The economy of Cordillera Administrative Region (CAR) further grew from 3.3 percent in 2014 to 3.7 percent in 2015 due to accelerated growth of the region’s Services and Industry.

 

Industry accounted for half of the region’s total output at 50.5 percent, followed by Services at 40.0 percent and Agriculture, Hunting, Forestry and Fishing (AHFF) at 9.5 percent. The percent share of Services to the total output of the region increased while the shares of Industry and AHFF decreased.

 

Industry grew at a faster pace from 2.6 percent in 2014 to 3.2 percent in 2015 due to the growth of Manufacturing and Construction. Manufacturing, still the biggest contributor, accelerated from 0.9 percent growth in 2014 to 4.4 percent in 2015. Construction also grew but on a slower pace from 8.3 percent to 1.9 percent. On the other hand, Electricity, Gas and Water Supply (EGWS) contracted from 4.6 percent to negative 8.7 percent while Mining and Quarrying (MAQ) reversed from 19.9 percent in 2014 to negative 4.0 percent in 2015.

 

Services accelerated from 5.1 percent in 2014 to 6.5 percent in 2015. The sub-industry of Other Services (OS) accelerated the fastest from 2.0 percent to 7.4 percent, followed by Transportation, Storage and Communication (TSC) from 4.6 percent to 7.0 percent and Real Estate, Renting and Business Activities (RERBA) from 6.8 percent to 7.0 percent. The rest of the sub-industries slowed down with Trade from 8.2 percent to 7.2 percent, Financial Intermediation (FI) from 6.6 percent to 6.0 percent, and Public Administration and Defense (PAD) from 4.2 percent to 1.4 percent.

 

Meanwhile, AHFF contracted further from negative 0.3 percent in 2014 to negative 4.1 percent in 2015. The decline was due to the negative growth of the Agriculture and Forestry sub-industry which further contracted by 4.1 percent in 2015.

 

Services contributed most to the region’s overall growth rate at 2.5 percentage points followed by Industry at 1.6 percentage points. AHFF pulled down CAR’s growth rate by 0.4 percentage point.