MIMAROPA’s economy grows at a slower pace in 2019
The Gross Regional Domestic Product (GRDP) of MIMAROPA grew at a slower pace by 3.9 percent in 2019 compared with the 8.6 percent growth in 2018. The main drivers for growth in 2019 are electricity, steam, water and waste management; wholesale and retail trade; repair of motor vehicles and motorcycles; and financial and insurance activities.
Performance of the Economy, MIMAROPA Region, 2017 to 2019 At Constant 2018 Prices, in Billion Pesos
Among the major sectors, Services posted the highest growth rate at 6.0 percent which is a slowed down from the 8.8 percent in 2018. Six of its eleven sub-industries registered accelerated growth in 2019 which included Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles; Human Health and Social Work Activities; Information and Communication; Professional and Business Services; Real Estate and Ownership of Dwellings; and Other Services.
Agriculture, forestry and fishing accelerated to 4.7 percent in 2019 from 0.9 percent in 2018. Industry slowed down to 0.9 percent in 2019 from 12.5 percent in 2018 due to reversal of growth in Construction to negative 10.3 percent from 27.2 percent in 2018; and Mining and Quarrying (MAQ) to negative 1.3 percent from 5.2 percent in the previous year.
Services remained the largest contributor to the growth of MIMAROPA’s economy, as it contributed 2.7 percentage points to the region’s economic growth in 2019. Agriculture, forestry and fishing, followed with 0.9 percentage point contribution while Industry accounted to 0.3 percentage point.
(SGD)LENI R. RIOFLORIDO