[Latest News][6]

2016
Achievers
Advisory
Agriculture
Albay
Albay News
Announcements
Banner
Bicol
Bicol Express
bicol local news
bicol local newspaper
Bicol News
bicol news latest
Bicol Songs
Bicol Vigilantes
Bicolana beauties
Bicolano achievers
Bikol news
Binibining Pilipinas
Business
Camarines Norte
Camarines Sur
Caramoan Massacre
Case in Point
Catanduanes
Celebrations
Church
Column
Community
Contributions
Culture
Daet
Daraga
Development
Disaster
Documents
Drugs
Economy
Editorial
Education
Entertainment
Environment
Events
Feature
Features
Filipino News
Food
Food Trip
Government
Headlines
Health
Human Interest
Infographics
Infrastructure
Iriga
Iriga City
Isipon Osipon
Jobs
Jokes
Kantang suanoy
Legazpi
Legazpi City
Letters
Libmanan
Lifestyle
Ligao City
Live
Masbate
masbate city
mayon
MayonPH
Media
Mining
Modelo Bikolano
Nabua
Naga
Naga City
Nagueno
Nation
National
News
News Bullets
OFW
Opinion
Oragon
Orgullo
Palarong Bicol 2014
Palarong Bicol 2015
Penafrancia
Penafrancia 2014
Photos
Places
PNR
Police
Police Report
Politics
Polls
Power
Power Watch
Rawitdawit
Region
Science
Sorosgon
Sorsogon
Sorsogon City
Sorsoson
Special
Sports
Tabaco City
Tigsik
Tips
Tourism
Trending
Trivia
Videos
virac
Weather
Weekly Roundup
Who reads Bicol Standard
Willy Bayola
World
Youth

Bicol economy slows down in 2014

The Bicol Region’s economy posted the biggest slowdown or deceleration nationwide last year at 4.2 percent from 8.1 percent in 2013 or a decline of 3.9-percentage points, the Philippine Statistics Authority (PSA) Bicol regional office reported Thursday.

Bicol economy slows down in 2014

The PSA said the major economic sectors in Bicol eased out last year, causing the significant plunge in its economy.

Services sector accounted for the biggest share to the region’s economy at 56.6 percent.

Agriculture, Hunting, Forestry and Fishing’s (AHFF) share was at 23.7 percent and Industry, 19.8 percent, the data agency said.

Based on the the PSA report, Services decelerated to 5.2 percent in 2014 from 9.0 percent in the previous year.

The sector’s decline was caused by slowdown in the following sub-sectors: Real Estate, Renting and Business Activities (RERBA) from 17.2 percent to 2.5 percent; Financial Intermediation, from 14.7 percent to 10.2 percent; Other Services, from 4.1 percent to 1.1 percent; Transportation, Storage and Communication (TSC) from 5.2 percent to 3.7 percent; and Trade, from 11.5 percent to 10.0 percent.

The sub-sector Public Administration and Defense, Compulsory Social Security (PAD), however, accelerated to 6.3 percent from 4.4 percent during the previous year.

The AHFF sector decelerated to 0.9 percent in 2014 from 4.4 percent in 2013 as Agriculture and Forestry posted slower growth of 1.8 percent compared to 5.4 percent in 2013.

The AHFF’s slowdown was largely due to Fishing, which plunged to negative 1.3 from 2.0 percent in 2013.

Even the Industry sector also registered a downtrend at 5.6 percent in 2014 from 10.8 percent in the previous year even as Manufacturing sub-sector swelled from 9.6 percent in 2013 to 19.0 percent in 2014.

Sub-sector Electricity, Gas and Water Supply (EGWS) accelerated slightly to 13.7 percent from 12.1 percent but Construction slackened from 15.1 percent two years ago to 4.5 percent last year while Mining and Quarrying (MAQ) declined further from 5.1 percent to 25.0 percent.

Over-all Services sector was the top contributor to the region’s economic growth with 2.9-percentage points. Industry and AHFF contributed 1.1-percentage points and 0.2-percentage point, respectively, for a total of 4.2 percent, the statistics authority said.

Nationwide, the country’s economy posted a 6.1-percent growth in 2014, which is also a slowdown from its 7.1-percent growth in 2013.

The deceleration was due to the slower growths of Industry and Services, it added.(PNA) 

Bicol Standard

Bicol news

Start typing and press Enter to search