The economy of Eastern Visayas grew by 1.8 percent in 2017. This is mainly driven by the Manufacturing subsector and supported by the growths exhibited by Other Services, Financial Intermediation, Public Administration and Defense; Compulsory Social Security (PAD); Trade, Real Estate, Renting and Business Activities (RERBA), Transport, Storage and Communication (TSC) and Agriculture and Forestry.
Services’ growth stood at 6.2 percent in 2017, slower than the 8.4 percent growth in 2016. Transportation, Storage and Communication (TSC) managed to grow by
2.3 percent from 8.8 percent growth in the previous year. Similarly, Trade and Financial Intermediation posted decelerated growth rates of 4.9 percent and 10.3 percent, respectively. Other Services also slowed down to 8.7 percent as compared with the 10.8 percent growth posted in 2016. Meanwhile, RERBA and PAD, posted accelerated growth rates of 6.2 percent and 6.8 percent, respectively.
Agriculture, Hunting, Forestry and Fishing (AHFF) likewise managed to grow, albeit slower at 0.1 percent in 2017 as compared with the 2.4 percent growth posted in the previous year. Agriculture and Forestry, which accounted for 81.2 percent to total AHFF, grew by 2.8 percent. Fishing, however, declined to 10.1 percent.
Industry contracted to 1.7 percent in 2017 from a 19.5 percent growth posted in the previous year. This was attributed to the decline of the three subsectors: Electricity, Gas and Water Supply (EGWS) by 3.1 percent, Construction by 21.0 percent, and Mining and Quarrying by 12.3 percent. On the other hand, Manufacturing, which accounts for 48.2 percent of the Industry sector, grew by 13.2 percent.
Industry and Services equally shared the bulk of the region’s economy at 42.6 percent and 42.5 percent, respectively. AHFF had the smallest share at 14.9 percent.
Among the three major sectors, Services gave the highest contribution to Eastern Visayas’ economic performance in 2017 contributing 2.5 percentage points. AHFF shared 0.02 percentage point while Industry pulled down the growth by 0.8 percentage point.
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