NORTHERN Mindanao has maintained its status as one of the fastest-growing regions in the country with a growth of 7.0 percent last year, according to the Philippine Statistics Authority-10 (PSA-10).
A PSA-10 report released over the weekend also showed a significant drop in poverty in the region in 2017.
PSA-10 described the region’s economy as “robust” and that it has surpassed the country’s 6.2 percent Gross Domestic Product (GDP) growth.
This acceleration, the PSA-10 said, was faster than the recorded economic growth of 5.8 percent in 2017, and was driven by the industry and services sectors.
PSA-10 officer-in-charge Janeth Aves said the region’s economic performance “is also higher than the national average growth of 6.2 percent GDP.”
The services sector maintains the highest share with 44.1 percent, which grew by 8.9 percent, followed by industry with 35.6 percent growing by 8.8 percent, and agriculture with 20.3 percent.
The top contributors to the growth in services were trade and repair of motor vehicles, motorcycles, personal and household goods, transportation, storage, and communication.
National Economic Development Authority-10 (NEDA-10) Director Mylah Faye Aurora Cariño said in a media briefing Friday that the region still has an ample room to grow, with election-related spending and investments as possible growth drivers.
She said the region’s growth is well within the agency’s target of 5.5 to 7.1 percent and seen as the highest since 2006. (PNA)
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