CAR’s economic growth decelerates
The economy of the Cordillera Administrative Region (CAR) decelerated from 5.4 percent in 2013 to 3.2 percent in 2014. The deceleration was due to the slowdown in Industry and Services and the decline in Agriculture, Hunting, Forestry and Fishing (AHFF).
Industry slowed down from 4.1 percent in 2013 to 2.7 percent in 2014. The slowdown was due to decelerations in the following subsectors: Manufacturing, still the sector’s biggest contributor, decelerated from 1.4 percent to 0.9 percent; Construction, from 18.4 percent to 11.2 percent; and Electricity, Gas and Water Supply (EGWS), from 15.4 percent to 3.7 percent. Mining and Quarrying sped up from 9.3 percent to 12.4 percent.
Services grew at a slower pace from 8.4 percent in 2013 to 4.8 percent in 2014. All subsectors except Trade and Public Administration and Defense (PAD) slowed down. Trade accelerated to 8.1 percent from 5.5 percent. PAD accelerated from 2.2 percent to 2.5 percent. Both Finance and Real Estate, Renting and Business Activities (RERBA) decelerated from 16.3 percent to 7.1 percent and from 19.7 percent to 6.8 percent, respectively.
AHFF contracted from 1.3 percent in 2013 to 0.4 percent in 2014. The decline was due to the slower growths of Agriculture and Forestry, which contracted by 0.5 percent in 2014, and of Fishing, which slowed down from 2.6 percent to 2.2 percent.
Services and Industry contributed 1.8 percentage points and 1.4 percentage points, respectively. AHFF pulled down the region’s economic growth by 0.05 percentage point.
The Gross Regional Domestic Product (GRDP) measures the goods and services produced in each of the geo-political regions of the country. It provides for an analysis of the regional distribution of the country’s Gross Domestic Product (GDP), the industries and factors that contribute to the regional economies, and the pace at which these economies are moving on an annual basis. The GRDP is compiled by the Philippine Statistics Authority.
OLIVIA G. GULLA
Page uploaded: July 30, 2015