The Philippine Statistics Authority (PSA) Mimaropa disclosed in a news conference conducted yesterday that the region’s economic growth for 2015 decelerated.
PSA Mimaropa Regional Director Leni R. Rioflorido revealed in her report to regional line agencies and local media that the region’s economy decelerated to 1.7 percent in 2015 from 8.3 percent in 2014. The deceleration was attributed to the downturn industry. Rioflorido reported that services accelerated from five percent in 2014 to 7.3 percent in 2015. The acceleration, however, was brought by the expansion in the following sub-industries: Other Services, from 5.4 percent to 12.9 percent; Transportation Storage and Communication (TSC), from 7.1 percent to 8.9 percent; Trade, from 2.9 percent to 8.3 percent. Meanwhile, Financial Intermediation (FI) decelerated to 7.4 percent from 8.8 percent; and Public Administration and Defense (PAD), to 1.7 percent from 4.5 percent.
On the other hand, Real Estate, Renting and Business Activities (RERBA) contracted from 1.1 percent to negative 0.3 percent. On the part of Industry, it declined to negative 5.3 percent in 2015 from 17.1 percent in 2014 due to the contraction in Mining and Quarrying (MAQ) to negative 7.3 percent from 12.1 percent; and Construction to negative 4.4 percent from 36.6 percent.Manufacturing slowed down to 0.2 percent in 2015 from 14 percent in 2014. Meanwhile, Electricity, Gas and Water Supply (EGWS) accelerated from 13 percent to 13.4 percent.
The Agriculture, Hunting, Forestry and Fishing (AHFF) grew from 2.3 percent in 2014 to 2.8 percent in 2015. Agriculture and Fishery slowed down from 4.0 percent to 3.8 percent. Fishing improved from negative 2.6 percent to negative 0.5 percent.
Moreover, the Services sustained its largest share to the region’s economy with 43.7 percent in 2015. Industry followed with a share of 33.5 percent in 2015. AHFF however contributed the least to the region’s output of 22.8 percent.
Further, in a report of PSA, still Services accounted for the largest contribution to the region’s economic growth, contributing 3.0 percentage points, followed by AHFF with 0.6 percentage point; while Industry pulled down Mimaropa’s economic growth by negative 1.9 percentage points.
