The Bicol region emerged as the “economic star” of 2015, as it posted the fastest gross regional domestic product (GRDP) growth nationwide, according to the Philippine Statistics Authority (PSA).
The economy of the Bicol region recorded the fastest growth among the 17 regions of the country in 2015, at 8.4 percent, and surpassed its growth of 4.3 percent in 2014.
The growth of the Bicol region was boosted by a 23.7-percent growth of the industry sector. This was driven by a 39.7-percent growth in the construction sector.
“Aside from having the highest growth rate, Bicol also exhibited the biggest acceleration at 4.1 percentage points,” the PSA said.
Data showed the Bicol region’s services sector also posted a steady growth of 7.5 percent. This was driven by other services, which posted a 12.1-percent growth; and transportation, storage and communication, which posted a growth of 10.1 percent.
The agriculture sector, however, dragged the Bicol region’s growth. It posted a contraction of 2.3 percent in 2015, from a growth of 1.1 percent. The fishing sector’s growth further declined to 9.4 percent, from a decline of only 1.1 percent.
The growth of the Bicol region was followed by Western Visayas, which posted a growth of 8.3 percent; Davao region, 7.9 percent; Zamboanga Peninsula, 7.2 percent; and the National Capital Region (NCR), at 6.6 percent.
On the other hand, the economy of Autonomous Region in Muslim Mindanao (ARMM) posted a decline of 0.8 percent in 2014 and 2015.
Meanwhile, the NCR continued to have the largest share of the country’s 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, the 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, the NCR contributed the highest at 2.4 percentage points.
This was followed by Calabarzon, with 1 percentage point; and Central Luzon, with 0.5 percentage point. On the other hand, the ARMM pulled down the national growth rate by 0.01 percentage point.
The average real per-capita GDP of the Philippines increased from P71,790 in 2014 to P74,770 in 2015, or by 4.2 percent.
The NCR posted the highest per- capita GRDP at P219,114 in 2015, nearly three times the national average and 7.8 percent higher than in 2014.
Aside from NCR, two other regions, Calabarzon and the Cordillera Autonomous Region, likewise, posted real per-capita GRDP higher than the national average at P92,285 and P74,845, respectively.
Meanwhile, ARMM had the lowest real per-capita GRDP among the regions at P13,695 in 2015.