Press Release

Cordillera’s Economy grew the highest at 12.1 percent in 2017

Release Date: 2018-04-26 00:00:00

The economy of the Cordillera Administrative Region (CAR) increased from an estimated 137 billion pesos in 2016 to 153 billion pesos in 2017 at constant prices. This corresponds to a growth of the region's economy by 12.1 percent in 2017, the highest among all the regions of the country. This was a leap from the revised 2.3 percent growth in 2016 pushed by the double-digit growth of the Industry Sector, particularly the Manufacturing and Construction sub-industries.
 
Industry accounted for half of the region’s total output at 52.1 percent, followed by Services at 39.6 percent and Agriculture, Hunting, Forestry and Fishing (AHFF) at 8.3 percent. The percent share of Industry to the total output of the region increased while the shares of Services and AHFF decreased.
 
Industry rebounded from negative growth of 0.3 percent in 2016 to positive 18.6 percent in 2017 brought about by the accelerated growths of Manufacturing and Construction. Manufacturing, the Industry’s biggest contributor, posted a robust growth of 19.5 percent in 2017 from 3.8 percent the previous year. Construction turned around from negative 26.4 percent in 2016 to positive 23.6 percent in 2017. Electricity, Gas and Water Supply (EGWS) still managed to grow but on a slower pace from 12.6 percent in 2016 to 5.7 percent in 2017. Mining and Quarrying was not able to reverse the negative growth of 3.5 percent in 2016 and further shrank by 2.9 percent in 2017.
 
Services decelerated to 5.8 percent in 2017 from 7.1 percent in 2016. Transportation, Storage and Communication (TSC) recorded the slowest growth with 3.8 percent in 2017 from 6.0 percent in 2016, followed by Other Services with 4.6 percent growth in 2017 from 11.1 percent in 2016. Financial Intermediation managed to continue the pace with 9.0 percent in 2017 from 9.1 percent in 2016. Meanwhile, Trade accelerated from 7.4 percent to 8.1 percent, followed by Real Estate, Renting and Business Activities (RERBA) from 3.1 percent to 5.9 percent, and Public Administration and Defense (PAD) from 5.2 percent to 5.9 percent. The largest part of the Service Sector are Other Services and RERBA with 11.1 and 9.9 percent shares, respectively.
 
AHFF also rallied from a negative growth of 4.5 percent in 2016 to positive 5.1 percent in 2017. The growth was contributed by the good performance of the Agriculture and Forestry sub-industry that bounced back from negative 4.8 percent in 2016 to positive 5.2 percent in 2017.
 
Industry contributed the most to the region’s overall growth rate with 9.2 percentage points. Services added 2.4 percentage points and AHFF contributed the least with 0.4 percentage point.
 
Table 1. Gross Regional Domestic Product (GRDP) by Industrial Origin,
CAR: 2015 – 2017 at Constant 2000 Prices, in Thousand Pesos
 
Industry 2015 2016 2017
I. AGRICULTURE, HUNTING, FORESTRY & FISHING 12,658,437 12,085,716 12,698,369
        a. Agriculture and Forestry 12,451,122 11,859,425 12,472,587
        b. Fishing 207,315 226,291 225,782
II. INDUSTRY SECTOR 67,617,916 67,426,072 80,000,225
        a. Mining and Quarrying 2,187,793 2,111,685 2,051,392
        b. Manufacturing 53,401,058 55,454,320 66,286,320
        c. Construction 9,436,997 6,941,257 8,578,057
        d. Electricity, Gas and Water Supply 2,592,068 2,918,809 3,084,456
III. SERVICE SECTOR 53,571,847 57,362,125 60,712,728
        a. Transportation, Storage & Communication 7,841,608 8,310,264 8,624,752
        b. Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods 7,321,360 7,865,448 8,498,695
        c. Financial Intermediation 5,229,423 5,707,779 6,224,302
        d. Real Estate, Renting & Business Activities 13,846,802 14,272,286 15,120,133
       e. Public Administration & Defense; Compulsory Social Security 4,733,671 4,980,534 5,272,367
        f. Other Services 14,598,983 16,225,814 16,972,480
GROSS REGIONAL DOMESTIC PRODUCT 133,848,201 136,873,913 153,411,322
Note: Details may not add up to totals due to rounding.
Source: Philippine Statistics Authority
Table 2. GRDP Growth Rates by Industrial Origin,
CAR: 2015 – 2017 at Constant 2000 Prices
 
Industry 15-16 16-17
I. AGRICULTURE, HUNTING, FORESTRY & FISHING (4.5) (5.1)
        a. Agriculture and Forestry (4.8) 5.2
        b. Fishing 9.2 (0.2)
II. INDUSTRY SECTOR (0.3) 18.6
        a. Mining and Quarrying (3.5) (2.9)
        b. Manufacturing 3.8 19.5
        c. Construction (26.4) 23.6
        d. Electricity, Gas and Water Supply 12.6 5.7
III. SERVICE SECTOR 7.1 5.8
        a. Transportation, Storage & Communication 6.0 3.8
        b. Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods 7.4 8.1
        c. Financial Intermediation 9.1 9.0
        d. Real Estate, Renting & Business Activities 3.1 5.9
       e. Public Administration & Defense; Compulsory Social Security 5.2 5.9
        f. Other Services 11.1 4.6
GROSS REGIONAL DOMESTIC PRODUCT 2.3 12.1
Note: Details may not add up to totals due to rounding.
Source: Philippine Statistics Authority

 

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