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Bicol Region's economic growth was the fastest in 2015

Reference Number: 2016-113
Release Date: 28 July 2016
 
The economy of Bicol Region recorded the fastest growth among the 17 regions of the country in 2015 – growing at 8.4 percent and surpassing its growth of 4.3 percent in 2014. It was followed by Western Visayas and Davao Region which grew by 8.3 percent and 7.9 percent, respectively from 2014 to 2015.  
 
On the other hand, the economy of Autonomous Region in Muslim Mindanao (ARMM) posted a decline of 0.8 percent from 2014 to 2015.
 
Six regions posted accelerated growths 
 
Out of the country’s 17 regions, six regions recorded accelerated growths from 2014 to 2015. Meanwhile, one region recovered, nine regions posted decelerated growths, and one region suffered a contraction.
 
Aside from having the highest growth rate, Bicol also exhibited the biggest acceleration at 4.1 percentage points. Other regions which recorded faster growths in 2015 include: Western Visayas, 5.2 to 8.3 percent; CALABARZON, 5.1 to 5.9 percent; National Capital Region (NCR), 5.9 to 6.6 percent; Zamboanga Peninsula, 6.6 to 7.2 percent; and the Cordillera Administrative Region (CAR), 3.3 to 3.7 percent.
 
Meanwhile, the economy of Eastern Visayas rebounded from a contraction of 2.4 percent in 2014 to a growth of 3.9 percent in 2015.
 
MIMAROPA posted the biggest deceleration at 6.6 percentage points, from 8.3 percent in 2014 to 1.7 percent in 2015. Other regions which slowed down in 2015 were: Caraga, 9.4 to 4.2 percent; Central Luzon, 9.3 to 5.3 percent; Cagayan Valley, 7.2 to 3.7 percent; Central Visayas, 7.8 to 4.8 percent; SOCCSKSARGEN, 6.2 to 3.3 percent; Northern Mindanao, 7.1 to 5.5 percent; Davao Region, 9.3 to 7.9 percent; and Ilocos Region, 6.4 to 5.0 percent.
 
On the other hand, ARMM’s economy declined from a growth of 3.0 percent in 2014 to a contraction of 0.8 in 2015.
 
NCR continues to account for the largest share of the national economy
 
NCR continued to have the largest share of the country’s Gross Domestic Product (GDP) at 36.5 percent. It was followed by CALABARZON with a 17.2 percent share and Central Luzon with a 9.3 percent share. On the other hand, ARMM accounted for the smallest share of the national economy at 0.7 percent.
 
In terms of contribution to the national GDP growth rate of 5.9 percent in 2015, NCR contributed the highest at 2.4 percentage points, followed by CALABARZON with 1.0 percentage point and Central Luzon with 0.5 percentage point. On the other hand, ARMM pulled down the national growth rate by 0.01 percentage point.
 
Real per capita GRDP of NCR nearly three times the national per capita GDP
 
The average real per capita GDP of the Philippines increased from PhP 71,790 in 2014 to PhP 74,770 in 2015 or by 4.2 percent.
 
NCR posted the highest per capita GRDP at PhP 219,114 in 2015, nearly three times the national average and 7.8 percent higher than in 2014. Aside from NCR, two other regions, CALABARZON and CAR likewise posted real per capita GRDP higher than the national average at PhP 92,285 and PhP 74,845, respectively. Meanwhile, ARMM had the lowest real per capita GRDP among the regions at PhP 13,588 in 2015.
 
 
 
LISA GRACE S. BERSALES, PH.D.
National Statistician and Civil Registrar General
 
 

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