Central Visayas GRDP grows faster at 8.8 percent
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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