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Thursday, April 25, 2024

Cordillera’s Economy Grows At A Slower Pace In 2019

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The economy of Cordillera grew by 4.3 percent in 2019 slower than the 5.7 percent growth during the previous year.

Villafe P. Alibuyog, Regional Director of Philippine Statistics Authority – Cordillera Administrative Region (PSA-CAR) reported that Industry that contributed 24.1 percent share to the regional economy declined by 2.5 percent in 2019 compared to the 7.7 percent growth in 2018. This was mainly attributed to the negative growths observed in the manufacturing at 4.9 percent and construction at 1.7 percent sub-industries.

In the transportation and storage, it posted a negative growth at 1.0.

However, the report states that the main driver for growth in the region was the Services industry, specifically in the financial and insurance activities that posted 22.5 percent growth.

In the other Services it contributed 15.0 percent in the regional economy, while in the public administration and defense together with compulsory social activities it added 11.8 percent growth.

The agriculture, forestry, and fishing rebounded from a negative growth of 3.5 percent to positive growth of 4.2 percent in 2019.

Of the 6.9 percent economic growth of the country in 2019, CAR was one of the regions who contributed least with 0.1 percent while accounting for only 1.7 percent of the total GDP.

The top contributors of the region to the economic performance of the country are mining and quarrying at 5.6 percent, accommodation and food service activities at 4.6 percent, and Education at 2.4 percent.

In the expenditure performance of the region, Cordillera remained to be one of the regions with the least domestic expenditures in 2019 with 1.7 percent share to the national Gross Domestic Expenditure (GDE).

“The spending of the region increased by 4.3 percent, slower than the 5.7 percent growth in 2018. Imports of goods and services from the rest of the world at 25.6 percent, exports of goods and services to the rest of the world at 24.0 percent, and government final consumption expenditure at 6.6 percent were the main contributors to the growth of GRDE of the region in 2019.” Director Alibuyog said. (OIC Joe Manzano, RPN DZBS Baguio)

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