Davao Region posted 6.8% economic growth-A A +A
Thursday, July 31, 2014
DAVAO region's economic performance dropped to 6.8 percent in 2013 from 7.4 percent in 2012, a report from National Economic Development Authority (Neda)-Davao said.
Neda regional director Maria Lourdes D. Lim, during the presentation of the 2013 Economic Performance of the Davao Region at the regional office of the Department of Public Works and Highways, said despite the drop, the region still managed to surpass economic growth target of 5.6 percent for 2013.
She noted that this is the second consecutive year that the region surpassed its growth forecast.
The slow down can be attributed to agricultural sector where it was affected when typhoon hit the region in 2012.
She said the agriculture sector registered a negative -8 percent performance, much lower as compared to their target of 2.2 percent.
"This was due to Typhoon Pablo's devastation of coconut, banana, and palay production areas in Davao Oriental, Compostela Valley, and Davao del Norte," Lim said.
"We will now be looking [more] closely in the performance of the agricultural sector," she added.
Despite the drop in economic performance, the region posted an increase in gross regional domestic product (GRDP) of P258.5 billion in 2013 compared to its GRDP in 2012 of P242 billion.
Lim said the services sector contributed to almost half of the region's GRDP at 53 percent, followed by industry sector 32 percent, and agriculture, hunting, forestry, and fishing at 15 percent.
"Indeed, the 2013 GRDP estimates are a confirmation that Davao Region is truly resilient and the Dabawenyos have the capacity to recover quickly from calamities and to rise above difficult challenges," she said.
Lim said it is good to note that the region has retained its position as Mindanao's top economy in terms of GRDP value for the third consecutive year.
For this year they are targeting the region's GRDP to grow by 7 percent.
Lim said this will be powered by the services, industry, and agriculture sector.
Published in the Sun.Star Davao newspaper on August 01, 2014.