The economy of CALABARZON accelerated to 6.7 percent in 2017 as compared to the 4.8 percent growth in 2016. The region’s higher growth was brought about by the accelerated growth of the Industry sector driven by Manufacturing and Construction.
The share of Industry to the region’s economy remained the highest among the three major sectors at 61.9 percent followed by Services at 33.0 percent. Meanwhile, Agriculture, Hunting, Forestry and Fishing (AHFF) accounted for 5.1 percent of the region’s Gross Regional Domestic Product (GDRP) in 2017.
Industry grew by 7.7 percent in 2017, faster than the 3.6 percent growth in 2016. The faster growth was driven by Manufacturing with 7.3 percent growth and Construction with 15.9 percent, both faster from the respective growth of 3.7 percent and 1.0 percent in 2016. Likewise, Electricity, Gas and Water Supply (EGWS) contributed to the growth of Industry with 3.4 percent growth during the period, although slower than the previous year’s 6.7 percent. On the other hand, Mining and Quarrying (MAQ) rebounded to 1.0 percent growth from a 1.8 percent decline in 2016.
Meanwhile, Services grew by 6.0 percent in 2017 as compared to the 7.3 percent in 2016. All subsectors expanded during the period and contributed positively to the entire Services: Real Estate, Renting and Business Activities (RERBA) grew by 6.9 percent; Other Services by 8.5 percent; Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods by 4.1 percent; Financial Intermediation (FI) by 7.4 percent; Transport, Storage and Communication (TSC) by 3.7 percent; and Public Administration and Defense; Compulsory Social Security (PAD) by 8.0 percent.
On the other hand, AHFF recorded a 0.6 percent decline in 2017 from a 3.4 percent growth in 2016. This is attributed to the slower growth recorded in Agriculture and Forestry from 4.6 percent in 2016 to 0.8 percent in 2017 and the decline in Fishing by 5.4 percent in 2017.
Of the total 6.7 percent growth in 2017, Industry remained the largest contributor to the growth with 4.7 percentage points followed by Services with 2.0 percentage points. AHFF pulled down the economic performance of the region by 0.03 percent.
