Industry Sector Still Drives the Growth in CALABARZON’s Economy
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The economy of CALABARZON grew by 5.1 percent in 2014, albeit at a slower pace compared to its 6.7 percent growth in 2013. The Industry sector contributed much to the growth in the economy of the region. Industry continued to contribute the largest share of the region’s total output with a share of 62.1 percent in 2014, slightly higher than its 61.3 percent share in 2013. It was followed by Services which accounted for 32.2 percent and Agriculture, Hunting, Forestry and Fishing (AHFF) with a share of 5.7 percent. The Industry sector accelerated from 6.3 percent in 2013 to 6.5 percent in 2014. It is largely attributed to the expansion in manufacturing which grew faster from 6.7 percent in 2013 to 7.1 percent in 2014. Mining and Quarrying (MAQ) slumped from a double-digit growth of 12.0 percent to 2.8 percent. Similarly, Construction registered a downtrend from 8.6 percent to 2.9 percent. Meanwhile, Electricity, Gas and Water Supply (EGWS) rebounded from a 2.4 percent contraction in 2013 to a 1.6 percent growth in 2014. Services decelerated from 7.9 percent in 2013 to 3.8 percent in 2014 due to the slowdown in the growth of almost all its subsectors. Among the subsectors, only Transport, Storage and Communication (TSC) maintained its growth of 6.3 percent in 2014. The remaining subsectors each recorded a slowdown: Other Services decelerated from 8.7 to 1.7; Real Estate Renting and Business Activities (RERBA) from 10.3 to 3.4; Financial Intermediation from 14.0 to 8.7; Trade and Repair of Motor Vehicle, Motorcycles, Personal and Household Goods from 3.7 to 0.9 and Public Administration and Defense, and Compulsory Social Security from 6.0 percent in 2013 to 5.6 percent in 2014. Agriculture, Hunting, Forestry and Fishing declined from 3.7 percent in 2013 to 1.3 percent in 2014. Agriculture and Forestry contracted from 1.8 percent in 2013 to 1.2 percent in 2014. Likewise, Fishing suffered a reversal from a 9.5 percent growth in 2013 to a 1.7 percent contraction in 2014. The overall 5.1 percent growth rate of the region in 2014 was due to the contribution of the Industry and Service sectors which contributed 4.0 and 1.2 percentage points, respectively. However, Agriculture, Hunting, Forestry and Fishing pulled down the economic performance of CALABARZON by 0.1 percentage point. ROSALINDA P. BAUTISTA Interim Regional Director PSA Region IV-A
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