Economic Development

Davao Region surprises with historic 10.9% GRDP growth in 2017

By Rudolph Ian Alama Published On May 10, 2018

DAVAO CITY, May 10 (PIA) -- Davao Region (Region XI) posted its highest Gross Regional Domestic Product (GRDP) at 10.9 percent in 2017.

This was the highlight of the 2017 Report on the Regional Economy of Davao Region which was reported by Rosendo M. Aya-ay, chief statistical specialist of the regional office of the Philippine Statistics Authority (PSA).

The 2017 GRDP growth eclipsed the 2016 GRDP growth which as at 9.5 percent. The GRDP growth is higher than the Gross Domestic Product growth of the country (2016-2017) at 6.7 percent.

The industry sector posted a 19.1 percent growth followed by the service sector 7.3 percent and the agriculture, hunting, forestry and fishing sector at 1.7 percent.

The services sector continued to account for the biggest share to the region’s economy at 49.6 percent. Industry followed with a 39.2 percent share; and agriculture, hunting, forestry and fishing (AHFF) with 11.2 percent share.

Being the top performing economy in Mindanao, Davao Region has the 5th biggest economy in the country and the second fastest growing economy next to Cordillera Autonomous Region.

GRDP measures the goods and services produced in each of the geo-political regions of the country.

It provides for an analysis of the regional distribution of the country’s GDP, the industries and factors that contribute to the regional economies, and the pace at which these economies are moving on an annual basis. It is compiled annually by the PSA.

National Economic Development Authority-XI Regional Director Maria Lourdes Lim said that Martial Law, which was declared all over Mindanao in May of last year had no impact or even contributed to the record economic growth in the region.

“There was apprehension in the first few months of martial law, there were cancellations of tourism bookings and events, but the economy recovered in the third and fourth quarter of 2017,” Lim said.

She added that martial law gave a sense of security to investors and businessmen in the region. (PIA/RGA)