The economy of the region declined by 5.2 percent in 2020 which translated to an economic loss of PhP 44.9 billion. The Gross Regional Domestic Product (GRDP) of the region was reduced to PhP 822.6 billion in 2020 from its recorded GRDP of PhP 867.4 billion in the previous year. The main drivers of the economic contraction were: Construction recording a decline of 21.7 percent; Wholesale and retail trade, repair of motor vehicles and motorcycles with 5.7 percent decline; and Transportation and storage which reduced by 39.5 percent.
Gross Regional Domestic Product
Latest Releases in Gross Regional Domestic Product
Reference Number: PSAX-SR-2021-06
Release Date: April 29, 2021
Release Date: April 29, 2021
Normin Economy Loses PhP 44.9-B in 2020
Reference Number: PSAX-SR-2020-29
Release Date: November 20, 2020
Release Date: November 20, 2020
The economy of Region X grew by 5.9 percent in 2019. This was slower as compared to the 7.1 percent growth recorded in the previous year. The main drivers for growth in 2019 are Wholesale and retail trade, repair of motor vehicles and motorcycles (contribution of 1.9 percentage points), Construction (contribution of 0.7 percentage point), and Education with a contribution of 0.6 percentage point. (Table 1)
Region X Economy Expands at a Slower Rate by 5.9% in 2019
Reference Number: PSAX-PR-2020-07
Release Date: October 22, 2020
Release Date: October 22, 2020
The economy of Region 10 expanded at a slower pace by 5.9 percent in 2019 as compared with the recorded growth in the previous year of 7.1 percent. The slower growth was due to the slowdown in Manufacturing, Construction and Transportation and Storage.
NorMin Economy Grows at a Slower Pace in 2019 by 5.9%
Reference Number: PSAX-SR-2019-06
Release Date: April 25, 2019
Release Date: April 25, 2019
The economy of Northern Mindanao grew by 7.0 percent in 2018. This expansion was faster than the recorded economic growth of 5.8 percent in 2017. The acceleration was driven by Industry and Services.
Normin Economic Growth Accelerates by 7.0% in 2018
Reference Number: PSAX-PR-2019-03
Release Date: April 25, 2019
Release Date: April 25, 2019
The economy of Northern Mindanao grew by 7.0 percent in 2018. This expansion was faster than the recorded economic growth of 5.8 percent in 2017. The acceleration was driven by Industry and Services.
Among the three major economic industries, Services remained to have the largest share of the region’s economy with 44.1 percent, followed by Industry with 35.6 percent and Agriculture, Hunting, Forestry and Fishing with 20.3 percent.
Region X Economy Grows Faster by 7.0% in 2018
Reference Number: PSAX-SR-2018-07
Release Date: April 26, 2018
Release Date: April 26, 2018
Northern Mindanao’s economy expanded by 5.9 percent in 2017. This rate of expansion was slower by 1.6 percentage points from its recorded growth of 7.5 percent in 2016. The decceleration was due to the slowdown in the Industry and Services.
Normin Economy Up by 5.9% in 2017
Reference Number: PSAX-PR-2018-02
Release Date: April 26, 2018
Release Date: April 26, 2018
The economy of Northern Mindanao posted a 5.9 percent growth in 2017, slower as compared with the 7.5 percent growth recorded in 2016. Among the major economic sectors, Services had the fastest growth at 6.6 percent, lower than previous year’s growth of 8.3 percent. Industry decelerated to 5.9 percent compared with the 9.8 percent growth in 2016. Agriculture, Hunting, Forestry and Fishing grew by 4.7 percent, faster than 2.4 percent growth in the previous year.
Northern Mindanao’s Economy Posts 5.9 Percent Growth in 2017
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