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Press Release

BICOL REGION ECONOMY EXPANDS
BY 4.2 PERCENT IN 2014

The economy of the Bicol Region expanded by 4.2 percent in 2014, a slowdown from the 8.1 percent growth recorded in 2013. All major sectors of the economy registered decelerated growths with Industry turning in the strongest performance.

 


Services accounted for the biggest share to region’s economy at 56.6 percent followed by Agriculture, Hunting, Forestry and Fishery (AHFF) at 23.7 percent and Industry at 19.8 percent. AHFF’s share to the total economy decreased by 0.7 percentage point in 2014 from 24.4 percent in 2013.

The Service sector posted a slower 5.2 percent growth in 2014 from a 9.0 percent performance in 2013. Except for Public Administration and Defense, Compulsory Social Security (PAD), all subsectors recorded slowdowns. Growth of PAD increased from 4.4 percent to 6.3 percent in 2014. Growth of Financial Intermediation declined from 14.7 percent in 2013 to 10.2 percent in 2014. Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods slowed down from 11.5 percent a year ago to 10.0 percent. Growth of Transportation, Storage and Communication declined to 3.7 percent in 2014 while Real Estate, Renting and Business Activities plunged to 3.5 percent in 2014. Growth of Other Services was 3.0 percentage points slower than the 4.1 percent growth recorded in 2013.

The AHFF sector barely managed to stay afloat with a 0.9 percent growth in 2014. The 1.3 percent contraction in the Fishery sector helped pulled down the performance of the AHFF sector. Agriculture and Forestry hardly expanded with a 1.8 percent growth, a slowdown from the 5.4 percent performance in 2013.

The growth of the Industry sector decelerated to 5.6 percent in 2014 from 10.8 percent in 2013. Manufacturing posted a 19.0 percent growth, almost doubling its 9.6 percent expansion in 2013. Growth in Electricity, Gas and Water Supply improved from 12.1 percent a year ago to 13.7 percent in 2014. Construction managed a 4.5 percent growth, way below the 15.1 percent expansion in 2013. Mining and Quarrying, on the other hand, contracted by 25.0 percent sinking further from the negative 5.1 percent performance in 2013.

The Service sector was the largest contributor to the growth of Bicol Region’s economy in 2014 accounting for 2.9 percentage points of the 4.2 percent growth. Industry contributed 1.1 percentage points, while AHFF’s share was 0.2 percentage point.

Gross Regional Domestic Product by Industrial Origin
Growth Rates, Region V: 2012 - 2014

(In Percent, At Constant Prices)

INDUSTRY 2012-13 2013-14
 Agriculture, Hunting, Forestry
 and Fishing
4.4 0.9
   Agriculture and Forestry 5.4 1.8
   Fishing 2.0 -1.3
 Industry Sector 10.8 5.6
   Mining and Quarrying -5.1 -25.0
   Manufacturing 9.6 19.0
   Construction 15.1 4.5
   Electricity, Gas and Water Supply 12.1 13.7
 Service Sector 9.0 5.2
   Transport, Storage and Communication 5.2 3.7
   Trade and Repair of Motor Vehicles,
       Motorcycles, Personal and
       Household Goods
11.5 10.0
   Financial Intermediation 14.7 10.2
   Real Estate, Renting and Business
       Activities
17.2 3.5
   Public Administration and Defense;
       Compulsory Social Security
4.4 6.3
   Other Services 4.1 1.1
 Gross Regional Domestic Product 8.1 4.2

 
Source: Philippine Statistics Authority

GRDP Tables

Date Posted: July 30, 2015

 

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