Central Visayas GRDP grows faster at 8.8 percent

By: Vanessa Claire Lucero July 30,2015 - 07:22 PM

The Philippine Statistics Authority presented the economic performance of Central Visayas for fiscal year 2014.

Central Visayas showed an increase in gross regional domestic product (GRDP) growth from 7.4% in 2013 to 8.8% in 2014. Comparatively, the national economy showed a slow down in GDP growth, decreasing from 7.1% in 2013 to 6.1% in 2014.

Last year also saw negative growth of 2.6% for the agriculture, hunting, forestry and fishing (AHFF) sector, which was attributed partially to the natural calamities that affected the region last year.

The industry sector grew significantly from 9.5% to 13.9%, while the service sector showed a slight decrease in growth, from 6.9% in 2013 to 6.6% 2014.

Last year, Central Visayas ranked 3rd among 17 regions in terms of GRDP growth, after Central Luzon and Davao; 4th in terms of regional shares to the total GDP, after Central Luzon, Calabarzon and NCR; and 4th in regional contribution to GDP growth after Central Luzon, Calabarzon and NCR.

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TAGS: agriculture, calamities, Central Visayas, Davao City, economy, fishing, forestry, GDP, gross domestic product, hunting, Philippines

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