Caption – Philippine Statistics Authority regional director Ronaldo C. Taghap presents the economic figures during the 2016 Report on the Economy of Central Visayas News Conference at Bayfront Hotel. (CDN PHOTO/AILEEN GARCIA-YAP)
Central Visayas registered a robust economic growth last year ending the year with P525 billion gross regional domestic product (GRDP), an 8.8 percent growth, sustaining its position as among the fastest growing region in the country.
The services sector had the biggest contribution to the growth with 55.5 percent share. The Industry sector contributed 39.1 percent, and agriculture, forestry and fisheries contributed 5.9 percent.
In terms of growth, Industry registered highest growth, specifically the construction subsector, which grew by 40.4 percent.
Services sector grew by 5.9 percent while the agriculture, forestry and fisheries sector contracted by 0.6 percent.
National Economic Development Authority (NEDA) regional director Efren B. Carreon said that while the agriculture, forestry and fishery sector declined, they remain optimistic that the two other sectors will sustain the robust economic growth of the region.
Central Visayas registered the fourth fastest economic growth in the country after Eastern Visayas (12.4 percent growth), Central Luzon (9.5 percent growth) and Davao Region (9.4 percent growth).