GRDP

Davao Region’s economy improved in 2004 with a 6.9 percent growth of the gross regional domestic product (GRDP), which was higher than the 4.7 percent registered in 2003. All the major sectors posted remarkable performances.

Agriculture, fishery, and forestry, which accounted for 26.8 percent of the region’s economy, grew by 7.6 percent from its 5.5 percent growth in 2003. Corn, banana and sugarcane production posted the most substantial increases while fishery expanded due to increased production of cultured ponds. Forestry on the other hand, decelerated to 16.4 percent from 30.4 percent in 2003.

Services, which contributed 42.2 percent to the GRDP, accelerated from 6.0 percent in 2003 to 7.6 percent in 2004. This was brought about by the positive developments in all but the finance subsectors. TCS surges ahead with a strong 17.3 percent growth, a remarkable follow-through to its 7.1 increase percent in the previous year mainly due to increased volume of telephone subscribers. The entry of new key players in the wholesale and retail industry, especially the increase in the number of convenience stores, further boosted trading activities to 7.4 percent from 6.9 percent a year ago.

Industries, which accounted for 31.0 percent of the region’s economy, registered a 5.4 percent growth from 2.4 percent in 2003. This was brought about by increases in the manufacturing and construction industries. The infusion of foreign and domestic investments in seaweed processing industry, wood chips factory, and construction materials industry contributed to the steady growth of the manufacturing subsector. Construction, on the other hand, rebounded from a 15.2 percent contraction in 2003 to 10.8 percent growth with increased private construction activities and completion of major public construction projects.

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