The Gross Regional Domestic Product (GRDP) of the Mimaropa region grew by 6.2 percent in 2017 as revealed by the Philippine Statistics Authority (PSA) during the recent News Conference on the 2017 Report on the Regional Economy of Mimaropa held at Tamaraw Hall, Provincial Capitol, this city.
According to PSA Mimaropa Regional Director Leni R. Rioflorido, GRDP in 2017 was higher than the 2.6 percent growth recorded in 2016.
“The performance of Mimaropa’s economy is attributed to the improvement of all the major economic sectors,” said Rioflorido.
Based on the PSA official records, agriculture, hunting, forestry and fishing (AHFF) accounted for 20.1 percent share of region’s economy, rebounded to 3.0 percent growth in 2017, from a decline of 6.8 percent in 2016. PSA explained that agriculture and forestry recorded 4.4 percent growth in 2017, a turnaround from the 4.1 percent drop in 2016. Fishing in 2017 continued to decline by 1.9 percent, although at a slower pace than last year’s (2016) 14.8 percent drop.
Moreover, Industry, which shared 32.9 percent, accelerated to 4.8 percent in 2017 compared to 2.0 percent in 2016. According to PSA, the growth was brought about by Construction which grew faster to 17.3 percent than the 0.5 percent growth in 2016. Likewise, Electricity Gas and Water Supply (EGWS) accelerated to 14.8 percent in 2017 from 14.6 percent in 2016.
On the part of Manufacturing, it contributed positively to Industry growth although the 4.9 percent growth was slower than the 8.5 percent recorded in 2016. Mining and Quarrying (MAQ) as revealed on the results of the previous survey, contracted by 0.2 percent from 0.6 percent growth in 2016.
PSA emphasized that Services accounted for 47.0 percent share to Mimaropa’s economy. It grew faster to 8.7 percent in 2017 compared to 7.9 percent in 2016. It was revealed by PSA in a news conference that four of the six subsectors registered in Services accelerated their growth in 2017. These included Other Services (OS) with 12.5 percent as compared with 8.8 percent growth in 2016; Financial Intermediation (FI) with 12.1 percent from 9.3 percent; Public Administration and Defense, Compulsory Social Security (PAD), 7.8 percent from 7.1 percent; and Transportation, Storage and Communication (TSC), 7.3 percent from 7.1 percent growth in 2016.
Meanwhile, Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods (TRADE) and Real Estate, Renting and Business Activities (RERBA) also contributed to growth but at a slower pace.
PSA further explained that based on their analysis, Services remained the largest contributor to the growth of Mimaropa’s economy accounting for 4.0 percentage points to the region’s 6.2 percent growth in 2017. This was followed by Industry with 1.6 percentage points and AHFF with 0.6 percentage point. (PSA Mimaropa/Calapan)
