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Bicol’s economy expands..

Bicol Region’s economy grew by 7.1 percent in 2012, nearly four times faster than its pace in 2011. Industry fueled the region’s economy while Agriculture, Hunting, Forestry and Fishing (AHFF) and Services recorded accelerated growths.

grdp12_graph1

Services accounted for the biggest share of the region’s economy at 56.0 percent, followed by AHFF at 24.4 percent and Industry at 19.6 percent. AHFF’s share to the total economy dropped from 25.4 percent in 2011 to 24.4 percent in 2012.

Industry bounced back from a negative 2.6 percent growth in 2011 and grew by 16.1 percent in 2012. Construction spurred Industry’s growth surging by 25.8 percent from a 12.7 percent slump in 2011. Similarly, Mining and Quarrying posted an 11.8 percent growth, a complete turnaround from the 4.0 percent contraction in the previous year. Manufacturing, on the other hand, decelerated from a fast 24.4 percent growth in 2011 to 5.0 percent in 2012, not enough however to dampen Industry’s upsurge. Electricity, Gas and Water Supply (EGWS) almost tripled its pace from 3.2 percent a year ago to 9.3 percent.

Services grew at a faster rate from 3.9 percent in 2011 to 6.1 percent in 2012. Transportation, Storage & Communication (TSC) sustained its momentum expanding in 2012 by 10.2 percent, 3.7 percentage points faster than the 6.5 percent growth in 2011. Similarly, performance of Trade continued to improve from 3.3 percent a year ago to 9.7 percent in 2012. From a 0.1 percent contraction in 2011, growth of Finance surged to 10.9 percent in 2012. The growth of Real Estate, Renting & Business Activities (RERBA) slowed down from 3.5 percent to 2.3 percent while Public Administration and Defense (PAD) grew at a faster 5.0 percent pace in 2012 from 0.2 percent in the previous year. Other Services turned in the most sluggish performance among the Service subsectors from 7.0 percent expansion in 2011 to 1.9 percent in 2012.

AHFF showed signs of improvement expanding by 2.9 percent in 2012 from a lethargic 0.8 percent growth a year back. Agriculture and Forestry accelerated from a 1.2 percent growth in 2011 to 3.1 percent in 2012. Fishing recovered from 0.5 percent slump a year ago to grow by 2.5 percent in 2012.

Services was the largest contributor to the growth of Bicol Region’s economy in 2012 accounting for 3.4 percentage points of the 7.1 percent growth. Industry contributed 2.9 percentage points, while AHFF’s share was 0.7 percentage point.

Source: National Statistical Coordination Board