WV economy slows down to 6.1%

The economy of Western Visayas grew at a slower pace in 2018, according to the Philippine Statistics Authority (PSA-6).

The region posted a GRDP (gross regional domestic product) growth rate of 6.1% last year, lower than the 8.6% expansion in 2017.

The slowdown was attributed to the decline in the growth rates of the three major economic sectors.

Accoring to the PSA, the agriculture, hunting, forestry, and fishing (AHFF) sector pulled down the region’s economic growth by 0.3%.

The AHFF sector, posted a growth rate of 1.4% last year, way lower than the 2017 figure of 8.8%. Its subsectors, agriculture and forestry, and fishing, declined by 1.6% and 0.6%, respectively.

The growth rate of the services sector decreased to 7.5 percent from 8.5 percent. But it remained the top contributor to the GRDP growth with 4.3%.

This sector covers, among others, transport, storage and communication; trade and repair of motor vehicles, motorcycles, personal and household goods; and real estate, renting, and business activities.

The industry sector slowed down a bit from 8.7% to 8.6%. It contributed 2.1% to the 2018 GRDP growth.

This sector covers manufacturing, construction, mining and quarrying, and electricity, gas and water supply.

The services sector made up the biggest portion, with a 58.1% share to the regional economy. Industry accounted for 24.7% while AHFF only had a 17.2% share.

Despite the deceleration in the GRDP growth rate, WV remained the 5th largest economy outside  of the National Capital Region (NCR).

“This performance demonstrates that the region has firmly laid the groundwork for continued progress in the future, being among the largest regional economies of the country,” the National Economic and Development Authority (NEDA-6) said in a statement.

Fred Sollesta, PSA-6 director, said GRDP measures the economic performance of a region.

“It encompasses the value of goods and services produced in the region for a given reference period,” he explained.

The PSA-6 presented the data on Thursday, April 25, 2019, at Grand Xing Imperial Hotel in Iloilo City.IMT

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