Highlights

 

Highlights on the Economic Performance of Regional Economies for 2019

Release Date: 22 October 2020

(Click the link to view region highlights)

REGION:
NCR - National Capital Region
CAR - Cordillera Administrative Region
Region I - Ilocos Region
Region II - Cagayan Valley
Region III - Central Luzon
Region IV-A - CALABARZON
MIMAROPA REGION
Region V - Bicol Region
Region VI - Western Visayas
Region VII - Central Visayas
Region VIII - Eastern Visayas
Region IX - Zamboanga Peninsula
Region X - Northern Mindanao
Region XI - Davao Region
Region XII - SOCCSKSARGEN
Region XIII - Caraga
BARMM - Bangsamoro Autonomous Region in Muslim Mindanao

 

NCR - NATIONAL CAPITAL REGION  [back to top]

NCR’s economy grows in 2019

The economy of NCR grew faster in 2019 with 7.2 percent growth as compared with the 5.6 percent growth in the previous year. Main drivers for the growth are Public administration, compulsory social activities, with 14.5 percent; Construction, with 13.1 percent; and Financial and insurance activities, with 10.5 percent.

Services posted the highest percent share in the regional economy at 80.4 percent, recording a growth of 7.1 percent in 2019.

With 19.6 percent share to the regional economy, Industry accelerated with 7.5 percent growth in 2019 from the 3.1 percent growth in 2018.

Of the 6.0 percent economic growth in the country, NCR remained the top contributor with 2.3 percentage points, accounting for 32.2 percent of the total GDP.

NCR has the biggest household spending in 2019

At the expenditure side, Household final consumption expenditure (HFCE) contributes the highest to the 7.2 percent growth of the region. HFCE grew by 6.5 percent in 2019, faster than the 4.7 percent recorded in 2018. Government final consumption expenditure grew by 10.3 percent during the same period. Meanwhile, Gross capital formation declined by 10.8 percent.

In 2019, gross fixed capital formation decelerated by 5.2 percent, slower than the15.0 percent recorded in 2018.

Total exports of goods and services to ROW recorded a 0.1 percent growth. On the other hand, Total imports of goods and services from ROP declined by 0.7 percent. The region during the period recorded a trade surplus to the rest of the Philippines of Php 2.1 trillion.

NCR’s per capita HFCE grew by 5.1 percent in 2019. This was higher than the recorded growth of 3.2 percent in 2018. The real per capita HFCE in the region is recorded at PhP 239,830 in 2019, higher than PhP 228,147 in 2018.

CAR - CORDILLERA ADMINISTRATIVE REGION  [back to top]

Cordillera’s economy grows at a slower pace in 2019

The economy of Cordillera grew by 4.3 percent in 2019, slower than the 5.7 percent growth during the previous year. Main drivers for growth in 2019 were Financial and insurance activities, with 22.5 percent; Wholesale and retail trade, repair of motor vehicles and motorcycles, with 15.0 percent; and Public Administration and Defense; Compulsory Social Activities with 11.8 percent.

Industry, which contributed 24.1 percent share to the regional economy, declined by 2.5 percent in 2019 compared with the 7.7 percent growth in 2018. This was mainly attributed to the decline observed in Manufacturing and Construction at 4.9 percent and 1.7 percent respectively.

Agriculture, forestry, and fishing rebounded from a 3.5 percent decline to 4.2 percent growth in 2019.

CAR among the least spenders in 2019

The top contributors to growth at the expenditure side were: Household final consumption expenditure (HFCE), 4.9 percent; and Government final consumption expenditure (GFCE), 6.6 percent. However, Gross capital formation pulled down the growth of Cordillera posting a decline of 81.2 percent.

Likewise, gross fixed capital formation declined by 4.1 percent during the period, which was slower than the 14.1 percent growth in 2018.

Total exports of goods and services to ROW grew by 24.0 percent while Total imports of goods and services from ROW tallied a 25.6 percent growth in 2019.

Real per capita HFCE grew by 3.9 percent in 2019. The real per capita HFCE in the region was recorded at PhP 129,728 in 2019, lower than the national level which amounted to Php 130,743.

REGION I - ILOCOS REGION  [back to top]

Ilocos Region’s economy accelerates by 6.9 percent in 2019

The economy of Ilocos Region accelerated to 6.9 percent in 2019 from 5.9 percent in 2018. The main drivers for higher growth in 2019 are Wholesale and retail trade, repair of motor vehicles and motorcycles; Construction; and Financial and insurance activities with 12.2 percent, 12.0 percent, and 13.7 percent growth rate, respectively.

With 17.1 percent share to the regional economy, Wholesale and retail trade, repair of motor vehicles and motorcycles expanded to 12.2 percent growth in 2019 from           4.9 percent growth in 2018.

Of the 6.0 percent economic growth in the country, Ilocos Region contributed  0.2 percentage point while accounting for 3.2 percent of the total GDP.

Ilocos Region records double-digit growth in gross capital formation

Gross capital formation contributed the most with the highest growth of 17.2 percent at the expenditure side. This was followed by Household final consumption expenditure (HFCE) and Government final consumption expenditure (GFCE) which posted 5.1 percent and 7.0 percent growth, respectively.

Gross fixed capital formation decelerated by 11.7 percent in 2019 from 15.0 percent recorded in 2018.

Total exports of goods and services to ROW grew by 9.5 percent in 2019. Similarly, Total imports of goods and services from ROW posted a positive growth of
10.9 percent in the same period.

Real per capita HFCE grew by 4.2 percent in 2019. The real per capita HFCE in the region was recorded at PhP 119,066 in 2019, lower than the national level which amounted to Php 130,743.

REGION II - CAGAYAN VALLEY  [back to top]

Rebound in AFF boosts Cagayan Valley’s economy in 2019

Cagayan Valley’s economy grew faster by 6.7 percent in 2019 as compared with the 4.6 percent growth recorded in the previous year. The main contributors to the spurred growth were: Agriculture, forestry, and fishing (AFF) which grew by 7.2 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles at 6.8 percent; and Education at 11.8 percent.

Among the major economic sectors, AFF expanded the most as it rebounded to 7.2 percent growth in 2019 from a decline of 3.8 percent in 2018. Services and Industry both posted slower growths in 2019 by 9.1 percent and 2.7 percent, respectively.

Of the 6.0 percent economic growth in the country, Cagayan Valley Region contributed 0.1 percentage point while accounting for 2.1 percent of the total GDP.

Cagayan Valley Region expands household spending in 2019

Household final consumption expenditure (HFCE) in Cagayan Valley Region grew by 7.0 percent in 2019, compared with the 6.8 percent recorded in the previous year. This was the highest contributor in the region. Likewise, Gross capital formation and Government final consumption expenditure (GFCE), posted positive growths of 9.3 percent and 7.6 percent, respectively.

Gross fixed capital formation slowed down to 3.2 percent in 2019 from a 9.5 percent growth registered in 2018.

Total exports of goods and services to ROW declined by 3.6 percent during the period. Meanwhile, Total imports of goods and services from ROW grew by 37.4 percent.

Real per capita HFCE grew by 5.9 percent in 2019. The real per capita HFCE in the region was recorded at PhP 92,786 in 2019, lower than the national level which amounted to Php 130,743.

REGION III - CENTRAL LUZON  [back to top]

Central Luzon’s economy decelerates as Industry and Services slow down

Central Luzon’s economy grew by 5.6 percent in 2019, slower than its 6.9 percent growth in 2018. The region’s growth in 2019 was mainly driven by: Manufacturing, which registered at 4.2 percent; and Construction, by 8.3 percent.

Services, which accounted for 45.1 percent of the region’s total economy, decelerated to 7.3 percent from its 8.0 percent growth in the previous year. Likewise, Industry and Agriculture, forestry and fishing slowed down to 5.5 percent and 0.4 percent, respectively.

Among the industries, Information and communication recorded the fastest growth in 2019, with 15.9 percent. This was followed by Financial and insurance activities, with 10.3 percent. On the other hand, Mining and quarrying was the only industry which posted a contraction, by 13.0 percent, pulling down the growth of the total Industry.

Of the 6.0 percent economic growth of the country, Central Luzon remained the third top contributor with 0.6 percentage point while accounting for 11.2 percent of the total Gross Domestic Product.

Central Luzon’s expenditure grows at a slower pace in 2019

Among the expenditure items, Household final consumption expenditure (HFCE) remained the highest contributor which grew by 5.5 percent in 2019. This was followed by Gross capital formation and Government final consumption expenditure with 3.8 percent and 9.3 percent, respectively.

Gross fixed capital formation in the region grew by 6.5 percent in 2019, slower than the 9.1 percent in 2018.

Total exports of goods and services to ROW and Total imports of goods and services from ROW registered declines of 5.6 percent and 10.1 percent, respectively.

Real per capita HFCE grew by 3.6 percent in 2019. The real per capita HFCE in the region was recorded at PhP 156,498 in 2019, higher than the national level which amounted to Php 130,743.

REGION IVA - CALABARZON  [back to top]

CALABARZON’s economy expands at a slower pace in 2019

The economy of CALABARZON expanded at a slower pace by 4.5 percent in 2019, as compared with the 7.1 percent growth in 2018. The main drivers for growth in 2019 were Manufacturing, which comprised the biggest share of the region’s economy, posting a 2.4 percent growth; followed by Wholesale and retail trade, which grew by 7.4 percent; and Real estate and ownership of dwellings, by 4.0 percent.

All the other industries likewise grew, with Mining and quarrying recording the fastest growth of 30.5 percent, while Agriculture, forestry, and fishing posting the slowest growth, by 1.2 percent.

Of the 6.0 percent economic growth of the country, CALABARZON remained the second top contributor, with 0.7 percentage point. The region also remained the second largest in terms of its share, accounting for 14.6 percent of the total economy.

CALABARZON posts the fastest growth in Gross capital formation in 2019

In 2019, Gross capital formation in CALABARZON posted that highest growth of 21.3 percent. Household final consumption expenditure (HFCE) grew by 6.1 percent. Government final consumption expenditure (GFCE) posted a growth of 9.5 percent, slower than the 14.3 percent in 2018.

Gross fixed capital formation declined by 7.3 percent in 2019 from a double-digit growth recorded in 2018 at 11.3 percent.

The Total exports of goods and services grew by 2.5 percent in 2019. Likewise, Total imports of goods and services increased by 10.4 percent.

Real per capita HFCE grew by 3.9 percent in 2019. The real per capita HFCE in the region was recorded at PhP 148,584 in 2019, higher than the national level which amounted to Php 130,743.

MIMAROPA REGION  [back to top]

MIMAROPA’s economy grows at a slower pace in 2019

The Gross Regional Domestic Product (GRDP) of MIMAROPA grew at a slower pace by 3.9 percent in 2019 compared with the 8.6 percent growth in 2018. The main drivers for growth in 2019 are Wholesale and retail trade; repair of motor vehicles and motorcycles at 10.4 percent; Manufacturing at 8.7 percent; and Agriculture, forestry and fishing at 4.7 percent.

With 8.3 percent share to the regional economy, Construction posted a decline of 10.3 percent growth from a 27.2 percent growth in 2018.

Of the 6.0 percent economic growth of the country, MIMAROPA region contributed 0.1 percentage point while accounting for 2.0 percent of the total GDP.

MIMAROPA Region decelerates spending

Major expenditure items in the region decelerated in 2019. Household spending, Gross capital formation and government spending grew by 5.3 percent, 19.8 percent and 3.9 percent, respectively in 2019. These were all slower than the registered growths in 2018.

Gross fixed capital formation registered a decline of 5.9 percent in 2019, compared with a 22.2 percent growth posted in 2018.

Total exports of goods and services to ROW declined by 3.4 percent. On the other hand, Total imports of goods and services from ROW posted a double-digit growth of 12.8 percent.

Real per capita HFCE grew by 3.9 percent in 2019. The real per capita HFCE in the region was recorded at PhP 104,958 in 2019, lower than the national level which amounted to Php 130,743.

REGION V - BICOL REGION  [back to top]

Bicol Region’s economy shows the fastest growth in 2019

The economy of Bicol Region grew at a faster pace by 7.4 percent in 2019 as compared with the 6.9 percent growth in the previous year. It exhibited the fastest growth in the country. The main drivers for growth in 2019 are Education at 19.4 percent; Public administration and defense; compulsory social activities at 13.6 percent; and Other services at 13.4 percent

With 35.6 percent share to the regional economy, Industry slowed down to 5.2 percent growth in 2019 from 13.2 percent growth in 2018.

Of the 6.0 percent economic growth in the country, Bicol Region contributed 0.2 percentage point while accounting for 2.9 percent of the total GDP.

Bicol Region records the second highest government spending in 2019 

Household final consumption expenditure (HFCE) is the top contributor to growth among the expenditure items which grew by 6.1 percent in 2019. This was followed by Gross capital formation, 9.1 percent and Government final consumption expenditure (GFCE), 13.4 percent.

Gross fixed capital formation registered a decline of 5.9 percent in 2019, compared with a 22.2 percent growth posted in 2018.

Both Total exports of goods and services to ROW and Total imports of goods and services from ROW posted declines with 0.6 percent and 0.2 percent, respectively.

Real per capita HFCE grew by 4.9 percent in 2019. The real per capita HFCE in the region was recorded at PhP 98,054 in 2019, lower than the national level which amounted to Php 130,743.

REGION VI - WESTERN VISAYAS  [back to top]

Western Visayas’ economy grows at a faster pace in 2019

The economy of Western Visayas grew at a faster pace by 6.4 percent in 2019 compared with 4.8 percent growth in the previous year. The main drivers for the growth are Financial and insurance activities with 16.3 percent; Wholesale and retail trade, repair of motor vehicles and motorcycles with 4.9 percent; and Transportation and storage with 10.7 percent.

Services accounted for 62.1 percent in the region’s total GRDP in 2019, followed by Industry with 21.1 percent share and Agriculture, forestry, and fishing with 16.9 percent share.  Services also contributed 5.0 percentage points to the total growth of 6.4 percent of the region in 2019.

Of the 6.0 percent economic growth in the country, Western Visayas is now the sixth contributor with 0.3 percentage point while accounting for 4.7 percent of the total GDP.

Western Visayas’ household spending decelerates

At the expenditure side, Household final consumption expenditure (HFCE) contributed the most which grew by 5.4 percent in 2019. This was slower than the 5.6 percent registered in 2018. Gross capital formation and government spending likewise decelerated to 9.8 percent and 8.0 percent, respectively. These were 39.4 percent and 19.3 percent, in 2018 respectively.

Gross fixed capital formation in the region decelerated by 6.6 percent in 2019 from 13.0 percent recorded in 2018.

Total exports of goods and services to ROW grew by 4.4 percent in 2019. Meanwhile, Total imports of goods and services from ROW declined by 7.4 percent.

Real per capita HFCE grew by 4.4 percent in 2019. The real per capita HFCE in the region was recorded at PhP 105,097 in 2019, lower than the national level which amounted to Php 130,743.

REGION VII - CENTRAL VISAYAS  [back to top]

Central Visayas’ economy grows by 5.9 percent in 2019

The economy of Central Visayas grew by 5.9 percent in 2019, slower than the 7.1 percent growth posted in the previous year. The main drivers for growth in 2019 are: Wholesale and retail trade; repair of motor vehicles and motorcycles with 8.8 percent growth, followed by Financial and insurance activities with 16.6 percent; and Construction with 15.2 percent.

Bulk of the region’s economy is Services, with 66.8 percent share to the total GRDP. This is followed by Industry with 26.8 percent share and Agriculture, forestry, and fishing (AFF) with 6.4 percent share.

Services grew by 7.5 percent in 2019, higher than the 7.1 percent growth recorded in 2018. Among the industries in Services, Other services recorded the fastest growth with 21.9 percent. Meanwhile, Industry and AFF grew by 3.2 percent and 0.8 percent in 2019, slower than the 8.7 percent and 1.1 percent growth posted in the previous year.

Of the 6.0 percent economic growth in the country, Central Visayas remains the fourth largest contributor with 0.4 percentage point and accounting for 6.5 percent share of the national GDP.

Central Visayas posts consecutive double-digit growth on gross capital formation

In 2019, the Gross capital formation in Central Visayas posted a double-digit growth of 15.9 percent. Household spending and government spending in the region both posted positive growth with 5.1 percent and 8.7 percent, respectively.

Similarly, gross fixed capital formation continued to post double-digit growth in 2109 with 13.7 percent.

Total exports of goods and services to ROW grew by 4.0 percent while Total imports of goods and services from ROW declined by 1.6 percent in 2019.

Real per capita HFCE grew by 3.7 percent in 2019. The real per capita HFCE in the region was recorded at PhP 110,257 in 2019, lower than the national level which amounted to Php 130,743.

REGION VIII - EASTERN VISAYAS  [back to top]

Eastern Visayas’ economy slows down to 5.3 percent in 2019

The economy of Eastern Visayas grew by 5.3 percent in 2019, albeit, slower than the 7.0 percent growth recorded in 2018.  The economic growth in 2019 was driven by Financial and insurance activities at 19.3 percent; Other services at 16.2 percent; Public administration and defense; compulsory social activities at 14.1 percent; and Education at 13.5 percent.

Among the major industries, Services, which accounts for 46.7 percent of the region’s economy, recorded the fastest growth at 9.1 percent.  This was followed by Industry at 2.2 percent; and Agriculture, forestry, and fishing at 2.1 percent.

Eastern Visayas’ household spending slows down

The Household final consumption expenditure (HFCE) grew by 5.7 percent in 2019, slower than the 5.9 percent growth recorded in 2018.  Likewise, Gross capital formation decelerates to 16.0 percent during the period. On the other hand, Government final consumption expenditure (GFCE) grew faster in 2019, with 7.5 percent, compared with 4.6 percent in 2018.

Meanwhile, Gross fixed capital formation suffered a decline of 1.5 percent in 2019 from a double-digit growth of 18.1 percent in 2018.

Total exports of goods and services to ROW declined by 10.5 percent. Meanwhile, Total imports of goods and services grew by 3.6 percent in 2019.

Real per capita HFCE grew by 4.3 percent in 2019. The real per capita HFCE in the region was recorded at PhP 87,032 in 2019, lower than the national level which amounted to Php 130,743.

REGION IX - ZAMBOANGA PENINSULA  [back to top]

Zamboanga Peninsula’s economy grows at a slower pace in 2019

Zamboanga Peninsula’s economy posted a decelerated growth of 4.6 percent in 2019 from 6.3 percent in 2018.  The main drivers for growth in 2019 are Wholesale and retail trade; repair of motor vehicles and motorcycles at 7.0 percent, Education at 20.3 percent, and Financial and insurance activities at 20.3 percent.

With 22.1 percent share to the regional economy, Wholesale and retail trade; repair of motor vehicles and motorcycles accelerated to a 7.0 percent growth in 2019 from
6.7 percent growth in 2018.

Of the 6.0 percent economic growth in the country, Zamboanga Peninsula contributed 0.1 percentage point while accounting for 2.0 percent of the total GDP.

Zamboanga Peninsula’s gross capital formation declines

Zamboanga Peninsula’s spending on gross capital formation declined by 5.8 percent in 2019 which slowed down its economy. Government spending in the region slowed down to 6.6 percent during the period. However, Household final consumption expenditure accelerated to 7.3 percent in 2019, compared with the 5.8 percent growth during the previous period.

Gross fixed capital formation declined by 2.0 percent during the period from a 2.2 percent growth in 2018.

Total exports of goods and services to ROW and Total imports of goods and services from ROW both registered positive growth of 8.3 percent and 28.7 percent, respectively.

Real per capita HFCE grew by 6.4 percent in 2019. The real per capita HFCE in the region was recorded at PhP 81,518 in 2019, lower than the national level which amounted to Php 130,743.

REGION X - NORTHERN MINDANAO  [back to top]

Northern Mindanao’s economy grows by 5.9 percent in 2019

The economy of Region X grew by 5.9 percent in 2019. This was slower as compared with 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 with 7.3 percent; Construction with 8.4 percent; and Education which posted a double-digit growth of 18.7 percent.

Industry, which accounted for 24.3 percent share to the Northern Mindanao’s economy, grew by 3.8 percent in 2019, slower compared with 10.5 percent growth in 2018. Manufacturing, which constitutes 11.0 percent share in the Region X economy, posted a slower growth of 1.5 percent from the previous year’s growth of 9.1 percent.

Region X economy remained to have the seventh biggest share of the Philippine economy at 4.5 percent. Moreover, Region X contributed 0.3 percentage point to the Philippine economic growth of 6.0 percent in 2019.

Northern Mindanao records the highest expansion of government spending

Major expenditure items in Northern Mindanao accelerated in 2019. Household final consumption expenditure (HFCE) grew by 5.2 percent. Gross capital formation recovered to 11.1 percent, from a decline of 1.5 percent recorded in 2018. Government final consumption expenditure (GFCE) grew by 19.2 percent. Gross fixed capital formation grew by 4.0 percent in 2019, slower than the 11.7 percent registered in 2018.

Both Total of exports of goods and services to ROW and Total imports of goods and services from ROW registered positive growth of 4.8 percent and 6.4 percent, respectively, in 2019.

Real per capita HFCE grew by 3.8 percent in 2019. The real per capita HFCE in the region was recorded at PhP 97,939 in 2019, lower than the national level which amounted to Php 130,743.

REGION XI - DAVAO REGION  [back to top]

Davao Region’s economy posts 7.0 percent growth in 2019

The economy of Davao Region posted a 7.0 percent growth in 2019, slower as compared with the 7.2 percent growth in 2018.  The main drivers for growth in 2019 are Wholesale and retail trade; repair of motor vehicles and motorcycles with 12.0 percent; Construction with 26.6 percent; Financial and insurance activities with 13.1 percent; and Transportation and storage with 7.4 percent.

Services continued to account for the biggest share to the region’s economy at 58.5 percent. Industry followed with a 26.1 percent share; and Agriculture, forestry and fishing with 15.5 percent share. While accounting for about 4.6 percent of the country’s total economy, Davao Region contributed a 0.3 percentage point to the 6.0 percent economic growth of the country in 2019.

Davao Region’s expenditure decelerates in 2019

In 2019, Household final consumption expenditure grew by 5.7 percent, slower than the 7.1 percent growth registered in 2018. Likewise, gross capital formation and government spending slowed down by 5.2 percent and 9.6 percent, respectively, during the period. Both expenditure items registered double-digit growths in 2018.

On the other hand, gross fixed capital formation accelerated by 24.4 percent in 2019, faster than the 21.2 percent registered in 2018.

Total exports of goods and services to ROW grew by 8.5 percent in 2019. On the other hand, Total imports of goods and services from ROW declined by 4.0 percent.

Real per capita HFCE grew by 4.1 percent in 2019. The real per capita HFCE in the region was recorded at PhP 113,691 in 2019, lower than the national level which amounted to Php 130,743.

REGION XII - SOCCSKSARGEN  [back to top]

SOCCSKSARGEN’s economy slows down as AFF slumps

The economy of SOCCSKSARGEN grew by 3.5 percent in 2019, a slowdown from 6.9 percent recorded in the previous year. This was largely attributed to the slump in Agriculture, forestry, and fishing (AFF), and the slower growth in Industry and Services.

Services decelerated posting a growth of 7.1 percent in 2019 from 8.6 percent in 2018. Transportation and storage declined by 1.0 percent, and Human health and social work activities recorded faster contraction by 7.1 percent in 2019. Meanwhile, Public administration and defense continued to post double-digit growths at 15.0 percent in 2019, from 13.5 percent in 2018.

Industry decelerated by 0.5 percent from 9.3 percent as reversals were recorded in Mining and quarrying at -32.1 percent from 3.3 percent in 2018, Construction at
-13.4 percent from 9.4 percent in the previous year, and Manufacturing at -0.7 percent from 10.0 percent. Only Electricity, steam, water and waste management managed to expand, faster by 13.1 percent from 7.6 percent in 2018.

Meanwhile, AFF plunged by -0.03 percent in 2019, from 2.3 percent growth recorded in the previous year.

Services was the largest contributor to the region’s growth in 2019, contributing 3.4 percentage points. Industry contributed 0.1 percentage point while AFF pulled down the economic performance of the region by 0.01 percentage point.

SOCCSKSARGEN spending on gross capital formation suffers setback

Spending on gross capital formation of SOCCSKSARGEN declined by 19.0 percent in 2019. Household final consumption expenditure (HFCE) and Government final consumption expenditure (GFCE) decelerated to 4.9 percent and 5.5 percent, respectively, during the same period.

Gross fixed capital formation similarly declined by 9.3 percent in 2019 from a 12.0 percent growth in 2018.

Total exports of goods and services to ROW posted a 16.8 percent growth in 2019. Also, Total imports of goods and services from ROW grew by 6.9 percent.

Real per capita HFCE grew by 3.3 percent in 2019. The real per capita HFCE in the region was recorded at PhP 91,480 in 2019, lower than the national level which amounted to Php 130,743.

REGION XIII - CARAGA  [back to top]

Caraga’s economic performance grows at slower pace  in 2019

The economy of Caraga grew by 5.0 percent in 2019, slower than the 5.2 percent growth in the previous year. The top three main drivers for growth are Financial and insurance activities with 23.0 percent; Wholesale and retail trade; repair of motor vehicles and motorcycles with 7.7 percent; and Transportation and storage with 11.0 percent.

With the highest share of 12.8 percent to the regional economy, Agriculture, forestry, and fishing declined by 3.6 percent in 2019 from the 3.9 percent growth in 2018.

Of the 6.0 percent economic growth in the country, Caraga contributed 0.1 percentage point while accounting for 1.6 percent of the total GDP.

Caraga’s spending on gross capital formation declines

Spending on gross capital formation of Caraga declined by 15.7 percent in 2019. Household final consumption expenditure (HFCE) and Government final consumption expenditure (GFCE) decelerated to 4.8 percent and 11.4 percent, respectively, during the same period.

Gross fixed capital formation also declined by 6.3 percent in 2019 compared with the 5.6 percent growth in 2018.

Total exports of goods and services to ROW posted a 115.6 percent growth in 2019. Also, Total imports of goods and services from ROW grew by 8.3 percent.

Real per capita HFCE grew by 3.6 percent in 2019. The real per capita HFCE in the region was recorded at PhP 84,485 in 2019, lower than the national level which amounted to Php 130,743.

BARMM - BANGSAMORO AUTONOMOUS REGION IN MUSLIM MINDANAO  [back to top]

BARMM’s economy grows at a slower pace in 2019

The economic performance of BARMM in 2019 expanded but at a slower rate of  5.9 percent as compared with the 7.7 percent increment in the previous year. The main growth drivers were:  Public administration and defense at 16.1 percent; Manufacturing at 15.7 percent; Other services at 14.8 percent; Financial and insurance activities at 14.7 percent; and Accommodation and food services activities at 14.5 percent.

Agriculture, forestry and fishing with its 34.5 percent share to the region’s total economy inched up by 1.1 percent in 2019 compared to its robust increase of 8.7 percent in 2018.  Industry’s share of 25.1 percent to the region’s economy expanded by 10.2 percent in 2019 compared to the 6.4 percent increase in the previous year.  Services, which contributed the lion’s share to the BARMM’s economy at 40.4 percent, grew by 7.7 percent in 2019, a bit higher from its 2018 growth record at 7.6 percent.

With the 6.0 percent GDP growth of the country in 2019, BARMM contributed 0.1 percentage point while its share to the total economy was 1.3 percent.

BARMM accelerates household spending

Household final consumption expenditure (HFCE) in BARMM expanded to 6.2 percent in 2019, compared with the 2.9 percent registered in 2018. Government spending in the region grew by 8.8 percent. Likewise, gross capital formation of the region grew by 11.7 percent in 2019.

Gross capital formation slowed down by 4.4 percent in 2019, which was slower than the 17.6 percent growth in 2018.

Total exports of goods and services to ROW posted double-digit growth of 69.5 percent in 2019. However, Total imports of goods and services from ROW declined by 37.7 percent.

Real per capita HFCE grew by 4.1 percent in 2019. The real per capita HFCE in the region was recorded at PhP 65,407 in 2019, lower than the national level which amounted to Php 130,743.

Gross Regional Domestic Expenditure by Year Published

Highlights by Year Published

Infographic

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