Davao Region Posts 2nd highest
economic growth in Mindanao
(PR-200604-R11-04, Posted 12 July 2006)
Davao Region, at 5.0
percent gross regional domestic product (GRDP) growth, ranked as the second
highest growing economy among the regions in Mindanao, next to
Zamboanga Peninsula with a 7.2 percent GRDP growth. The region contributed
26.1 percent to the aggregate GDP of Mindanao, second to that of the
Northern Mindanao Region at 27.1 percentage share.
The 5.0 percent growth of
Davao Region in 2005 was a slowdown from the 6.5 percent growth achieved in
2004. The accelerated growth of the industry sector in Davao Region at 8.1
percent cushioned the sluggish growth in agriculture, fishery and forestry (AFF)
and the slowdown in the services sector in 2005, at 2.7 percent and 4.2
percent, respectively.
AFF, which accounted for
27.3 percent of the region’s economy, grew by 2.7 percent in 2005 from 7.2
percent in 2004. This was brought about by the slowdown in palay, coconut
and sugarcane production. Fishery also slowed down due to the negative
growth in aquaculture fishing. The sudden drop in forestry subsector from
48.0 percent growth in 2004 to negative 1.4 percent in 2005 contributed to
the slow growth of AFF.
The industry sector, which
accounted for 32.0 percent of the region’s economy, accelerated from 4.6
percent growth in 2004 to 8.1 percent growth in 2005. This was brought
about by the growth in all subsectors. The growth of mining and quarrying
surged by 7.9 percent in 2005 from negative 8.4 percent in 2004. This was
mainly due to the impressive growth in gold mining production.
Manufacturing accelerated from 7.5 percent in 2004 to 9.3 percent in 2005.
With the increase in sales of electric power, electricity and water
substantially increased by 8.9 percent in 2005. Construction slowed down
from 6.5 percent to 5.3 percent in 2005 brought about by the sluggish growth
in private construction.
The services sector, with
a 40.7 percent share of the region’s economy, decelerated from 7.5 percent
in 2004 to 4.2 percent in 2005. All the subsectors of services except
finance and government services slowed down in 2005. TCS decelerated from
17.3 percent in 2004 to 7.4 percent in 2005. This was due to the decline in
the growth of air and water transport subsectors. Trade slowed down from 7.4
percent in 2004 to 4.3 percent in 2005 mainly because of the decelerated
growth in retail trade. Private services decelerated to 3.5 percent because
of the slow growth in all of its subsectors, particularly the education,
medical, and hotel and restaurant services. Meanwhile, ODRE slowed down to
2.7 percent in 2005 as a result of the slow growth in residential building
construction.
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 2003-2005 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
Contact
Person:
Ms.
ESTRELLA R. TURINGAN
Regional Head, NSCB-RD
XI
Tel. No.: +6382 227 6213
Email: nscbrd11@yahoo.com.ph /
nscbrd11@pldtdsl.net
Davao Region posts a 5.0 percent GRDP growth in 2005 |
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