By NITZ ARANCON
NORTHERN Mindanao’s economy grew by seven percent last year, 1.2 percent higher compared to that of 2017’s, Janeth Aves, chief statistical specialist and officer-in-charge of the Philippine Statistics Authority (PSA) in Region 10, announced this during a news conference at Mallberry Suites here yesterday morning.
The announcement was made the same day officials reported elsewhere about the economies of 16 other regions.
Aves said that in 2017, the economic growth of Region 10 registered at 5.8 percent; in 2018, it was at seven percent or a 1.2-percent higher.
Officials attributed the region’s growth to the robust industry and services sector.
Aves said the seven-percent growth rate in northern Mindanao was given a boost by the services sector with 3.8 percentage points, followed by industry at 3.1 percentage points.
Aves said that among the three major economic industries, services remained to have the largest share of the region’s economy, with 44.1 percent, followed by industry with 35.6 percent, and agriculture, hunting, forestry and fishing with 20.3 percent.
Sub-industries also experienced growth in 2018. According to Aves, the top contributors to the growth in services were trade and repair of motor vehicles, motorcycles, personal and household goods, which grew by 7.4 percent.
She said transportation, storage, and communication registered a double-digit growth of 12.1 percent.
“Likewise, other services grew at a faster rate of 8.9 percent as compared with the growth of 6.1 percent in 2017,” she said.
Officials also revealed that financial intermediation grew by 8.7 percent while real estate, renting and business activities registered a 5.7 percent growth.
Industry, likewise, accelerated to 8.8 percent. Among its sub-industries, construction grew the fastest at 16.3 percent, faster than the recorded growth of 2.0 percent in the previous year, Aves said.
She said quarrying grew by 14.6 percent while manufacturing grew by 6.6 percent from 5.5 percent in 2017.
“Electricity, gas and water supply managed to grow by 4.4 percent, slower than the 13.8-percent growth in 2017,” Aves said.
She said agriculture, hunting, forestry and fishing grew at a slower pace of 0.4 percent in 2018 from 4.7 percent in 2017.
“Agriculture and forestry posted a decelerated growth of 0.8 percent from the 5.7-percent growth in the previous year. Fishing declined further by 1.9 percent,” she said.