Cagayan Valley’s domestic economy grew significantly by 7.2 percent in 2006, outpacing the other 16 regions in the country. It rebounded from the slowest growth of negative 4.3 percent in 2005 as a result of the strong performance of the agriculture, fishery and forestry (AFF) sector, which accounted for more than half of the region’s economy.

The top five fastest growing economies in 2006 also included the National Capital Region (NCR) and Northern Mindanao with 6.8 percent growth each, SOCCSKSARGEN, 6.7 percent and Ilocos with 6.2 percent. On the other hand, Zamboanga Peninsula posted the lowest growth at 2.1 percent.

Out of the 17 regions in the country, 11 registered accelerated growths with Cagayan Valley  posting an 11.5 percentage points increase followed by SOCCSKSARGEN (4.4 percentage points) and Cordillera (2.8 percentage points). Five regions posted decelerated growths with Zamboanga Peninsula experiencing the biggest reduction by 4.8 percentage points. Meanwhile, Western Visayas’ economy maintained its growth of 4.9 percent..

NCR continued to account for the bulk of the country’s economy with a 32.5 percent share of the national GDP, followed by CALABARZON with 12.3 percent and Central Luzon with 8.4 percent. NCR likewise contributed the biggest share of 2.2 percentage points to the total GDP growth of 5.4 percent in 2006. This was followed by CALABARZON which contributed 0.6 percentage point and Central Luzon, Western Visayas and Central Visayas with contributions of 0.4 percentage point each.

Among the major island groups, Mindanao consisting of six regions, collectively grew by 5.2 percent in 2006, an acceleration from its 4.2 percent growth in 2005. Its share to the national economy stood still at 17.7 percent while its contribution to growth increased from 0.7 percentage point to 0.9 percentage point in 2006.  Luzon’s (excluding NCR) aggregate economic growth increased to 4.5 percent in 2006 from 2.8. percent in 2005. It contributed 33.4 percent to the national GDP and 1.5 percentage points to GDP growth. On the other hand, Visayas’ contribution to the economy was maintained at 16.5 percent. Its aggregate economic growth decreased to 4.9 percent in 2006 from 5.1 percent in 2005. Meanwhile, the contribution to overall GDP growth of Visayas remained the same at 0.8 percentage point.

Per capita GRDP was highest in NCR at P37,855, a 5.3 percent improvement over its 2005 level of P35,945. This was followed by the Cordillera Administrative Region (CAR) with P18,171 and Northern Mindanao with P15,628.  On the other hand, ARMM registered the lowest per capita GRDP at P3,486.

NCR also posted the highest per capita index relative to the national average with 257.9, followed by CAR with 123.8, and Northern Mindanao with 106.5. All other regions posted indexes lower than the national average, with ARMM registering the lowest at 23.8.

The gross regional domestic product (GRDP) measures the goods and services produced in each of the geo-political regions of the country.  It provides for an analysis of the regional distribution of the country’s gross domestic product (GDP), the industries and factors that contribute to the regional economies, and the pace at which these economies are moving on an annual basis. The GRDP is compiled on an annual basis by the National Statistical Coordination Board.

Copies of the 2006 GRDP are available for sale at the National Statistical Information Center (NSIC) located at the Ground Floor, Midland Buendia Building, 403 Senator Gil Puyat Avenue, Makati City. For subscription and inquiries, please contact the NSIC at telephone numbered (632) 895-2767 or e-mail info@nscb.gov.ph

ROMULO  A. VIROLA
Secretary General                                                            

Contact Persons:

Candido J. Astrologo, Jr. / Ma. Fe. M. Talento
Tel. No.: (+6 32) 890-8456; (+6 32) 896-5372
E-mail:  cj.astrologo@nscb.gov.ph; mfm.talento@nscb.gov.ph