Bicol's economic growth fastest among all regions -- PSA

NAGA CITY -- The Bicol region posted the fastest growth among all regions at 7.4 percent in 2019, according to a report released Thursday by the Philippine Statistics Authority.

Bicol bested the National Capital Region and Davao Region, which are the next in terms of high positive growth at 7.2 percent and 7.0 percent, respectively.

Other regions with accelerated growth above the national level are Ilocos Region at 6.9 percent, Cagayan Valley at 6.7 percent, and Western Visayas at 6.4 percent.

In 2019, the country posted a 6.0 percent growth. Main contributors to the national level growth are: Wholesale and retail trade; Repair of motor vehicles and motorcycles at 8.1 percent; Financial and Insurance Activities at 11.9 percent; and Manufacturing at 3.2 percent. On the expenditure side, contributors to growth are: Household Final Consumption Expenditure, 5.9 percent; Gross Capital Formation, 2.5 percent; and Government Final Consumption Expenditure, 9.6 percent.

Services contributed 4.5 percentage points to the annual national growth of 6.0 percent in 2019. With the overall revision and rebasing to 2018 prices, the regional economies are now aligned with the national configuration of 11 industries for Services.

Among the regions, NCR registered the biggest share of 42.7 percent in Services in 2019, followed by CALABARZON at 10.6 percent.

In terms of growth rates, Services posted 7.5 percent national growth in 2019. Caraga Region registered the fastest growth at 11.0 percent followed by Bicol Region at 10.0 percent and Eastern Visayas and Cagayan Valley both at 9.1 percent.

Graph from PSA report

Industry grew by 4.7 percent in 2019. Among the regions, the highest growth for Industry was recorded in BARMM at 10.2 percent, followed by Davao Region and NCR at 9.6 percent and 7.5 percent, respectively.

On the share of each region to the whole Industry, CALABARZON constituted the largest share at 24.4 percent, trailed by NCR, 20.9 percent, and Central Luzon, 15.9 percent.

Agriculture posted a national growth of 1.2 percent in 2019. The region with the highest growth was Cagayan Valley at 7.2 percent, followed by MIMAROPA and Bicol Region both at 4.7 percent, and Cordillera Administrative Region at 4.2 percent.

In terms of the share of regional economies in Agriculture, Central Luzon topped the share at 15.0 percent, followed by Northern Mindanao at 9.9 percent, and CALABARZON at 8.7 percent.

On the expenditure side, Zamboanga Peninsula posted the highest growth on household spending at 7.3 percent in 2019. Following the lead are Cagayan Valley, NCR, and BARMM at 7.0 percent, 6.5 percent, and 6.2 percent, respectively.

On government spending, Northern Mindanao topped among the regions at 19.2 percent, followed by Bicol Region with 13.4 percent, Caraga Region with 11.4 percent, and NCR with 10.3 percent. The rest of the regions had growth lower than the national growth of 9.6 percent.

Real per capita GDP in 2019 was registered at 4.5 percent. Bicol Region topped the regional economies with 6.2 percent per capita growth. It was followed by Ilocos Region at 5.9 percent, NCR at 5.8 percent, and Cagayan Valley at 5.5 percent.

In terms of per capita index relative to the national levels, NCR posted the highest per capita index at 253.2 in 2019 or more than twice the national average. All other regions posted lower indices than the national average.

The release of the 2017 to 2019 Regional Accounts of the Philippines, namely the Gross Regional Domestic Product and the Gross Regional Domestic Expenditure, are aligned with the revised and rebased to 2018 prices of the annual national accounts, that were released in April 2020.