With the recorded decline in Northern Mindanao’s GRDP, all major expenditure items recorded declines in 2020 except Government final consumption expenditure (GFCE). Government spending or GFCE increased by 13.0 percent, slower than its recorded growth in the previous year at 18.6 percent. Region X remained to have the fastest increase in government spending since 2019.
Latest Releases in Gross Regional Domestic Expenditure
The economy of the region expanded by 5.9 percent in 2019. At the expenditure side, the region topped in terms of growth rate in government spending at 19.2 percent. Government spending in the region amounted to PhP 94.31 billion in 2019 sharing 3.9 percent to the total government spending in the country.
Region X posted the highest growth in government spending in 2019 among the 17 regions at 19.2 percent, an acceleration from the 11.9 percent growth in the previous year. Government spending in the region amounted to PhP 94.31 billion in 2019 contributing 3.9 percent to the total government spending in the country.
Latest Releases in Gross Regional Domestic Product
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.
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)
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.