REGIONAL ECONOMIC GROWTH. Infographic shows the 7.3 percent economic growth of the Calabarzon region. It is second in terms of the largest share of the country’s Gross Domestic Product at 17 percent.(Photo by Maroe T. Geñosa)
MALVAR, Batangas -- The economy of Calabarzon (Region 4A) grew at 7.3 percent in 2018, the fastest in six years, the Philippine Statistics Authority (PSA) reported.
PSA-Calabarzon Regional Director Charito Armonia said the acceleration was brought about by the faster growth of Industry and Services, as well as the turn-around performance of Agriculture, Hunting, Forestry and Fishing (AHFF).
The Calabarzon region is second in terms of the largest share of the country’s Gross Domestic Product (GDP) at 17 percent.
In the GDP growth rate of 6.2 percent in 2018, National Capital Region contributed the most with 1.8 percentage points, followed by Calabarzon with 1.2 percent.
Among the three major economic sectors, Industry continued to account for the largest share at 62.3 percent of the region’s economy; followed by Services with 32.9 percent share. AHFF had the least share of 4.8 percent.
Industry grew at a faster pace with 7.9 percent in 2018, from 7.8 percent in 2017. It was mainly driven by the upswing of the Manufacturing sub-industry to 8 percent growth from the 7.4 percent growth in the previous year.
Construction also contributed to the upward trend in Industry, recording a growth of 9.5 percent, although slower than the 15.6 percent growth in 2017.
Electricity, Gas and Water Supply posted a faster growth of 3.9 percent in 2018 from 3.4 percent in 2017. Mining and Quarrying accelerated to 3.5 percent in 2018 from 1 percent in 2017.
Out of the 7.3 percent growth of the region in 2018, Industry remained the biggest contributor of 4.9 percentage points followed by Services with 2.4 percentage points, while AHFF contributed the least with 0.03 percentage point. (Maroe T. Geñosa/PNA)
