average real per capita GRDP of the Central Visayas increased by 3.4 percent or to 71,677 pesos in 2017 from 69,315 pesos in 2016. 
 
The country’s per capita GRDP increased to 82,592 pesos in 2017 from 78,676 pesos posted in 2016. National Capital Region (NCR) posted the highest per capita GRDP at 244,453 pesos, nearly three times the national average and is 5.0 percent higher than its per capita GRDP in 2016.  Aside from NCR, two other regions, CALABARZON and CAR likewise had per capita GRDP higher the national average at 99,328 pesos and 83,044 pesos, respectively.  Meanwhile, ARMM had the lowest per capita GRDP among the regions at 13,989 pesos. 
 
 
 
(SGD) ARIEL E. FLORENDO
Regional Director