Bicol posts fastest economic growth among regions in 2018
MANILA, Philippines – Bicol bested 16 other regions in terms of economic growth in 2018, said the Philippine Statistics Authority on Thursday, April 25.
Bicol's gross regional domestic product (GRDP) growth stood at 8.9% in 2018, much higher than the national average of 6.2%.
Second on the list are the Davao Region and Mimaropa, both with 8.6%.
Other regions with accelerated growth rates were:
- Central Visayas, 7.6%
- Calabarzon, 7.3%
- Northern Mindanao, 7%
- Ilocos Region, 6.5%
- Zamboanga Peninsula, 6.3%
- Eastern Visayas, 5.9%
Despite being among the fastest growing regional economies in 2018, the Davao Region's growth slowed down.
The following regions' economies also grew, but at a slower pace compared to 2017:
- Cordillera Administrative Region, 7.3%
- Autonomous Region in Muslim Mindanao, 7.2%
- Central Luzon, 7.1%
- Soccsksargen, 6.9%
- Western Visayas, 6.1%
- National Capital Region (NCR), 4.8%
- Cagayan Valley, 3.3%
- Caraga, 3.2%
NCR continued to have the largest share of the national economy at 36%, followed by Calabarzon at 17% and Central Luzon at 9.8%.
Similarly, NCR, Calabarzon, and Central Luzon were the top 3 contributors to the national GDP growth, with respective contributions of 1.8 percentage points, 1.2 percentage points, and 0.7 percentage point.
The GRDP measures the economic performance of a region and covers its value of goods and services produced.
It also measures the relative contributions of agriculture, hunting, forestry, fishing, industry, and services of regions. – Rappler.com