PSA says Mimaropa’s economy grew in 2016

CALAPAN CITY, Oriental Mindoro, May 22 (PIA) – The Gross Regional Domestic Product (GRDP) of Mimaropa region grew by 2.7 percent in 2016 as revealed by Philippine Statistics Authority (PSA) Mimaropa Regional Director Leni R. Rioflorido in her report during the recent News Conference on the 2016 Report on the Regional Economy of Mimaropa held at Tamaraw Hall in Calapan City.

Among the major sectors, Services grew the fastest in 2016 at 8.0 percent. As compared to the 2015 report, this is higher than the previous which marked at 7.4 percent. According to the report, three of the sub-industries under Services registered accelerated growth in 2016. These included Financial Intermediation (FI), which grew by 9.2 percent faster compared with 7.4 percent in 2015 and Public Administration, which grew and Defense, Compulsory Social Security, which grew by 7.2 percent from 2.4 percent in the previous year.

Further reports revealed that on the part of Real Estate, Renting and Business Activities (RERBA) rebounded to a growth of 6.9 percent from a contraction of 0.3 percent in 2015.

Moreover, it was presented to the report that the industry rebounded to 2.3 percent in 2016 from a decline of 4.9 percent in 2015. PSA said the upturn in growth rate was brought about by the accelerated growth in all its sub-industries comprising Electricity, Gas and Water Supply (EGWS) which grew by 15.4 percent in 2016, faster than the 13.5 percent growth in 2015. Likewise, Manufacturing grew faster by 8.5 percent growth in 2016 compared with the previous year’s growth rate of 0.2 percent.

Meanwhile, Agriculture, Hunting, Forestry and Fishing (AHFF) contracted by 6.8 percent in 2016 compared with a 2.8 percent growth a year ago. PSA concluded that the reversal in growth was due to the decline in both of its sub-industries. Agriculture and Forestry contracted by 4.1 percent in 2016 from a growth rate of 3.8 percent in 2015. Fishing contracted by 15.1 percent in 2016 further declining compared with the negative 0.5 percent posted in 2015.

As clarified by PSA Mimaropa in its report, Services remained the largest contributor to the economic growth of the region as it contributed 3.5 percentage points to the region’s economic growth in 2016. Industry followed with 0.8 percentage point contribution while AHFF pulled down the growth by 1.5 percentage points. (PSA/LTC/PIA-Mimaropa/Calapan)

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