The Service sector, which held the biggest share in the region’s output at 43.1 percent, grew at an accelerated rate of 6.1 percent from 2.7 percent in 2006. All subsectors of the industry contributed to the growth paced by Private Services which accounted for a third of the 2.7 percentage point share of Services to the total GRDP growth. Growth in the Transportation, Communication and Storage subsector slightly decelerated from 5.8 percent in 2006 to 5.7 percent in 2007. The downtrend in land transportation accounted for the slight slow down. Trade, on the other hand accelerated from 2.2 percent in the previous year to 5.5 percent in 2007. The performance of Financial Services remained strong growing by 15.5 percent, 0.4 percentage point faster than the rate recorded in 2006. From a slump in 2006, the Ownership of Dwelling and Real Estate subsector turned around with a 3.8 percent growth. Private Services, on the other hand grew at a faster 9.8 percent pace from the 3.8 percent rate in 2006. Increased tourist inflows and private schools enrolment boosted the subsector’s performance. Government services improved to 3.4 percent from 2.3 percent in 2006.

Agriculture, Fishery and Forestry showed signs of recovery with a 2.3 percent growth, an improvement from the flat growth in 2006. Improved outputs of cereal grains and sustained performance of the fisheries sector outweighed the lingering effects of the previous typhoons on commercial crops like coconut, abaca and sugarcane. AFF comprised 31.6 percent of the regional economy.

Industry outpaced other sectors with an 18.5 percent growth, dwarfing its 2006 performance. The sector contributed a hefty 4.3 percentage points to 7.7 percent growth of the regional economy. Mining and Quarrying kept its pace, growing by 21.6 percent on account of increased gold output and production of copper. Increased infrastructure spending due to typhoon rehabilitation efforts resulted in a 68.1 percent growth in the Construction subsector. Buoyed by improved performance of the food and beverage manufactures, the Manufacturing subsector recorded an accelerated 4.4 percent growth from 2.2 percent the previous year. Electricity and Water on the other hand continued its slump with a negative 10.3 percent growth due to the rehabilitation of the region’s power generating plants. The share of the Industry sector improved from 23.0 percent in 2006 to 25.3 percent in 2007.

Per Capita GRDP of the Bicol Region was estimated at P 7,067.00 at constant 1985 prices. Although it grew by 5.6 percent from the 2006 level, Bicol Region’s per capita GRDP remains the third lowest among regions of the country.

Source: National Statistical Coordination Board

Date Posted: July 28, 2008