Contact Person: Irenea B. Ubungen Tel. No.: (072) 888 2160/700 3035 E-mail: nscbrd1@digitelone.com
PR-200607-RO1-04
3
PRESS RELEASE
July 17, 2006
Ilocos is Fourth Fastest
Growing Region in 2005
The
economy of the Ilocos Region recorded a 6.0 percent growth in 2005, the fourth highest among the 17 regions of the country,
outpacing its 5.4 percent growth in 2004.
The region contributed 0.2
percentage point to the 5.0 percent growth of the country’s Gross Domestic
Product in 2005, same as its contribution the previous year.
Region
1 is one of the five regions of the country which posted accelerated growths in
2005. The faster growth of Region 1 was largely due to the robust performance
of agriculture, fishery and forestry (AFF) which contributed 3.3 percentage
points to the region’s growth.
AFF,
which comprised 42.8 percent of the regional output, registered a higher 7.9
percent growth as compared to its 5.2 percent growth the previous year. The
remarkable performance of fisheries, which was attributed to increased
aquaculture production, combined with the significant growth of palay and the
sustained growth of other crops, fueled
the growth of AFF.
The services sector, which contributed 43.1 percent
to the region’s economy, recorded a slower growth from 5.7 percent in 2004 to
4.7 percent in 2005 on account of the slowdown of three of its subsectors.
Trade, although it decelerated to 5.7 percent from 9.5 percent a year ago,
remained the biggest contributor to the sector. Ownership of dwellings and real estate grew at a faster rate of
4.9 percent from 2.8 percent in 2004 due to the increased volume of real estate
transactions. Finance, on the other
hand, increased from 4.7 percent to 5.1 percent as the performance of the
banking subsector improved. Transportation, communication and storage recorded
the fastest growth at 6.7 percent while private services increased by 3.3
percent. Government services posted a
minimal growth of 1.0 percent as the government continued to implement
austerity measures. The services sector shared 2.1 percentage point to the growth
of the region.
Industry
registered a slightly lower 4.2 percent growth from 5.2 percent the past year
due to the deceleration of all its subsectors, except construction which was
also the biggest contributor to the sector.
The improved growth of construction from 3.3 percent to 4.9 percent was
propelled by the increase in public construction. Meanwhile, manufacturing, electricity and water, and mining and
quarrying grew at 3.8 percent, 3.0 percent and 1.7 percent, respectively.
The
region’s per capita GRDP increased by 3.8 percent, from P 7,442 in 2004 to P 7,727 in 2005. Meanwhile,
the average prices of goods and services produced in the region in 2005
increased by 4.7 percent as compared to 2004.
The
top five fastest growing regions in 2005 included Zamboaga Peninsula, with 7.2 percent growth; National Capital Region, with 7.1 percent; MIMAROPA, with 6.5 percent;
and Ilocos Region and Eastern Visayas,
with 6.0 percent each.
The GRDP measures the goods and
services produced by the various industries within the region. It is compiled
on an annual basis by the National Statistical Coordination Board (NSCB).
IRENEA B. UBUNGEN
Head, NSCB Regional Division I