NORTHERN Mindanao recorded the fifth biggest economic expansion in the country with a growth of 1.9 percentage points in 2014, bringing the year’s gross regional domestic product (GRDP) to 7.2 percent.
PSA interim regional director Eddie Nasol attributed the good performance of the region to the accelerated growth in the industry and service sectors.
The industry sector grew from 6.8 percent to 9.0 percent while the services sector accelerated from 5.5 percent to 8.0 percent, Nasol said during a news conference on the 2014 Regional Economy Report held on July 30.
In terms of percentage share in the Philippine economy, Northern Mindanao contributed 3.75 percent making the region the seventh biggest regional economy in 2014.
Northern Mindanao was also the second largest economy in Mindanao in 2014 maintaining a share of 25.9 percent, following Davao Region. It contributed 1.87 percentage points to Mindanao’s economic growth.
By sector, Northern Mindanao contributed the biggest chunk of the total Agri, Hunting, Forestry and Fishery sector of Mindanao in 2014 with an increased share of 26.51 percent.
The region ranked second in terms of contribution in the Industry and Services sectors with 27.1 percent and 24.73 percent share, respectively. Meanwhile, National Economic and Development Authority (Neda) regional director Leon Dacanay Jr. confirmed that the report was consistent with the growth indicators monitored by Neda.
He is also optimistic the regional economy will remain strong in 2015. (pia 10)
Disclaimer
Mindanao Gold Star Daily holds the copyrights of all articles and photos in perpetuity. Any unauthorized reproduction in any platform, electronic and hardcopy, shall be liable for copyright infringement under the Intellectual Property Rights Law of the Philippines.
