Regional Accounts

Latest Releases in Gross Regional Domestic Expenditure

NorMin Export of Goods and Services Recovers in 2022

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Release Date: April 27, 2023

Northern Mindanao’s exports of goods and services to Rest of the World rebounded from a decline of 4.9 percent in 2021 to 18.2 percent growth in 2022. All major expenditure items recorded an increase in 2022 with imports of goods and services from Rest of the World posting the fastest with 29.8 percent. Gross capital formation grew by 10.0 percent, Household final consumption expenditure, 8.4 percent; and Government final consumption expenditure, 3.9 percent.

 

Northern Mindanao, Growth Rates by Expenditure Item: 2021 - 2022

Imports of Goods and Services Record the Largest Spending Increase of 17.0% in 2021

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Release Date: April 28, 2022

With the recorded increase in Northern Mindanao’s GRDP, all major expenditure items recorded an increase in 2021 except exports of goods and services which declined by 4.9 percent. Imports of goods and services had the largest increase of 17.0 percent, followed by investment spending or gross capital formation with a recorded increase of 7.5 percent.  

 

Northern Mindanao Still Records the Highest Expansion of Government Spending in 2020

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Release Date: April 29, 2021

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.

Northern Mindanao Records the Highest Expansion of Government Spending in 2019

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Release Date: November 20, 2020

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 Records the Highest Growth of 19.2% in Government Spending in 2019

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Release Date: October 22, 2020

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

Normin Economy Up by 5.9% in 2017

Reference Number: PSAX-SR-2018-07 Release Date: 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.
 
 

Northern Mindanao’s Economy Posts 5.9 Percent Growth in 2017

Reference Number: PSAX-PR-2018-02 Release Date: April 26, 2018
 
The economy of Northern Mindanao posted a 5.9 percent growth in 2017, slower as compared with the 7.5 percent growth recorded in 2016. Among the major economic sectors, Services had the fastest growth at 6.6 percent, lower than previous year’s growth of 8.3 percent. Industry decelerated to 5.9 percent compared with the 9.8 percent growth in 2016. Agriculture, Hunting, Forestry and Fishing grew by 4.7 percent, faster than 2.4 percent growth in the previous year.
 

Normin Economic Growth Accelerates by 7.0% in 2018

Reference Number: PSAX-SR-2019-06 Release Date: 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.
 
 

Region X Economy Grows Faster by 7.0% in 2018

Reference Number: PSAX-PR-2019-03 Release Date: 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.
 
Among the three major economic industries, Services remained to have the largest share of the region’s economy with 44.1 percent, followed by Industry with 35.6 percent and Agriculture, Hunting, Forestry and Fishing with 20.3 percent. 
 

NorMin Economy Grows at a Slower Pace in 2019 by 5.9%

Reference Number: PSAX-PR-2020-07 Release Date: October 22, 2020

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.

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

Reference Number: PSAX-SR-2020-29 Release Date: 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)

Normin Economy Loses PhP 44.9-B in 2020

Reference Number: PSAX-SR-2021-06 Release Date: April 29, 2021

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.

Normin Economy Recovers as It Gains PhP 51.5-B in 2021

Reference Number: PSAX-PR-2022-07 Release Date: April 28, 2022

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... Read more..

NorMin Economy Rebounds by 6.3% in 2021

Reference Number: PSAX-SR-2022-12 Release Date: April 28, 2022

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.

Northern Mindanao Posts Faster Economic Growth of 7.2 percent in 2022

Reference Number: PSAX-PR-2023-08 Release Date: April 27, 2023

The economy of the region posted an expansion of 7.2 percent, faster than the recorded economic growth of 6.3 percent in 2021. The 7.2 percent economic growth translated to an increase of PhP 62.49 billion in the Gross Domestic Product of the region. Industries with the highest growth rates were: Accommodation and food service activities which grew by 35.2 percent; Transportation and storage with 21.6 percent; and Other services, 10.7 percent.

 

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