NSCB - Press Release - Northern Mindanao’s economy records fastest growth in 2008

Northern Mindanao’s economy records fastest growth in 2008
(PR-200907-SnSO-01, Posted 22 July 2009)

Northern Mindanao’s economy posted the fastest growth rate among the country’s 17 regions at 5.3 percent in 2008, albeit a slowdown from its 7.7 percent growth in 2007. The region’s robust performance was fueled by the 10.7 percent expansion of its agriculture, fishery and forestry sector which had a 31.2 percent share of the region’s output.

The top five fastest growing regions in 2008 also included the National Capital Region (NCR) with a 4.9 percent growth, SOCCSKSARGEN with 4.6 percent, Western Visayas with 4.4 percent, and Bicol with 4.3 percent. On the other hand, Cordillera Administrative Region (CAR) registered the slowest growth at 1.8 percent in 2008, a deceleration from 7.1 percent in 2007.

In 2008, 16 of the 17 regions posted decelerated growths as follows: NCR (7.8 percent to 4.9 percent), CAR (7.1 percent to 1.8 percent), Cagayan Valley (6.4 percent to 2.0 percent), Central Luzon (5.9 percent to 3.8 percent), CALABARZON (5.3 percent to 2.0 percent), MIMAROPA (9.8 percent to 3.1 percent), Bicol (7.5 percent to 4.3 percent), Western Visayas (7.7 percent to 4.4 percent), Central Visayas (8.6 percent to 3.4 percent), Zamboanga Peninsula (7.2 percent to 2.2 percent), Northern Mindanao (7.7 percent to 5.3 percent), Davao Region (6.6 percent to 3.7 percent), SOCCSKSARGEN (6.7 percent to 4.6 percent), ARMM (5.4 percent to 1.9 percent), and Caraga (7.7 percent to 3.2 percent). Only Eastern Visayas recorded an accelerated growth from 3.1 percent in 2007 to 3.6 percent in 2008.

NCR continued to increase its share to the country’s total output with a 33.0 percent share in 2008 – up from 32.7 in 2007 and 32.5 in 2006. It is followed by CALABARZON with 11.9 percent and Central Luzon with 8.3 percent. On the other hand, ARMM has the lowest percentage share of only 0.9 percent of the country’s GDP.

NCR, likewise, contributed 1.6 percentage points to the national GDP growth which stood at 3.8 percent in 2008, albeit 0.9 percentage point lower than its 2007 contribution of 2.5 percent. This was followed by Central Luzon, Western Visayas, and Northern Mindanao, each contributing 0.3 percentage point. ARMM and Caraga, on the other hand, have the least contribution with less than 0.1 percent.

The economies of all the major island groups (Luzon – excluding NCR, Visayas and Mindanao) recorded decelerations from 2007 to 2008. Luzon’s economy slowed down from 6.2 percent to 2.7 percent while that of Mindanao decelerated from 7.0 percent to 4.0 percent. Meanwhile, the economy of the Visayas island group recorded the biggest deceleration, from 7.5 percent to 3.8 percent or by 3.7 percentage points.

The Luzon island group with seven regions excluding the NCR, contributed nearly a third (32.7 percent) of the country’s GDP in 2008 – the largest share among the island groups. However, its percentage share has continuously declined from 33.3 percent in 2006 and 33.1 percent in 2007. The Visayas island group, consisting of three regions, sustained its 16.5 percent share between 2006 and 2008 while the Mindanao island group, composed of six regions, kept its share of 17.7 percent for the same period.

In terms of contribution to growth of the country’s GDP, the Luzon island group accounted for 0.9 percentage point while the Mindanao island group added 0.7 percentage point and the Visayas island group chipped in the remaining 0.6 percentage point.

NCR continued to register the highest real per capita GRDP, increasing by 3.4 percent from PhP40,241 in 2007 to PhP41,624 in 2008. NCR’s level is almost three times the national per capita GDP of PhP15,686. Besides NCR, only CAR and Northern Mindanao have higher real per capita GRDP than the national average at PhP19,043 and PhP17,050, respectively. On the other hand, ARMM posted the lowest real per capita GRDP at PhP3,572. Meanwhile, only three regions - CAR, CALABARZON and ARMM, posted a decline in their per capita GRDP from 2007 to 2008.

NCR also posted the highest per capita index relative to the national average at 265.4 with CAR at a distant second with 121.4 and Northern Mindanao at third with 108.7. All other regions posted indexes lower than the national average with ARMM recording the lowest at 22.8.

The gross regional domestic product (GRDP) measures the goods and services produced in each of the geopolitical 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. The National Statistical Coordination Board compiles the GRDP on an annual basis.

Copies of the 2006-2008 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 at e-mail address info@nscb.gov.ph.

ROMULO A. VIROLA
Secretary General

Contact Persons:

Mr. Raymundo J. Talento / Mr. Candido J. Astrologo, Jr.
Tel. No.: (+6 32) 8909405 (+6 32) 8952425
E-mail: rj.talento@nscb.gov.ph; cj.astrologo@nscb.gov.ph

Highlights of the 2006-2008 GRDP Report

Regional Accounts Main Page