Region X Economy Expands at a Slower Rate by 5.9% in 2019

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Friday, 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)

Services recorded the fastest growth of 8.5 percent among the major industries. Public administration and defense; compulsory social activities had the fastest increase of 19.2 percent, followed by Education with an increase of 18.7 percent and Other Services with 13.7 percent. (Table 1)

Industry also grew by 3.8 percent with Construction as the fastest growing sub-industry with a recorded growth of 8.4 percent. On the other hand, Mining and Quarrying suffered a contraction of 12.2 percent. (Table 1)

Agriculture, forestry, and fishing also grew by 1.5 percent. (Table 1)

Structure of the Regional Economy

The economy of the region is predominantly Services-based. Services accounted for 55.4 percent of the total regional economy, followed by Industry accounting for 24.3 percent, and Agriculture, forestry, and fishing with 20.3 percent share. (Table 2)

Among the sub-industries, the three biggest sub-industries in 2019 were the following: Wholesale and retail trade; repair of motor vehicles and motorcycles with a share of 27.0 percent, followed by Agriculture, forestry, and fishing accounting for 20.3 percent, and Manufacturing with a share of 11.0 percent. (Table 2)

Per Capita GRDP

The value of the economic output accounted for each person in the region is described by per capita GRDP. Per capita GRDP in Region X increased by 4.5 percent recording a value of PhP 175,373 in 2019.

Region 10 vis-à-vis Other Regions

Region 10 was the ninth fastest growing regional economy in the Philippines in 2019. It was one of the eleven regional economies which posted a growth rate lower than the national growth rate of 6.0 percent. (Figure 1)

By sub-industry, the region recorded the highest increase in Public administration and defense; compulsory social activities among the 17 regions. Likewise, the region ranked first in terms of growth rate in Professional and Business Services. Moreover, the region recorded the second highest increase in Real Estate and Ownership of Dwellings, and third in Education. (Table 3)

In terms of the percentage share to the Philippine economy, Northern Mindanao had the seventh biggest share to the Philippine economy at 4.5 percent. (Figure 2) Moreover, Region X contributed 0.3 percentage point to the Philippine economic growth of 6.0 percent in 2019, making it the seventh biggest contributor to the GDP growth.

Region X was also one of the 16 regions whose economies are Services-based. In other words, the economy of the region was driven by the Service industries.        (Figure 3)

Moreover, the region had the fifth highest real per capita GRDP among the 17 regions. (Table 4)