Highlights

 

Philippine economy posts 5.9 percent growth

Release Date: 28 July 2016
 
The Philippine economy posted a 5.9 percent growth in 2015, a slowdown from its 6.2 percent growth in 2014. The deceleration was due to the slower growths of Agriculture, Hunting, Forestry and Fishing (AHFF) and Industry.
 
The decelerated growths of Industry from 7.8 percent in 2014 to 6.0 percent in 2015 and that of AHFF from 1.7 percent in 2014 to 0.1 percent in 2015 contributed to the slowdown of the nation’s economy. Meanwhile, Services accelerated from 6.2 percent to 6.8 percent.
 
The major sub-industries which accelerated were the following: Other Services (OS) from 4.0 percent in 2014 to 7.9 percent in 2015; Construction from 7.2 percent to 9.4 percent; Electricity, Gas and Water Supply (EGWS) from 3.6 percent to 5.5 percent; Transportation, Storage and communication (TCS) from 6.5 percent to 8.0 percent; and Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods from 5.8 percent to 7.1 percent. Meanwhile, Public Administration and Defense; Compulsory Social Security (PAD) decelerated from 4.0 percent to 1.2 percent; Manufacturing from 8.3 percent to 5.7 percent; Agriculture and Forestry from 2.1 percent to 0.6 percent; Real Estate, Renting and Business Activities (RERBA) from 8.7 percent to 7.2 percent; and Financial Intermediation (FI) from 7.2 percent to 6.1 percent. On the other hand, Mining and Quarrying (MAQ) contracted from 12.1 percent to 1.5 percent while Fishing further declined from 0.2 percent to 1.8 percent.
 
Services accounted for more than half or 57.1 percent of the country’s Gross Domestic Product (GDP). Industry, on the other hand, recorded a share of about one-third or 
33.4 percent while AHFF comprised only 9.5 percent of the national economy.
 
Bicol Region’s economic growth was the fastest in 2015
The economy of Bicol Region recorded the fastest growth among the 17 regions of the country in 2015 – growing at 8.4 percent and surpassing its growth of 4.3 percent in 2014. It was followed by Western Visayas and Davao Region which grew by 8.3 percent and 7.9 percent, respectively from 2014 to 2015.  
 
On the other hand, the economy of Autonomous Region in Muslim Mindanao (ARMM) posted a decline of 0.8 percent from 2014 to 2015.
 
Six regions posted accelerated growths 
Out of the country’s 17 regions, six regions recorded accelerated growths from 2014 to 2015. Meanwhile, one region rebounded, nine regions posted decelerated growths, and one region suffered a contraction.
 
Figure 1.  Growth Rates of Regional Economies: 2013-14 and 2014-2015
(at Constant 2000 Prices, in Percent)
 
 
Aside from having the highest growth rate, Bicol also exhibited the biggest acceleration at 4.1 percentage points, from 4.3 percent in 2014 to 8.4 percent in 2015. Other regions which recorded faster growths in 2015 include: Western Visayas, 5.2 to 8.3 percent; CALABARZON, 5.1 to 5.9 percent; National Capital Region (NCR), 5.9 to 6.6 percent; Zamboanga Peninsula, 6.6 to 7.2 percent; and the Cordillera Administrative Region (CAR), 3.3 to 3.7 percent.
 
Meanwhile, the economy of Eastern Visayas rebounded from a contraction of 2.4 percent in 2014 to a growth of 3.9 percent in 2015.
 
MIMAROPA posted the biggest deceleration at 6.6 percentage points, from 8.3 percent in 2014 to 1.7 percent in 2015. Other regions which slowed down in 2015 were: Caraga, 9.4 to 4.2 percent; Central Luzon, 9.3 to 5.3 percent; Cagayan Valley, 7.2 to 3.7 percent; Central Visayas, 7.8 to 4.8 percent; SOCCSKSARGEN, 6.2 to 3.3 percent; Northern Mindanao, 7.1 to 5.5 percent; Davao Region, 9.3 to 7.9 percent; and Ilocos Region, 6.4 to 5.0 percent.
 
On the other hand, ARMM’s economy declined from a growth of 3.0 percent in 2014 to a contraction of 0.8 in 2015.
 
NCR continues to account for the largest share of the national economy
NCR continued to have the largest share of the country’s Gross Domestic Product (GDP) at 36.5 percent. It was followed by CALABARZON with a 17.2 percent share and Central Luzon with a 9.3 percent share. On the other hand, ARMM accounted for the smallest share of the national economy at 0.7 percent.
 
In terms of contribution to the national GDP growth rate of 5.9 percent in 2015, NCR contributed the highest at 2.4 percentage points, followed by CALABARZON with 1.0 percentage point and Central Luzon with 0.5 percentage point. On the other hand, ARMM pulled down the national growth rate by 0.01 percentage point.
 
Economic Performance of the Regions
 
Industry boosts NCR economy
NCR’s economy accelerated from 5.9 percent in 2014 to 6.6 percent in 2015.  This was due to the accelerated growth of Industry.
 
Services continued to account for the largest share of the region’s economy, contributing 81.1 percent of the total domestic production.  Industry and AHFF accounted for 18.7 percent and 0.2 percent of the region’s total output, respectively.
 
Services grew at a steady pace at 6.6 percent in 2015.  TSC grew faster from 6.0 percent in 2014 to 8.7 percent.  OS and Trade also accelerated from 3.4 percent to 5.7 percent and from 6.1 percent to 7.4 percent, respectively.  Meanwhile, PAD decelerated from 3.2 percent to 0.3 percent.  RERBA and FI also slowed down from 11.9 percent to 8.0 percent and from 6.4 percent to 5.5 percent, respectively.
 
Industry accelerated from 3.3 percent in 2014 to 6.5 percent in 2015.  The increase was attributed to the growth of Construction, EGWS and Manufacturing.  Construction rebounded from negative 4.3 percent to 5.1 percent.  EGWS accelerated from 4.4 percent to 5.7 percent.  Manufacturing likewise accelerated from 5.2 percent to 7.0 percent. 
 
AHFF maintained a growth of 4.1 percent in 2015.  Agriculture and Forestry grew at slower pace from 4.2 percent to 4.1 percent.  Fishing, on the other hand, further declined from negative 1.4 percent to negative 2.0 percent.  
 
Services were the top contributor to the region’s economic growth, contributing 5.3 percentage points. Industry contributed 1.2 percentage points.  AHFF’s contribution to the region’s economic growth was almost nil (0.008 percentage point).
 
Services and Industry pull up Cordillera’s economy 
The economy of CAR further grew from 3.3 percent in 2014 to 3.7 percent in 2015 due to accelerated growth of the region’s Services and Industry.
 
Industry accounted for half of the region’s total output at 50.5 percent, followed by Services at 40.0 percent and AHFF at 9.5 percent. The percent share of Services to the total output of the region increased while the shares of Industry and AHFF decreased.
 
Industry grew at a faster pace from 2.6 percent in 2014 to 3.2 percent in 2015 due to the growth of Manufacturing and Construction.  Manufacturing, still the biggest contributor, accelerated from 0.9 percent growth in 2014 to 4.4 percent in 2015.  Construction also grew but on a slower pace from 8.3 percent to 1.9 percent.  On the other hand, EGWS contracted from 4.6 percent to negative 8.7 percent while MAQ reversed from 19.9 percent in 2014 to negative 4.0 percent in 2015.
 
Services accelerated from 5.1 percent in 2014 to 6.5 percent in 2015. The sub-industry of OS accelerated the fastest from 2.0 percent to 7.4 percent, followed by TCS from 4.6 percent to 7.0 percent and RERBA from 6.8 percent to 7.0 percent.  The rest of the sub-industries slowed down with Trade from 8.2 percent to 7.2 percent, FI from 6.6 percent to 6.0 percent, and PAD from 4.2 percent to 1.4 percent.
 
Meanwhile, AHFF contracted further from negative 0.3 percent in 2014 to negative 4.1 percent in 2015. The decline was due to the negative growth of the Agriculture and Forestry sub-industry which further contracted by 4.1 percent in 2015. 
 
Services contributed most to the region’s overall growth rate at 2.5 percentage points followed by Industry at 1.6 percentage points. AHFF pulled down CAR’s growth rate by 0.4 percentage point.
 
Economy of Region I grows by 5.0 Percent
The economy of Region I grew by 5.0 percent in 2015, though at a slower rate as compared to 6.4 percent in 2014.  The slower performance of the region’s economy in 2015 was due to the decline in the AHFF and deceleration in the Services.
 
Services contributed the largest share in the region’s output at 51.4 percent.  The Industry on the other hand contributed 26.4 percent. Meanwhile AHFF accounted for 22.2 percent in the region’s performance in 2015.
 
Services decelerated from 7.2 percent in 2014 to 6.8 percent in 2015 with the slower growths of all its sub-industries except TSC.  The biggest deceleration was recorded by PAD with a growth of 5.1 percent in 2014 to 1.7 percent in 2015.  FI also slowed down from 7.5 percent growth in the previous year to 5.8 percent this year.   Likewise, Other Services, Trade and RERBA posted lower growths at 9.4, 7.1, and 5.5 percent, respectively. On the other hand, TSC recorded a faster growth from 5.0 percent in 2014 to 6.9 percent in 2015.
The performance of the Industry accelerated from 6.6 percent in 2014 to 7.5 percent in 2015.  The faster growth of the Industry was attributed to the accelerated growth in Construction from 10.6 percent in 2014 to 17.8 percent in 2015.  Meanwhile, Manufacturing experienced the biggest deceleration from 8.9 percent in 2014 to 3.2 percent in 2015. MAQ and EGWS also slowed down to 5.9 and 2.7 percent, respectively.
 
On the other hand, AHFF suffered a reversal from 4.6 percent in 2014 to negative 1.3 percent in 2015.  The decline of AHFF was due to the contraction of Fishing by negative 7.6 percent in 2015.  Meanwhile, Agriculture and Forestry grew slower from 2.2 percent in 2014 to 0.4 percent in 2015.  
 
Services contributed the biggest share to the region’s growth in 2015 at 3.4 percentage points.  Likewise, the Industry contributed 1.9 percentage points.  On the other hand, AHFF pulled down the region’s economic performance by 0.3 percentage point.     
 
Cagayan Valley’s economy decelerates as Industry and Services slow down and AHFF suffers a reversal
The economy of Cagayan Valley decelerated from a 7.2 percent growth in 2014 to 3.7 percent growth in 2015 due to the slowdown of the region’s Industry and Services and the downturn of AHFF.
 
Services continued to account for the largest share of the region’s economy with a 49.0 percent share in 2014 and 50.2 percent share in 2015. Meanwhile, AHFF and Industry accounted for 36.6 percent share and 13.2 percent share, respectively, of the region’s total output in 2015.
 
Services posted a slower growth from 8.3 percent in 2014 to 6.3 percent in 2015. The slowdown in the Services growth was attributed to the deceleration of all of its sub-industries, except for TSC which grew faster from 4.8 percent in 2014 to 7.4 percent in 2015. Trade decelerated from an 11.9 percent growth in 2014 to a 9.1 percent growth in 2015. RERBA and FI decelerated from 9.5 percent and 9.9 percent in 2014 to 8.1 percent and 7.0 percent, respectively, in 2015. Meanwhile OS pulled down the growth of the region’s Service Industry as it slowed down from a 10.7 percent growth in 2014 to a 4.6 percent growth in 2015. PAD decelerated from 4.9 percent in 2014 to only 2.0 percent in 2015.
 
AHFF, which spurred the growth in the region’s economy in 2014, caused a setback as it declined from 5.1 percent growth in 2014 to negative 0.4 percent in 2015. This was due to the downfall of Agriculture and Forestry and Fishing from a 5.3 percent and 0.6 percent growths in 2014 to a drop of negative 0.1 percent and negative 6.1 percent, respectively, in 2015.
 
Industry grew at a slower pace from 9.2 percent in 2014 to 5.8 percent in 2015 due to the big deceleration of Manufacturing and slump in MAQ. Construction, still the Industry’s biggest contributor, hiked from 7.4 percent in 2014 to a double-digit growth of 18.1 percent in 2015. EGWS rebounded from a decline of negative 10.7 percent in 2014 to a 6.8 percent growth in 2015. Manufacturing decelerated dramatically from a 13.8 percent growth in 2014 to a 2.4 percent growth in 2015. On the other hand, MAQ which posted the fastest growth in 2014, suffered a reversal from a 30.6 percent growth in 2014 to a decline of negative 18.3 percent in 2015.
 
Services continued to contribute the highest to the region’s economic growth rate at 3.1 percentage points followed by Industry with 0.8 percentage point. On the other hand, AHFF pulled down the region’s growth rate by 0.2 percentage point.
 
Central Luzon’s growth slows down in 2015
Central Luzon’s economy decelerated from 9.3 percent in 2014 to 5.3 percent in 2015. The deceleration was brought about by the slowdown in Industry.
 
Industry remained the largest industry in the region’s economy accounting for 43.8 percent in 2015, slightly higher than its 43.2 percent share in 2014. Similarly, Services slightly increased from 39.7 percent in 2014 to 39.8 percent in 2015 while AHFF slightly dropped from 17.1 percent in 2014 to 16.4 percent in 2015.
 
Industry decelerated from 15.9 percent in 2014 to 6.7 percent in 2015. The deceleration was primarily caused by MAQ which further declined from negative 8.7 percent to negative 39.2 percent. Manufacturing grew at a slower pace from 19.1 percent in 2014 to 7.0 percent in 2015. Likewise, EGWS decelerated from 7.2 percent to 1.9 percent. On the other hand, Construction accelerated from 6.0 percent in 2014 to 11.1 percent in 2015. 
 
Services accelerated from 4.1 percent in 2014 to 5.7 percent in 2015. The acceleration was brought about by the expansions in TSC, Trade and RERBA. In particular, TSC expanded from 4.7 percent to 7.6 percent, Trade from 1.3 percent to 4.4 percent, and RERBA from 3.8 percent to 6.7 percent.  In addition, OS rebounded from negative 0.1 percent to 4.9 percent in 2015, contributing to the over-all up-tick of the whole industry. On the other hand, FI and PAD decelerated from 11.8 percent in 2014 to 5.7 percent in 2015 and from 4.2 percent to 1.3 percent, respectively.
 
AHFF slowed down from 6.0 percent in 2014 to 0.6 percent in 2015. Agriculture and Forestry decelerated from 6.8 percent to 0.8 percent, while Fishing declined from 2.1 percent to negative 0.6 percent.
 
Of the region’s growth rate of 5.3 percent, Industry contributed 2.9 percentage points, followed by Services with 2.3 percentage points and AHFF shared only 0.1 percentage point. 
 
CALABARZON’s economy expands in 2015
The economy of CALABARZON accelerated from 5.1 percent in 2014 to 5.9 percent in 2015. The higher growth was attributed to the improved performance of AHFF and Service. 
 
Industry continued to account for the largest share of the region’s economy at 61.8 percent in 2015. Services and AHFF had shares of 32.6 and 5.5 percent, respectively.
 
Industry decelerated from 6.5 percent in 2014 to 5.5 percent in 2015. This was mainly due to the slowdown of Manufacturing from 7.1 percent in 2014 to 5.5 percent in 2015, which accounted for 53.7 percent of the regional economy.  The other three sub-industries posted expansions, namely: MAQ from 8.9 percent to 17.9 percent, EGWS from 2.5 percent to 6.7 percent and Construction from 2.1 percent to 5.0 percent.
 
Services accelerated by 3.6 percentage points from a growth of 3.8 percent in 2014 to 7.4 percent in 2015. The expansion in growth was contributed by the following sub-industries: OS from 2.2 percent to 14.2 percent; Trade from 1.0 percent to 6.9 percent; and RERBA from 3.4 percent to 6.8 percent. However, FI, TSC, and PAD grew at a slower pace. In particular, FI slowed down from 7.8 percent to 6.0 percent, TSC from 6.6 percent to 5.9 percent, and PAD from 3.9 percent to 0.7 percent.
 
AHFF rebounded from negative 1.2 percent in 2014 to 2.6 percent in 2015. This was brought about by the turned around performance of Agriculture and Forestry from negative 1.1 percent to 5.9 percent. Fishing, on the other hand, further declined from negative 1.5 percent in 2014 to negative 6.6 percent in 2015.
 
Of the 5.9 percent growth, Industry and Services boost the region’s economic performance with contributions of 3.4 percentage points and 2.4 percentage points, respectively. AHFF contributed 0.1 percentage point to the total GRDP growth of the region.
 
MIMAROPA’s economic growth decelerates
MIMAROPA’s economy decelerated to 1.7 percent in 2015 from 8.3 percent in 2014. The deceleration was attributed to downturn in Industry.
 
Services sustained its largest share to the region's economy with 43.7 percent in 2015. Industry followed with a share of 33.5 percent in 2015. On the other hand, AHFF contributed the least to the region’s output at 22.8 percent.
 
Services accelerated from 5.0 percent in 2014 to 7.3 percent in 2015. The acceleration was brought about by the expansion in the following sub-industries: Other Services, from 5.4 percent to 12.9 percent; TSC, from 7.1 percent to 8.9 percent; Trade, from 2.9 percent to 8.3 percent. Meanwhile, FI decelerated to 7.4 percent from 8.8 percent; and PAD, to 1.7 percent from 4.5 percent. On the other hand, RERBA contracted from 1.1 percent to negative 0.3 percent.  
 
Industry declined to 5.3 percent in 2015 from 17.1 percent in 2014 due to the reversal of growth in MAQ to negative 7.3 percent from 12.1percent; and Construction to negative 4.4 percent from 36.6 percent. Manufacturing slowed down to 0.2 percent in 2015 from 14.0 percent in 2014.  Meanwhile, EGWS accelerated from 13.0 percent to 13.4 percent.
 
AHFF grew from 2.3 percent in 2014 to 2.8 percent in 2015. Agriculture and Forestry slowed down from 4.0 percent to 3.8 percent. Fishing improved from negative 2.6 percent to negative 0.5 percent.  
 
Services accounted for the largest contribution to the region’s economic growth, contributing 3.0 percentage points, followed by AHFF with 0.6 percentage point; while Industry pulled down MIMAROPA’s economic growth by negative 1.9 percentage points.
 
Bicol Region posts fastest economic growth in 2015
The economy of Bicol Region accelerated to 8.4 percent in 2015, almost double its 4.3 percent growth in 2014. Consequently, the region topped in terms of growth among regions nationwide. Industry expanded faster than Services and both boosted the region’s economy.
 
Services remained the largest contributor to the region’s economy at 56.1 percent followed by Industry at 22.5 percent and AHFF at 21.3 percent. The share of Industry to the total economy improved by 2.8 percentage points in 2015 from 19.7 percent in 2014 while shares of AHFF and Services decreased in 2015. 
 
Industry expanded at a faster rate of 23.7 percent in 2015 from 5.3 percent growth in 2014. Construction spurred Industry’s growth posting an acceleration of 39.7 percent, way above the 1.9 percent growth in 2014. MAQ rebounded to 8.5 percent from a 19.1 percent slump in 2014. EGWS slowed down to 13.9 percent from 14.7 percent the previous year. Similarly, Manufacturing declined to 3.7 percent from 19.0 percent in 2014. 
 
Services grew by 7.5 percent in 2015 from 5.4 percent the previous year. Except for TSC and OS, all sub-industries recorded deceleration in growth rates. TSC grew by 10.1 percent from 3.9 percent in 2014 while OS increased to 12.1 percent from 3.7 percent a year ago. On the other hand, Trade declined to 7.7 percent from 10.1 percent. FI grew by 7.1 percent, slower than the 7.5 percent in 2014. Growth of RERBA dropped to 3.2 percent in 2015 from 3.5 percent in 2014. PAD decelerated to 2.7 percent from 5.6 percent in 2014.
 
AHFF declined to a negative 2.3 percent in 2015 due to the 9.4 percent contraction in the Fishing sub-industry.  Agriculture and Forestry grew by 0.4 percent, a slowdown from its 
1.9 percent expansion in 2014.
 
Industry was the largest contributor to the Bicol Region’s economic performance in 2015 accounting for 4.7 percentage points of the 8.4 percent growth. Services contributed 4.2 percentage points, while AHFF’s share was negative 0.5 percentage point.
 
Industry and Services propel Western Visayas’ fast growth
The economy of Western Visayas accelerated to 8.3 percent in 2015 propelled by the Industry and Services. The economic output of the region grew faster by 3.1 percentage points compared to its 5.2 percent growth in 2014. 
 
Services remained as the largest contributor to the region’s economic output at 57.1 percent share in 2015 followed by the Industry at 22.9 percent and AHFF with 20.0 percent share. For the past three years, percentage share of the Industry to the total output of the region continued to increase while AHFF’s share decreased. 
 
Services grew at a faster pace from 5.5 percent a year ago to 6.9 percent in 2015. The growth was attributed to the good performances of OS, Trade, and RERBA. OS accounted for 13.7 percent to the region’s GDP, improved nearly twice its growth in 2014. From a recorded 5.9 percent growth in the previous year, it accelerated to 11.4 percent in 2015. Trade with share of 13.3 percent to GRDP managed to surpass its growth in 2014 by 1.8 percentage points. RERBA accelerated from a 2.0 percent growth a year ago to 4.7 percent in 2015. TSC with a slower growth in 2015 contributed 11.5 percent to the total economic output. On the other hand, FI slowed down from 5.8 percent in 2014 to 4.4 percent in 2015. PAD decelerated from 6.3 percent to 3.8 percent.
 
Industry further expanded from 13.5 percent in 2014 to 22.0 percent in 2015, driven by Construction which grew from 14.4 percent to 46.9 percent in 2015. Construction accounted the bulk of the Industry contributing 11.8 percent to the total GDP of the region, that despite the downswing in other sub-industries, the total Industry managed to accelerate. Among the sub-industries that posted decelerated growths were the MAQ, Manufacturing and EGWS. MAQ slumped from 22.0 percent growth a year ago to 1.9 percent in 2015. Manufacturing decelerated from 10.3 percent to 3.4 percent in 2015. Likewise, EGWS slid from 14.9 percent to 6.0 percent
 
AHFF’s contraction lessened from negative 2.3 percent in 2014 to negative 0.6 percent in 2015. Agriculture and Forestry rebounded from negative 1.5 percent to 0.1 percent in 2015. Moreover, Fishing improved from negative 5.0 percent to negative 3.4 percent
 
The Industry was the largest contributor to the region’s economic growth contributing 4.5 percentage points. Services contributed 4.0 percentage points while AHFF pulled down the economic performance of Western Visayas by 0.1 percentage point. 
 
Services drives Central Visayas’ economic growth
The economy of Central Visayas grew at a slower rate from 7.8 percent in 2014 to 4.8 percent in 2015. The continued growth of Services triggered the expansion, emerging as the top industry in terms of its growth and contribution to the Region’s economy.
 
For 2015, Services secured the largest share of the economic output with 57.2 percent, higher than its 55.1 percent in the previous year. Industry followed at 36.9 percent leaving behind AHFF with 5.9 percent share.
 
Services grew from 6.6 percent in 2014 to 8.9 percent in 2015. Fueling the industry’s momentum are the double-digit growths of OS with the fastest growth from 5.7 percent to 12.5 percent; (FI) from 7.8 percent to 10.9 percent; and TSC from 7.7 percent to 10.9 percent. In addition, RERBA accelerated from 5.7 percent to 7.2 percent. Simultaneously, other sub-industries slowed down with Trade and Repair from 7.3 percent to 6.9 percent; and PAD from 4.2 percent to 1.9 percent.
 
Industry, meanwhile, plunged from 11.3 percent in 2014 to negative 0.5 percent in 2015. The decline was due to Construction which suffered a reversal from 14.7 percent to negative 
14.7 percent. Whereas both MAQ and Manufacturing decelerated from 28.1 percent to 3.0 percent, and 10.0 percent to 5.3 percent, respectively; EGWS, on the other hand, accelerated from 2.3 percent to 5.4 percent.
 
Lastly, AHFF rebounded from negative 1.9 percent in 2014 to 2.3 percent in 2015 as Agriculture and Forestry grew faster from 0.6 percent to 2.8 percent, while Fishing improved from negative 14.7 percent to negative 0.7 percent.
 
Out of the overall 4.8 percent growth of the region, Services contributed 4.9 percentage points while AHFF shared 0.1 percentage point; Industry, however, pulled down the growth by 
0.2 percentage point.   
 
Eastern Visayas economy rebounds by 3.9 percent in 2015
Eastern Visayas economy rebounded from a contraction of 2.4 percent in 2014 to a growth of 3.9 percent in 2015 due to the improved performance of all its industries.
 
Services accounted for the largest share of the region’s economy at 41.9 percent, followed closely by Industry at 41.4 percent, while AHFF had the smallest share at 16.7 percent.  
 
Services accelerated from 4.0 percent in 2014 to 6.8 percent in 2015. Among its sub-industries, Trade and Repair turned around from negative 2.8 percent in 2014 to 7.2 percent growth in 2015. TSC accelerated from 6.3 percent in 2014 to 10.9 percent in 2015; Other Services, from 3.2 percent to 7.0 percent; and FI, from 7.2 percent to 8.7 percent. Meanwhile, RERBA and PAD registered decelerated growths, from 4.3 percent to 1.2 percent and 5.5 percent to 2.6 percent, respectively.
 
Industry rebounded from negative 3.3 percent in 2014 to 4.4 percent growth in the previous year. This was attributed to the improved performance of the Manufacturing from negative 16.0 percent to negative 3.0 percent, the biggest contributor among the sub-industries in the region.  EGWS turned around from negative 0.05 percent to 10.5 percent. On the other hand, MAQ and Construction slowed down from 25.6 percent to 16.8 percent, and 27.4 percent to 10.1 percent, respectively. 
 
AHFF improved but still negative, from 12.7 percent in 2014 to 3.5 percent in 2015.  Agriculture and Forestry recovered from negative 11.2 percent to negative 3.6 percent.  Fishing also managed to improve from negative 18.2 percent to negative 3.2 percent.  
 
Services contributed the largest to Eastern Visayas’ economic performance in 2015 at 2.8 percentage points. Industry accounted for 1.8 percentage points.  AHFF, on the other hand, pulled down the growth by 0.6 percentage point.
 
Zamboanga Peninsula’s economy further accelerates as all major industries expand
Zamboanga Peninsula’s economy accelerated from 6.6 percent in 2014 to 7.2 percent in 2015. This was brought about by the expanded growths in all major industries of the region.
 
Services remained to account for the largest share of the region’s economy although its share decreased from 43.1 percent in 2014 to 42.4 percent in 2015. Meanwhile, the shares of Industry and AHFF to the total domestic output were 37.8 percent and 19.8 percent, respectively.
 
Services grew from 5.6 percent in 2014 to 5.7 percent in 2015. This was largely due to the higher growth in FI, RERBA and Other Services. FI accelerated from 5.9 percent to 7.2 percent, RERBA from 5.1 percent to 5.8 percent, and OS from 3.2 percent to 4.5 percent. On the other hand, slower growth rates in 2015 as compared to 2014 were recorded in Trade and Repair, from 6.8 percent to 6.4 percent; and PAD, from 5.1 percent to 2.0 percent. Meanwhile, TSC’s growth remained at 8.0 percent.
 
Industry accelerated from 10.3 percent in 2014 to 12.1 percent in 2015 due to the higher growth in Construction. Accounting for 10.3 percent of the region’s total economy, Construction accelerated from 19.6 percent in 2014 to 47.7 percent in 2015. Likewise, EGWS accelerated from 3.8 percent in 2014 to 5.9 percent in 2015. Meanwhile, Manufacturing declined from 9.8 percent in 2014 to 3.1 percent in 2015. MAQ improved but still negative from negative 36.4 percent in 2014 to negative 18.9 percent in 2015.
 
Growth in the AHFF decelerated from 2.9 percent in 2014 to 2.0 percent in 2015. Agriculture and Forestry, which accounted for 13.3 percent of the region’s domestic output, decelerated from 3.0 percent in 2014 to 2.2 percent in 2015. Moreover, Fishing decelerated from 2.6 percent in 2014 to 1.5 percent in 2015.
 
Industry contributed the largest to Zamboanga Peninsula’s 7.2 percent economic growth in 2015 with 4.4 percentage points. Services contributed 2.5 percentage points while AHFF contributed 0.4 percentage point to the region’s total economic growth.
 
Northern Mindanao economy grows at a slower pace
Northern Mindanao’s economy grew at a slower pace from 7.1 percent in 2014 to 5.5 percent in 2015. The deceleration was due to the slowdown in Industry and Services.
 
Services accounted for 42.9 percent of the region’s total output, followed by Industry at 34.1 percent and AHFF at 23.0 percent.  The percent share of Services to the total output of the region increased while the shares of Industry and AHFF decreased. 
 
Services decelerated from 8.3 percent in 2014 to 7.4 percent in 2015. Trade and Repair, which accounted for the biggest share in the total output of Services, decelerated from 10.2 percent to 6.6 percent. Moreover, RERBA and PAD decelerated from 11.9 percent to 5.6 percent and from 5.4 percent to 2.5 percent, respectively.  On the other hand, OS improved from 7.7 percent to 11.3 percent. Similarly, TCS and FI posted faster growths in 2015 from 4.6 percent to 8.7 and from 6.7 percent to 6.9 percent, respectively. 
 
Industry also slowed down from 8.5 percent in 2014 to 4.3 percent in 2015 since all of its sub-industries posted decelerated growths. Manufacturing, which accounted the biggest chunk of the total output of Industry, decelerated from 5.8 percent to 3.2 percent. Construction also slowed down from 26.2 percent to 10.8 percent. Likewise, MAQ decelerated from 16.7 percent to 15.2 percent. EGWS showed a steady decline of 0.1 percent.
 
Meanwhile, AHFF grew faster from 3.2 percent in 2014 to 3.9 percent in 2015. The improvement was attributed to the rebound of Fishing from negative 0.7 percent to 11.7 percent. On the other hand, Agriculture and Forestry slowed down from 3.8 percent to 2.8 percent
 
Services was the largest contributor to the economic growth of Northern Mindanao in 2015 contributing 3.1 percentage points to the total 5.5 percent economic growth. Industry and AHFF contributed 1.5 and 0.9 percentage points, respectively.
 
Davao Region’s growth decelerates in 2015
Davao Region’s economy slowed down from 9.3 percent in 2014 to 7.9 percent in 2015. The deceleration in the region’s economic performance was attributed to slower growth in most of its industries.
 
Services remained the largest contributor to the region’s economy, although its share decreased from 52.4 percent in 2014 to 52.1 percent in 2015. Similarly, the contribution of AHFF declined from 14.5 percent in 2014 to 13.6 percent in 2015. Meanwhile, the contribution of Industry to the total domestic output increased from 33.2 percent in 2014 to 34.3 percent in 2015.
 
Services slowed down from 8.5 percent growth in 2014 to 7.4 percent in 2015, as all its industries, except TSC, posted decelerated growths. RERBA registered the biggest deceleration from 10.3 percent in 2014 to 8.3 percent in 2015. Decelerated growths were likewise recorded in Trade and Repair from 8.7 percent to 7.4 percent in 2015, and OS from 7.8 percent in 2014 to 7.4 percent in 2015. FI and PAD also slowed down from 8.2 percent to 5.5 percent, and from 4.8 percent to 1.9 percent, respectively. On the other hand, TSC recorded an accelerated growth from 8.8 percent in 2014 to 9.4 percent in 2015.
 
Industry decelerated from 14.0 percent growth in 2014 to 11.6 percent in 2015. Manufacturing, the largest contributor to the region’s economy, slowed down from 18.8 percent in 2014 to 12.4 percent in 2015. In contrast, MAQ accelerated from 20.0 percent in 2014 to 25.6 percent in 2015.Construction, likewise, posted accelerated growth from 3.9 percent in 2014 to 7.9 percent in 2015. EGWS also grew from 12.8 percent in 2014 to 15.9 percent in 2015. 
 
The AHFF also recorded slower growth from 2.6 percent in 2014 to 1.4 percent in 2015. Agriculture and Forestry decelerated from 4.9 percent growth in 2014 to 1.1 percent in 2015. The Fishing industry rebounded from 27.7 percent decline in 2014 to 6.8 percent growth in 2015.  
 
Services provided the biggest contribution to the region’s economic growth at 3.9 percentage points, followed closely by Industry with 3.8 percentage points. Meanwhile, AHFF contributed 0.2 percentage point.
 
SOCCSKSARGEN’s economy remains resilient despite slump in AHFF
The regional economy of SOCCSKSARGEN slowed down from 6.2 percent in 2014 to 3.3 percent in 2015 due to the contraction in AHFF and a slower growth in Industry.
 
Services accounted for the largest share of the regional economy at 39.5 percent in 2015 higher than its 37.7 percent share in 2014. The share of Industry decreased from 34.3 percent in 2014 to 33.9 percent in 2015. AHFF contributed 26.5 percent to the region’s total economic output in 2015, lower than its 28.0 percent share in 2014.
 
Services registered a faster growth from 6.7 percent in 2014 to 8.4 percent in 2015 propelled by higher growths posted by three of its six sub-industries. OS posted the biggest acceleration from 2.1 percent in 2014 to 11.4 percent in 2015. TSC surged from 6.0 percent in 2014 to 9.1 percent in 2015. Trade and outpaced its previous performance from 8.4 percent in 2014 to 8.7 percent in 2015. RERBA (from 11.5 percent to 8.6 percent), FI (from 8.1 percent to 6.4 percent) and PAD (from 5.2 percent to 2.3 percent) also recorded expansions in 2015, but slower than their expansions in 2014.
 
Industry grew at a slower rate of 2.1 percent in 2015 from 7.1 percent in 2015 due to the slump in Manufacturing. Manufacturing, which accounted for the bulk of Industry, contracted by 0.4 percent in 2015, from a high growth of 8.3 percent in 2014. Moreover, EGWS slowed down from 6.3 percent in 2014 to 4.3 percent in 2015, and MAQ decelerated from 10.7 percent in 2014 to 3.6 percent in 2015. On the other hand, Construction grew faster from 2.8 percent in 2014 to 11.1 percent in 2015.
 
Meanwhile, AHFF suffered a reversal from 4.5 percent in 2014 to negative 2.2 percent in 2015 due to a downturn in Agriculture and Forestry. Agriculture and Forestry sank from 2.3 percent to negative 3.4 percent in 2015 while Fishing grew at a slower rate from 15.6 percent in 2014 to 3.2 percent in 2015. 
 
Services was the top contributor to the region’s economic growth of 3.3 percent in 2015, contributing 3.2 percentage points to the total growth. Industry chipped in a meager 0.7 percentage point while AHFF pulled down the 2015 GRDP growth of SOCCSKSARGEN by 0.6 percentage point.
 
Caraga’s growth slows down in 2015
The economy of Caraga decelerated from 9.4 percent in 2014 to 4.2 percent in 2015. The region’s growth decelerated as AHFF declined while Industry and Services slowed down.
 
Services remained to account for the largest share in the region’s total economic output with 45.7 percent. Industry followed with 37.2 percent while AHFF chipped in 17.1 percent.
 
The overall performance of Services slowed down from 9.2 percent in 2014 to 5.3 percent in 2015 due to the decelerated growth of four sub-industries. TSC recorded the biggest deceleration from 16.4 percent in 2014 to 4.2 percent in 2015. Trade and Repair also slid from 8.0 percent in 2014 to 7.5 percent in 2015. In the same manner, FI slowed down from 5.7 percent to 5.6 percent in 2015 and PAD decelerated from 4.4 percent to 1.3 percent. Meanwhile, RERBA recorded an accelerated growth from 5.4 percent in 2014 to 7.4 percent in 2015 and OS expanded from 4.6 percent in 2014 to 7.0 percent in 2015. 
 
Industry decelerated to 9.9 percent in 2015 from 14.8 percent in 2015. The slowdown was attributed to the slowdown in MAQ and Manufacturing. MAQ, which accounted for the largest share in the Industry, decelerated from 14.7 percent to 5.0 percent in 2015. Likewise, Manufacturing slowed down from 12.7 percent to 2.6 percent in 2015. However, EGWS cushioned the big decelerated growths of the first two sub-industries as it rebounded from negative 5.8 percent in 2014 to 24.1 percent in 2015. Likewise, Construction further improved its performance by accelerating from 20.6 percent to 22.7 percent in 2015. 
 
AHFF suffered a reversal from 1.3 percent in 2014 to negative 8.5 percent in 2015. This was due to the contraction of Agriculture and Forestry by 9.6 percent in 2015 from a positive 
1.4 percent in 2014. Fishing, at the same time, also contracted by 2.3 percent in 2015 from 0.8 percent in 2014.
 
Industry and Services contributed 3.5 percentage points and 2.4 percentage points to the region’s total growth for the year, respectively. On the other hand, AHFF pulled down the growth by 1.7 percentage points.
 
ARMM’s economic growth declines
The economy of ARMM contracted by 0.8 percent in 2015, from a growth of 3.0 percent in 2014. The contraction was due to the decline in the Industry and the AHFF. 
 
AHFF continued to account for the largest share in the total economy of ARMM accounting for 58.5 percent in 2015. Services shared 36.0 percent while Industry accounted for 5.6 percent of the total economy.
 
AHFF further declined from negative 0.9 percent in 2014 to negative 1.5 percent in 2015. This was due to the contraction of Agriculture and Forestry, decreasing further from negativee 
2.1 percent to negative 2.8 percent in 2015. Moreover, Fishing slowed down from 3.2 percent in 2014 to 2.5 percent in 2015.
 
Industry suffered a reversal from 32.4 percent in 2014 to negative 16.4 percent in 2015. This was due to the contraction of Construction at 43.1 percent in 2015 from a high growth of 139.1 percent in 2014. EGWS, likewise, further declined from negative 2.3 percent in 2014 to negative 11.3 percent. However, Manufacturing accelerated from a 3.0 percent growth rate in 2014 to 6.3 percent in 2015 as well as MAQ which grew faster from 60.3 percent in 2014 to 66.9 percent in 2015. 
 
Services decelerated from 5.4 percent in 2014 to 3.3 percent in 2015. All sub-industries except TSC and OS posted decelerated growths in 2015.  Trade decelerated from 8.7 percent in 2014 to 6.3 percent in 2015; FI from 9.6 percent in 2014 to 9.0 percent in 2015; RERBA from 7.8 percent in 2014 to 0.9 percent in 2015; and PAD from 6.0 percent in 2014 to 3.1 percent in 2015. On the other hand, TSC grew faster from 4.4 percent in 2014 to 7.1 percent in 2015 and OS rebounded from negative 0.6 percent in 2014 to 1.0 percent in 2015. 
 
Declines in Industry and AHFF pulled down the region’s GDP growth rate by 1.1 percentage points and 0.9 percentage point, respectively.  Services however, contributed 1.1 percentage points.
 
Economic Performance by Industry
 
AHFF posts slower growth
AHFF decelerated from 1.7 percent in 2014 to 0.1 percent in 2015. Its share to total GDP remained the smallest in 2015 at 9.5 percent, lower than its 10.0 percent share in 2014.
 
In 2015, two regions exhibited accelerations, three posted decelerations, two rebounded, five declined, two improved but still posted contractions, two further declined while one region retained its growth.
 
Northern Mindanao and MIMAROPA posted accelerated growths while Central Luzon, Davao Region and Zamboanga Peninsula posted decelerations. Central Visayas and CALABARZON both recovered from a decline a year ago while Eastern Visayas and Western Visayas improved but still posted contractions.  On the other hand, both CAR and ARMM further declined and Caraga, SOCCSKSARGEN, Ilocos Region, Cagayan Valley and Bicol all suffered contraction. Meanwhile NCR maintained the same growth in 2015.
 
NCR posted the fastest growth in AHFF among the 17 regions in 2015 at 4.1 percent.  It was followed by Northern Mindanao at 3.9 percent and MIMAROPA at 2.8 percent. On the other hand, Caraga posted the biggest contraction at 9.8 percent
 
Figure 2. Growth Rates of Regional Economies in AHFF:
2013-2014 and 2014-2015 (at Constant 2000 Prices, in Percent)
 
 
Central Luzon continued to account for the largest share of the country’s AHFF output with a 16.0 percent share in 2015. It was followed by CALABARZON with 10.0 percent and Northern Mindanao with 9.1 percent. NCR continued to account for the smallest share to AHFF at 0.7 percent.
 
The top contributor to the AHFF growth of 0.1 percent in 2015 was Northern Mindanao with a contribution of 0.34 percentage point followed by CALABARZON with 0.26 percentage point.  
 
AHFF contributed 0.01 percentage point to the GDP growth of 5.9 percent in 2015, lower than its contribution of 0.18 percentage point in 2014.
Industry decelerates 
Industry slowed down from 7.8 percent in 2014 to 6.0 percent in 2015. It accounted for 33.4 percent of the country’s total GDP. 
 
Among the 17 regions in the country in 2015, six regions recorded accelerated growths, one region rebounded, seven decelerated, and three declined.
 
Bicol, Western Visayas, NCR, Zamboanga Peninsula, Ilocos Region and CAR all posted accelerations and Eastern Visayas rebounded. Meanwhile, Central Luzon, Caraga, SOCCSKSARGEN, Northern Mindanao, Cagayan Valley, Davao Region and CALABARZON all decelerated. On the other hand, ARMM, MIMAROPA and Central Visayas declined.
CALABARZON accounted for the bulk of the country’s total Industry output at 31.8 percent in 2015. It was followed by NCR with a 20.5 percent share and Central Luzon with a 12.2 percent share. ARMM continued to have the smallest share of the Industry total output at 0.1 percent.
 
Figure 3. Growth Rates of Regional Economies in Industry:
2013-2014 and 2014-2015 (at Constant 2000 Prices, in Percent)
 
 
CALABARZON was also the top contributor to the 6.0 percent growth of Industry in 2015 at 1.8 percentage points followed by NCR at 1.3 percentage points.  On the other hand, MIMAROPA, Central Visayas and ARMM pulled down Industry’s growth by 0.10, 0.04 and 0.02 percentage point, respectively.
 
Industry contributed 2.0 percentage points to the GDP growth of 5.9 percent in 2015, lower than its contribution of 2.5 percentage points in 2014.
Services register accelerated growth 
 
Services accelerated from 6.2 percent in 2014 to 6.8 percent in 2015. It accounted for more than half or 57.1 percent of the country’s GDP in 2015.  
 
Of the 17 regions in the country, 10 recorded accelerated growths, six posted decelerations while one retained its growth rate in 2015. CALABARZON, Eastern Visayas, Central Visayas, MIMAROPA, Bicol, SOCCSKSARGEN, Central Luzon, CAR, Western Visayas and Zamboanga Peninsula all posted accelerated growth. On the other hand, Caraga, ARMM, Cagayan Valley, Davao Region, Northern Mindanao, and Ilocos Region slowed down while NCR maintained its growth. 
 
Figure 4. Growth Rates of Regional Economies in Services:
2013-2014 and 2014-2015 (at Constant 2000 Prices, in Percent)
 
  
NCR remained to account for the biggest share of the total output of Services at 51.8 percent. CALABARZON ranked second with a 9.8 percent share while Central Luzon was third with a 6.5 percent share. On the other hand, ARMM had the smallest share at 0.4 percent in 2015. 
 
NCR continued to be the biggest contributor with 3.4 percentage points to the 6.8 percent growth of Services in 2015. All the other regions posted less than one percentage point to the growth of Services with ARMM recording the smallest at 0.01 percentage point. 
 
Among the three major industries, Services contributed the biggest share at 3.4 percentage points to the overall GDP growth of 5.9 percent in 2015.  

 

Per Capita GRDP
 
Real per capita GRDP of NCR nearly three times the national per capita GDP
The average real per capita GDP of the Philippines increased from PhP 71,790 in 2014 to PhP 74,770 in 2015 or by 4.2 percent.
 
NCR posted the highest per capita GRDP at PhP 219,114 in 2015, nearly three times the national average and 7.8 percent higher than in 2014. Aside from NCR, two other regions, CALABARZON and CAR likewise posted real per capita GRDP higher than the national average at PhP 92,285 and PhP 74,845, respectively. Meanwhile, ARMM had the lowest real per capita GRDP among the regions at PhP 13,588 in 2015.
 
Figure 5. GRDP Per Capita Index with Reference to the National Average
2014 and 2015 (at Constant 2000 Prices)
 
 
NCR also registered the highest increase at 7.8 percent from PhP 203,231 in 2014 to PhP 219,114 in 2015. It is followed by CALABARZON at 6.5 percent and Western Visayas at 5.9 percent. On the other hand, the real per capita GRDP of ARMM, MIMAROPA and Caraga declined by 7.0, 3.0 and 0.6 percent, respectively while that of Eastern Visayas improved from a contraction of 3.5 percent in 2014 to a contraction of 0.7 percent in 2015.
 
NCR posted the highest per capita index relative to the national average at 293.1 in 2015, followed by CALABARZON at 123.4 and CAR at 100.1. All 14 other regions have indices lower than the national average with ARMM at the bottom with a per capita index of only 18.2.
Inflation
 
NCR posts highest inflation rate
NCR posted the highest inflation among regions of the country at 1.2 percent in 2015. It was followed by Northern Mindanao with 0.8 percent inflation rate and Davao Region with 
0.7 percent
 
Among the 17 regions, ARMM continued to register the highest Implicit Price Index (IPIN) for the last three years reaching 196.9 index points in 2015. On the other hand, CALABARZON posted the lowest IPIN at 158.1 index points in 2015.
 

 

Gross Regional Domestic Product by Year Published

Highlights by Year Published

Infographic

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