Friday, August 3, 2012

Only five regions grew faster in 2011, gov’t data show

Businessworld - FIVE out of 17 regions posted faster economic growth in 2011, with the Caraga region recording the highest growth rate, data released by the National Statistical Coordination Board (NSCB) showed.

Caraga, which is composed of the Agusan and Surigao provinces and Dinagat Islands, grew by 9.6% in 2011, faster than 2010’s 7.4%, based on gross regional domestic product (GRDP).

“Cagayan Valley posted the biggest jump in growth with 6.5 percentage points as its economy bounced back from a decline of 1.1% in 2010 to a growth of 5.4% in 2011. Other regions which experienced accelerated growths were: Caraga, [from] 7.4% to 9.6%; Soccsksargen, [from] 2.0% to 4.0%; Western Visayas, [from] 3.7%to 5.5%; and, MIMAROPA, [from] 1.1% to 2.5%,” the NSCB reported.

The fastest growth rates were also recorded in Central Visayas which had 7.9% growth, Central Luzon, 7.5%; Western Visayas, 5.5%; and Cagayan Valley, 5.4%.

The Autonomous Region in Muslim Mindanao (ARMM) was the only region that saw its economy shrink. It declined by 1% percent in 2011, reversing the growth of 2.3% the previous year.

Calabarzon shaved 8.5 percentage points off its growth at 2.6% in 2011, while Central Visayas cut its pace by 4.6 percentage points from 12.5% in 2010. “The other regions that posted the biggest deceleration were Zamboanga Peninsula, 0.1% from 3.6%; Eastern Visayas, 1.8% from 2.0%; Cordillera Administrative Region, 2.1% from 6.3%; and, Northern Mindanao, 2.5% from 6.9%,” the NSCB said.

Metro Manila continued to account for the biggest chunk of the Philippine economy, at 35.7% of the total. Calabarzon had a share of 17.4% while Central Luzon had 9.3%. ARMM had the lowest share, at 0.8%.

The Philippine economy grew by 3.9% in 2011. Metro Manila’s growth was slower at 3.5%. At current prices, Metro Manila’s economy was valued at P3.5 trillion. The country’s GDP hit P9.7 trillion at current prices last year. 


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