2019 ANNUAL REGIONAL ECONOMIC SITUATIONER National Economic and Development Authority MIMAROPA Region Republic of the Philippines National Economic and Development Authority MIMAROPA Region Tel (43) 288-1115 E-mail:
[email protected] Fax (43) 288-1124 Website: mimaropa.neda.gov.ph ANNUAL REGIONAL ECONOMIC SITUATIONER 2019 I. Macroeconomy A. 2018 Gross Regional Domestic Product (GRDP) Among the 17 regions of the country, MIMAROPA ranked 2nd— together with Davao Region and next to Bicol Region—in terms of growth rate. Among the major economic sectors, the Industry sector recorded the fastest growth of 11.2 percent in 2018 from 1.6 percent in 2017. This was followed by the Services sector, which grew by 9.3 percent in 2018 from 8.7 percent in 2017. The Agriculture, Hunting, Fishery and Forestry (AHFF) sector also grew, but at a slower pace at 2.6 percent in 2018 from 3.0 percent in 2017 (refer to Table 1). Table 1. Economic Performance by Sector and Subsector, MIMAROPA, 2017-2018 (at constant 2000 prices, in percent except GVA) Contribution Percent 2017 2018 GRDP Growth rate Sector/Subsector GVA GVA distribution growth (in P '000) (in P '000) 2017 2018 17-18 16-17 17-18 Agriculture, hunting, 26,733,849 27,416,774 20.24 19.12 0.5 3.0 2.6 forestry, and fishing Agriculture and 21,056,140 21,704,747 15.94 15.13 0.5 4.4 3.1 forestry Fishing 5,677,709 5,712,027 4.30 3.98 0.0 -1.9 0.6 Industry sector 42,649,103 47,445,680 32.29 33.08 3.7 1.6 11.2 Mining and 23,830,735 25,179,054 18.04 17.56 1.0 -5.5 5.7 quarrying Manufacturing 6,811,537 7,304,895