Central Visayas remained among the fastest growing regional economies in the country in 2018, as its gross regional domestic product (GRDP) increased by 7.6%, the Philippine Statistics Authority (PSA) reported on Thursday, April 25.
This was faster than the 5.2% GRDP growth logged in 2017 and higher than the 4.8% growth of the National Capital Region (NCR).
Central Visayas was the fourth largest contributor to the national gross domestic product (GDP) and sixth in terms of per capita GRDP.
The PSA report, released on April 25, said all 17 regional economies grew in 2018.
Bicol Region topped the list, growing the fastest at 8.9%, followed by Davao Region and MIMAROPA with 8.6%, and Central Visayas with 7.6%.
Other regions with accelerated growth were: CALABARZON, 7.3%; Northern Mindanao, 7%; Ilocos Region, 6.5%; Zamboanga Peninsula, 6.3%; and Eastern Visayas, 5.9%.
The following regions’ economies also grew, but at a slower pace: Cordillera Administrative Region (CAR) grew by 7.3%; Autonomous Region in Muslim Mindanao (ARMM), 7.2%; Central Luzon, 7.1%; SOCCSKSARGEN, 6.9%; Western Visayas, 6.1%; NCR, 4.8%; Cagayan Valley, 3.3%; and Caraga, 3.2%.
In Central Visayas, the services and industry sectors continued to drive growth, while the agriculture, hunting, forestry and fishing sector grew slower despite a rebound in the fishing sub-sector.
The industry sector grew fastest, posting a growth rate of 9.5% in 2018 compared to a minimal 3% in 2017, on the back of a robust construction sector.
Construction activities bounced back from a contraction of 1.1% in 2017 to a growth of 14% in 2018, as evidenced by the numerous construction sites especially in Metro Cebu.
Manufacturing also performed well, growing by 8.3% compared to 5.5% in the previous year.
The services sector expanded by 7%, faster than the 6.5% in 2017.
The agriculture sector, meanwhile, grew by 1.4%, slower than the 6.8% in the previous year.
The fishing subsector grew by 3.3%, bouncing back from a contraction in 2017, while the agriculture and forestry subsector slowed down, expanding only by a dismal 1.4% compared to 9.4% a year ago. (Ventures Cebu)