The economy of the region posted a growth of 6.3 percent in 2021, a rebound from a decline of 5.3 percent in the previous year. The 2021 Gross Regional Domestic Product (GRDP) of PhP 872.9 billion was higher than the pre-pandemic GRDP level of PhP 867.4 billion in 2019. The 6.3 percent economic growth translated to an economic gain of PhP 51.5 billion, enough to recover from the economic loss of PhP 46.0 billion in 2020. The main drivers of growth were: Wholesale and retail trade which grew by 4.9 percent, Manufacturing which expanded by 8.2 percent, and Agriculture, forestry, and fishing recording an expansion of 3.8 percent (Table 1). Region X was the sixth fast-growing regional economy in 2021.
Services, which accounted for 53.1 percent of Northern Mindanao’s economy in 2021, grew by 6.2 percent in 2021. Among the Service industries, Human health and social work activities recorded the fastest increase at 20.6 percent, followed by Accommodation and food service activities with 16.3 percent growth, and Education which grew by 9.9 percent. (Table 1)
Industry, which had the second largest share of 25.7 percent to the region’s economy, grew the fastest at 8.7 percent. Mining and quarrying posted the fastest growth under Industry at 17.8 percent, followed by Construction at 10.7 percent. (Table 1)
Agriculture, forestry, and fishing (AFF), sharing 21.3 percent of the region’s economy, also expanded by 3.8 percent. (Table 1)
Structure of the Regional Economy
The economy of the region is predominantly Services-based. Services accounted for 53.1 percent to the regional economy, followed by Industry accounting for 25.7 percent, and AFF with 21.3 percent share (Table 1).
Among the industries, the three largest industries in 2021 were the following: Wholesale and retail trade; repair of motor vehicles and motorcycles with a share of 26.5 percent, followed by AFF accounting for of 21.3 percent to the region’s economy, and Manufacturing sharing 13.1 percent. (Table 1)
Per Capita GRDP
The GRDP value accounted for each person in the region is described by the per capita GRDP. Region X per capita GRDP increased by 5.1 percent in 2021 translating to a value of PhP 172,022. The 2021 GRDP per capita value was still lower by 1.7 percent than the 2019 GRDP per capita of PhP 175,018.
Region X vis-à-vis Other Regions
Region X was one of the nine regions which posted faster economic growth than the national growth rate of 5.7 percent. The 6.3 percent growth of the region was the sixth fastest growth recorded following that of Caraga (7.2%), Central Luzon (7.4%), CAR (7.5%), BARMM (7.5%), and CALABARZON (7.6%). (Figure 1)
In terms of share to the total GDP, Northern Mindanao remained as the 7th biggest regional economy with a share of 4.7 percent to the total Philippine economy. (Figure 2)
In terms of contribution to Philippine GDP growth, Northern Mindanao was the fifth biggest contributor of 0.29 percentage point to the total GDP growth of 5.7 percent. (Table 2)
At the industry level, Region X was top contributor to growth in the following industries:
- 2nd biggest contributor to the growth of Agriculture, forestry and fishing, contributing 0.38 percentage point;
- 3rd biggest contribution of 0.43 percentage point to the 4.5 percent growth in Electricity, steam, water, and waste management;
- 3rd biggest contributor of 0.86 percentage point to the 7.2 percent growth in Accommodation and food service activities;
- 4th biggest contribution of 0.34 percentage point to the Manufacturing growth of 8.8 percent; and
- 4th biggest contributor of 0.33 percentage point to the 4.2 percent growth in Wholesale and retail trade. (Table 2)
In terms of per capita GRDP, Region X posted the 2nd highest per capita GRDP at PhP 172,022, next to NCR. The region was also one of the three regions with per capita GRDP higher than the national average of PhP 168,224. The other two regions were NCR and CAR. The region’s per capita GRDP was 2.3 percent higher than the national per capita GRDP. On the other hand, the region ranked 6th in terms of per capita GRDP growth rate. The region’s per capita growth rate of 5.1 percent was also faster than the national per capita GRDP growth rate of 4.3 percent. (Table 3)
(Sgd.) JANITH C. AVES, CE, DM
(Chief Statistical Specialist)