Normin Economic Growth Accelerates by 7.0% in 2018

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Thursday, 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.
Services recorded the fastest growth of 8.9 percent in 2018 as all of the sub-industries grew faster during the period. The top contributors to the growth in Services were Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household goods, which grew by 7.4 percent; and Transportation, Storage and Communication, with a double-digit growth of 12.8 percent. Likewise, Other Services grew at a faster rate of 8.9 percent as compared with the growth of 6.1 percent in 2017. Meanwhile, Financial Intermediation grew by 8.7 percent; and Real Estate, Renting and Business Activities by 5.7 percent. Public 
Administration and Defense and Compulsory Social Security also expanded by a double-digit growth of 12.6 percent as compared with the 6.3 percent growth recorded in the previous year. (Table 1)
Industry likewise accelerated to 8.8 percent. Among its sub-industries, Construction grew the fastest at 16.3 percent, faster than the recorded growth of 2.0 percent in the previous year. Mining and Quarrying also expanded at a faster rate of 14.6 percent. Manufacturing also sped up to 6.6 percent, from 5.5 percent growth posted in the previous year. On the other hand, Electricity, Gas and Water Supply managed to grow by 4.4 percent, slower than the 13.8 percent growth in 2017. (Table 1)
Agriculture, Hunting, Forestry and Fishing grew at a slower pace of 0.4 percent in 2018, from 4.7 percent growth recorded in the previous year. Agriculture and Forestry posted a decelerated growth of 0.8 percent, from the 5.7 percent growth in the previous year. Fishing declined further by 1.9 percent. (Table 1)
Structure of the Regional Economy
The economy of Region 10 is predominantly services-based. Services accounted for  44.1 percent of the region’s economy, followed by Industry at 35.6 percent and AHFF at  20.3 percent.  The percent shares of Services and Industry to the total economy of the region increased while AHFF decreased. (Table 2)
Among the sub-industries, the three biggest sub-industries in 2018 were the following: Manufacturing which accounted for 20.1 percent, followed by Agriculture and Forestry accounting 17.9 percent and Trade and Repair which accounted for 15.9 percent. (Table 2)
Contribution to GRDP Growth
The 7.0 growth rate of Northern Mindanao was contributed mostly by Services with 3.8 percentage points, followed by Industry with 3.1 percentage points. AHFF contributed the least with 0.1 percentage point.
Among the sub-industries, the top three contributors to the region’s economic growth were: Construction with a contribution of 1.5 percentage points, Manufacturing with 1.3 percentage point contribution, and Trade and Repair contributing 1.1 percentage points. (Table 3)
Region 10 vis-à-vis Other Regions
Region 10 was the ninth fastest growing regional economy in the Philippines in 2018. Its ranking was one rank higher from its ranking in the previous year. It was one of the twelve regional economies which posted a growth rate higher than the national growth rate of      6.2 percent. It was also one of the eight regions which posted accelerated growth rate in 2018. (Table 4)
In terms of percentage share to the Philippine economy, Northern Mindanao had the seventh biggest share of 3.8 percent. In other words, Region 10 was the seventh biggest regional economy in 2018. (Figure 2)
In terms of contribution to the GDP growth, Northern Mindanao was the sixth biggest contributor to the GDP growth, contributing 0.3 percentage point to the total GDP growth of 6.2 percent. (Table 5)
Northern Mindanao’s per capita GRDP in 2018 was PhP 70,000. It was the seventh highest per capita GRDP among the 17 regions. Region 10’s per capita index with reference to the national average was registered at 81.0 indicating that the region’s per capita GRDP is 19.0% lower than the PhP 86,370 national per capita GDP. (Table 6)
(Chief Statistical Specialist)
For more inquiries, you may contact:
Statistical Operations & Coordination Division
Philippine Statistics Authority
Regional Statistical Service Office 10
2nd Floor, Bldg 4, Pride Rock Business Park,
Gusa Highway, Cagayan de Oro City
Telefax: (088) 856-4778



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