Western Visayas registered a gross regional domestic product (GRDP) growth rate of 6.4% in 2019, making it the country’s fifth largest economy.
The region’s economy grew by 1.6% from 4.8% recorded in 2018, data from the Philippine Statistics Authority (PSA-6) showed.
In a virtual conference on Monday, Nov. 23, PSA-6 Acting Director Marlene Aviar said WV (Region VI) exceeded the growth rates posted by Central Visayas (5.9%) and Eastern Visayas (5.3%).
The region also surpassed the national growth rate of 6%. It contributed 4.7% to the country’s total economic output.
GRDP measures the economic performance of a region. According to the PSA, it “encompasses the value of goods and services produced in the region for a given reference period.”
“It measures the relative contribution of the three major economic sectors – agriculture, hunting, forestry, and fishing (AHFF), industry, and services.”
The region’s economy was valued at P915.3 billion last year, 62.1% of which was contributed by the services sector, 21% by industry (manufacturing, mining and quarrying, construction, and electricity, steam, water, and waste management), and 16.9% by AHFF.
The services sector posted the fastest growth at 8.2%, followed by industry (1.3%), and AHFF (0.5%).
The top performing sub-industries were trade (18.15%), agriculture and fishing (16.9%), manufacturing (10.4%), transportation and storage (8.2%), and financial and insurance activities (6.4%)
The accommodation and food services activities posted the fastest growth at 31.4%.
As to expenditures in terms of GRDE (gross regional domestic expenditure), household final consumption expenditure shared the biggest with 90.0%.
Gross capital formation grew fastest among the expenditure items at 9.8%.
Among the 17 regions in the country, the Bicol Region posted the fastest growth at 7.4%, followed by the National Capital Region (7.2%), Region I or Ilocos Region (6.9%), and Region II or Cagayan Valley (6.7%).IMT
