Davao Region posts fastest econ growth in 2014 – PSA

MANILA, Philippines - The economy of Davao Region recorded the fastest growth among the 17 regions of the country in 2014, the Philippine Statistics Authority (PSA) said.

In a report, the PSA said Davao Region expanded 9.4 percent in 2014, surpassing its growth of 6.7 percent in 2013.

It was followed by Central Luzon and Central Visayas which grew nine percent and 8.8 percent, respectively.

 On the other hand, the calamity-stricken Eastern Visayas was the only region which suffered a contraction in 2014 at 2.3 percent. Other regions with lower growth rates were the Autonomous Region in Muslim Mindanao (ARMM) which grew only three percent and the Cordillera Administrative Region with a growth of only 3.2 percent.

 Out of the country’s 17 regions, eight regional economies recorded accelerated growths from 2013 to 2014.

 Mimaropa exhibited the biggest acceleration across regions at 5.2 percentage points, from 1.3 percent in 2013 to 6.5 percent in 2014. Other regions which recorded faster growths in 2014 include: Central Luzon, 4.4 to nine percent; Davao Region, 6.7 to 9.4 percent; Zamboanga Peninsula, 4.1 to 6.5 percent; Northern Mindanao, 5.3 to 7.2 percent; Western Visayas, 3.4 to 4.9 percent; Central Visayas, 7.4 to 8.8 percent; and Cagayan Valley, 6.2  to 6.4 percent.

 On the other hand, Bicol Region posted the biggest deceleration at 3.9 percentage points, from 8.1 percent in 2013 to 4.2 percent in 2014. Other regions which slowed down in 2014 were: National Capital Region (NCR), 9.2 to 5.9 percent; CAR, 5.4 to 3.2 percent;  Soccsksargen, 8.4 to 6.4 percent; Calabarzon, 6.7 to 5.1 percent; Ilocos Region, 6.8 to 5.7 percent; ARMM, 3.8 to 3.0 percent; and Caraga, 8.1 to 7.8 percent.

Meanwhile, Eastern Visayas suffered a reversal as it recorded a 2.3 percent contraction in 2014 from a 4.5 percent growth in 2013.  This was mainly due to the lingering effects of Super Typhoon Yolanda which hit the region in November 2013 and was heavily felt in 2014.

 NCR continued to have the largest share of the country’s gross domestic product (GDP) at 36.3 percent, followed  by Calabarzon at 17.2 percent and Central Luzon at 9.3 percent. On the other hand, ARMM accounted for the smallest share of the national economy at 1.3 percent.

 In terms of contribution to the national GDP growth rate of 6.1 percent in 2014, NCR contributed the highest at 2.1 percentage points, followed by Calabarzon with 0.9 percentage point, Central Luzon with 0.8 percentage point and Central Visayas with 0.6 percentage point.  On the other hand, Eastern Visayas had a negative contribution to growth with 0.1 percentage point.