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in 2002, Western Visayas attained an impressive growth of 5.0 percent, making it the fifth largest contributor to the total GDP of the country? 

 

     The economic performance of Western Visayas was marked by significant improvement as it posted a 5.0 percent growth, higher by 1.4 percentage points from its 2001 growth of 3.6 percent.  The result of the 2002 Gross Regional Domestic Product released by the National Statistical Coordination Board (NSCB) revealed that Western Visayas was the fifth largest contributor to the total GDP of the country. 

    
The Service Sector, accounting for 45.1 percent of the region’s economy, surpassed its performance a year ago as it registered a 7.3 percent growth. Trade, contributing the largest share of 21.5 percent to the total growth of the sector, accelerated to 8.7 percent, higher by 5.0 percentage points over its 2001 growth.  Transport, Communication and Storage (TCS), on the other hand, posted a double digit growth of 12.2 percent. The notable increase can be attributed to the expansion in land transport and increased volume of export and domestic cargo both in air and water.

 GROSS REGIONAL DOMESTIC PRODUCT BY INDUSTRIAL ORIGIN
 
Western Visayas: 2000-2002
 
Growth Rates at Constant Prices 
INDUSTRY/YEAR 00-01 01-02
I. AGRI.,FISHERY,FORESTRY

4.9

2.2
     a. Agriculture & Fishery

4.9

2.2
     b. Forestry 4.6 (39.9)
II. Industry Sector 1.6 4.3
     a. Mining and Quarrying (9.0) 1.9
     b. Manufacturing 4.3 5.2
     c. Construction 0.4 3.0
     d. Electricity & Water 1.6 4.6
III. Service Sector 3.8 7.3
     a. Transport., Comm., & Storage 8.4 12.2
     b. Trade 3.7 8.7
     c. Finance 1.2 3.9
     d. O. Dwellings & Real Estate (0.2) 4.0
     e. Private Services 5.0 5.1
     f. Government Service 4.6 4.0
GROSS DOMESTIC PRODUCT 3.6 5.0
Source: Economic Statistics Office, NSCB

     Meanwhile the Industry Sector, which accounts for 25.8 percent of the total region’s economy accelerated to 4.3 percent from its 1.6 percent growth in 2001.  The improvement of the Industry Sector was brought about by the good performance of Manufacturing, the major player of the sector contributing 61.5 percent to the total industry, and the more than doubled Electricity & Water’s growth of 4.6 percent. Construction also improved by 3.0 percent growth in the same year. Mining and Quarrying rebounded from its negative growth of 9.0 percent in 2001 to a positive 1.9 percent expansion in 2002.

      Agriculture, Fishery and Forestry (AFF), which contributed 29.1 percent of the regional economy, grew by 2.2 percent. Crop production boosted the region’s economy, except for banana, which posted a negative growth. All major crops had positive growths as favored by climatic conditions and absences of pests and diseases. However, Livestock and Poultry, which accounted for 19.1 percent of the total Agri. Sector, posted a negative growth of 36.6 percent.  Aquaculture, on the other hand, covered up the slump in commercial and municipal fishing.    

     Among the 16 regions, four (4) regions showed decelerating growths while 12 regions exhibited faster growths as they surpassed their performances last year.  Western Visayas was the fifth largest contributor region (7.1 percent) to the country’s GDP after NCR (30.6 percent); Southern Tagalog (15.6 percent); Central Luzon (9.0 percent); and Central Visayas (7.2 percent) in 2002.

      

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