Normin Economy Up by 5.9% in 2017

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Thursday, 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.
Services posted the highest growth rate among the three main industries at 6.6 percent.  Such growth, however, was slower than the growth recorded by Services in the previous year at 8.3 percent. Industry, likewise, expanded by 5.9 percent in 2017, a deceleration by 3.9 percentage points from its growth of 9.8 percent in the previous year. Meanwhile, AHFF grew at a faster rate, that is, from 2.4 percent in 2016 to 4.7 percent in 2017. (Table 1)
Services grew by 6.6 percent in 2017, lower than the 8.3 percent growth in the previous year. Three of its sub-industries posted decelerated growths namely: Trade, Financial Intermediation and Other Services. Trade, which accounted for the biggest share in the total output of Services, expanded at a slower rate of 5.9 percent as compared with the growth of    10.4 percent in the previous year. Financial Intermediation also decelerated to 7.6 percent from the 11.0 percent growth in 2016. Other Services expansion was also slower in 2017 with a recorded rate of expansion of 8.0 percent from 8.7 percent growth in 2016.  On the other hand, there were also sub-industries which posted accelerated growths. TSC accelerated to 7.5 percent from 6.1 percent; RERBA by 5.1 percent from 5.0 percent and PAD by 5.4 percent from 4.8 percent growth. (Table 1)
Industry also expanded at a slower rate of 5.9 percent compared with the 9.8 percent growth in the previous year. All of its subsectors except EGWS showed decelerated growths. Manufacturing, which accounted the biggest chunk of the total output in the Industry sector, grew by 5.5 percent compared with the 5.9 percent growth in the previous year. Mining & Quarrying also decelerated to 10.5 percent growth from 16.0 percent growth in the previous year. Construction also grew by 2.2 percent in 2017, slower than its growth in 2016 at 27.2 percent. EGWS, on the other hand, rebounded from the recorded decline in 2016 of 1.2 percent to 13.8 percent growth in 2017. (Table 1)
Meanwhile, AHFF increased at a faster rate of 4.7 percent compared with the 2.4 percent growth in the previous year. Agriculture and forestry accelerated its growth to 5.7 percent from the         2.2 percent growth in the previous year. Fishing, on the other hand, posted a decline by              1.6 percent, compared with the recorded growth of 4.0 percent in the previous year.  This was driven by the decline in tiger prawn and seaweed production. (Table 1)

Structure of the Regional Economy

The economy of Region 10 is predominantly services-based. Services accounted for      43.4 percent of the region’s total output, followed by Industry at 35.0 percent and AHFF at 21.6 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 2017 were the following: Manufacturing which accounted for 20.1 percent of the total economic output of the region, followed by Agriculture and Forestry accounting 18.9 percent and Trade which accounted for     15.8 percent. (Table 2)

Contribution to GRDP Growth

Services was the largest contributor to the economic growth of Northern Mindanao in 2017 contributing 2.8 percentage points to the total 5.9 percent economic growth. Industry and AHFF contributed 2.1 and 1.0 percentage point, respectively. 
Among the sub-industries, the top three contributors to the region’s economic growth were: Manufacturing and Agriculture and Forestry with 1.1 percentage points and Trade with 0.9 percentage point. (Table 3)

Region 10 vis-à-vis Other Regions

Region 10 was the eleventh fastest growing regional economy in the Philippines in 2017. Its ranking was five ranks lower than its ranking in 2016. It was one of the nine regional economies which posted a growth rate lower than the national growth rate at 6.7 percent. It was also one of the eight regions which posted decelerated growth rate in 2017. (Table 4)
In terms of percentage share in the Philippine economy, Northern Mindanao had the seventh biggest share of 3.7 percent. In other words, Region 10 was the seventh biggest regional economy in 2017. (Figure 2)
Northern Mindanao’s per capita GRDP in 2017 was PhP 66,499. It was the eighth highest per capita GRDP among the 17 regions. Region 10’s per capita index with reference to the national average was registered at 80.5 percent indicating that the region’s per capita GRDP is 19.5% lower than the PhP 82,592 national per capita GDP. (Table 5)
Regional Director
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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