Industry spurs Davao Region's
economy in 2007
(PR-200807-R11-05,
Posted 29 July 2008)
Davao Region’s economy showed a stronger performance as it posted a 6.7
percent growth in 2007. The region’s growth from 4.3 percent in 2006 was
primarily due to the remarkable increase in industry.
The services sector,
with a 41.6 percent share in the region’s economy, decelerated from 6.4
percent in 2006 to 5.9 percent in 2007. This was due to the slowdowns in
trade, government services and ownership of dwelling and real estate (ODRE)
sectors with a minimal growth in finance. TCS slightly grew by 5.6 percent
in 2007 from 5.0 percent in 2006. This was brought about by the sluggish
performance of land and water transports. Trade decelerated from 6.7
percent in 2006 to 5.9 percent in 2007 mainly because of the slower growth
in retail trade. Finance slightly grew by 9.5 percent in 2007 from 9.3
percent in 2006 due to minimal growth in bank and non-bank revenues.
Private services posted an accelerated growth of 8.7 percent in 2007 from
4.9 percent in 2006 due to the increase in medical, business and recreation
subsectors. ODRE recorded a slower growth of 4.6 percent in 2007 from 10.0
percent in 2006 as a result of lower real estate activities. Government
services slowed down from 2.5 percent in 2006 to 2.2 percent growth in
2007.
Industry,
which comprised 32.5 percent of the region’s economy, expanded from 2.8
percent in 2006 to an impressive 11.9 percent in 2007. This was brought
about by the recovery of mining and quarrying and electricity and water
subsectors and the improvements in manufacturing and construction subsectors.
Mining and quarrying rebounded to 9.6 percent in 2007 from negative 20.5
percent in 2006. The impressive performance of the sector was attributed to
the increased gold production, which accounted for the bulk of the total
mining industry of the region. Manufacturing inched up slightly to 5.8
percent from 5.4 percent the previous year due to the minimal growth in the
region’s food manufacturing sector. Construction accelerated from 11.5
percent in 2006 to an impressive growth of 29.1 percent in 2007.
Electricity and water turned around from a negative 0.6 percent growth in
2006 to a 5.0 percent growth in 2007 brought about by the increased sales of
electricity and good performance of the water subsector.
AFF, which
accounted for 26.0 percent of the region’s economy, slowed down to a 2.1
percent growth in 2007 from 3.0 percent in 2006. This was affected by the
decelerated growth in corn and banana production and a decline in palay and
poultry production.
The 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 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 (NSCB).
Copies of
the 2005-2007 GRDP are available for sale at the National Statistical
Information Center (NSIC) XI located at the NSCB – RD11 Office, second floor
Amparo Bldg, J.P. Laurel Ave., Bajada, Davao City. For subscription and
inquiries, please contact the NSIC XI at telephone number 227-6213 or e-mail
nscbrd11@yahoo.com.ph
Ms.
ESTRELLA R. TURINGAN
Head, NSCB RDXI
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