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Cordillera economy increased by 2.1 percent in 2016

Release Date:
Reference Number: PSA-CAR2017-05-02

The economy of the Cordillera Administrative Region (CAR) increased from an estimated 134 billion pesos in 2015 to 137 billion  pesos in 2016 in constant prices. This corresponds to a growth of the regions economy by 2.1 percent in 2016. This was a slowdown from 4.0 percent increase in 2015 due to the decline in Agriculture, Hunting, Forestry and Fishing (AHFF) and Industry.

Industry accounted for half of the regions output at 49.4 percent, follwed by Services at 41.7 percent and AHFF at 8.8 percent. The percent share of Services to the total output of the region increased while the shares of Industry and AHFF decreased.

Industry posted a decrease of 0.2 percent in 2016 from a positive 3.5 percent in 2015 brought about by the negative growths of Construction and Mining and Quarrying that declined 25.4 and 3.5 percent, respectively. Manufacturing , the industry's biggest contributor, managed to grow on a slower pace from 4.4 percent in 2015 to 3.8 percent in 2016. On the other hand, Electricity, Gas, and Water Supply (EGWS) rebounded from negative growth of 8.6 in 2015 to positive 13.4 percent in 2016.

Service decelerated from 6.8 percent in 2015 to 6.5 percent in 2016. Real Estate, Renting and Business Activities  slowed down from 6.6 percent in 2015 to 3.1 percent in 2016. The other sub-industries that decelerated were Transportation, Storage and Communication (TSC), from 7.0 percent to 5.3 percent and Trade, from 7.2 percent to 7.1 percent. Meanwhile, Public Administration and Defense (PAD) accelerated the fastest  from 1.3 percent to 5.3 percent, followed by Financial Intermediation (FI) rfom 6.0 percent to 8.7 percent and Other Services from 9.0 percent to 9.6 percent. The bulk of Services were Other Services and RERBA with 11.7 and 10.4 percent shares of the regional output, respectively. Other Services Include education, health and social work, hotels and restaurants and sewerage, recreation and other services.

Meanwhile, AHFF contracted further from 4.1 percent in 2015 to negative 4.5 percent in 2016. The decline was due to the negative growth  of the Agriculture and Forestry sub-industry which further contracted by 4.7 percent in 2016.

Services constributed most of the region's overall growth rates at 2.6 percentage points. AHFF pulled down CAR's growth rate by 0.4 percentage point and Indusrty by 0.1 percentage point.

 

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