BUTUAN CITY – The Philippine Statistics Authority in Caraga Region (PSA-13) said the area registered a 5 percent economic growth in 2019.
The agency said Caraga’s growth performance last year moved at a slightly “slower pace” compared to 2018 when the region registered a 5.2 percent growth.
Of the three major industries in the region, only the services sector expanded last year, with the Agricultural, Forestry, and Fishing (AFF) sectors suffering declines in growth, the agency said
“The Services sector continued to expand with 11.0 percent while Industry sector slowed down at 0.4 percent and Agriculture, Forestry, & Fishing (AFF) declined with a growth rate of -3.6 percent,” the PSA-13 said.
The agency also announced high performances of three sub-industries that contributed to the region's overall growth rate last year.
The region's financial and insurance activities posted a 23 percent high growth last year, alongside the public administration and defense with 14.2 percent, and the compulsory activities with 13.4 percent.
The three sub-industries, the PSA-13 added, fall under the services sector in the region.
“The Services sector contributed the largest percent share with 51.4 percent, and the Industry sector remained the second contributor to the region's economic performance with 35.8 percent while AFF posted 12.8 percent share,” the agency said.
It added that of the country's 6 percent economic growth, the region's contribution amounts to 0.1 percentage points while accounting for 1.6 percent of the total Gross Domestic Product. (PNA)
Visual: PSA logo
