Eastern Visayas posts decelerated spending in 2019

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Release Date: 

Tuesday, November 24, 2020

Eastern Visayas posted a 5.3 percent growth in gross domestic expenditure in 2019, lower than the 7.0 percent growth recorded in 2018. Among the expenditure items, Gross Capital Formation (GCF) and Household Final Consumption Expenditure (HFCE) decelerated by 10.5 and 0.2 percentage points, respectively, in 2019.

GCF decelerated to 16.0 percent in 2019 from its 26.5 percent growth in 2018. GCF is measured by the total value of the gross fixed capital formation, changes in inventories and acquisitions, less disposals of valuables.

The total final consumption as measured by HFCE also slowed down to 5.7 percent in 2019 from 5.9 percent in 2018. HFCE consists of expenditures incurred by resident households on the consumption of goods or services. This includes the estimated value of barter transactions, goods and services received in kind, and goods and services produced and consumed by the same household.

Meanwhile, the region accelerated its government final consumption spending in 2019, as measured by the Government Final Consumption Expenditure (GFCE), by 7.5 percent in 2019 from 4.6 percent in 2018. GFCE is the value of all types of output of the general government, less the value of output for own-account capital formation, less the value of sales of goods and services, plus the value of goods and services purchased from market producers for delivery to households for free or of insignificant prices.
Among the 17 regions in the country, Eastern Visayas registered the 6th fastest in per capita household spending in 2019, with per capita HFCE estimated at PhP87,032. This is higher by 4.3 percent from the previous year’s per capita HFCE of PhP83,419.
In terms of contribution to growth, GCF contributed 6.5 percentage points to the region’s overall growth rate, followed by HFCE at 5.0 percentage points, and GFCE at 1.5 percentage points. The growth, however, was pulled down by net exports to the rest of the world and the rest of the Philippines by 4.2 and 3.5 percentage points, respectively.
GRDE complements the Gross Regional Domestic Product (GRDP) in monitoring the economic performance of a region. It is the sum of all final uses of goods and services by residents of the region in the domestic territory, plus their expenditures in other regions, including the rest of the world.
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Regional Director