Friday, July 16, 2004 Region 11 posts 4.2% GRDP growth in 2003
WITH the transfer of the Socsksargen area to the newly reconfigured Region 12, the newly reconfigured Davao region is now comprised of the DIDP (Davao Integrated Development Program) area consisting of Davao del Norte, Davao del Sur, Davao Oriental and Davao City.
Davao region experienced positive economic growth of 4.2 percent from 2002 to 2003 brought about by the positive performances of the three major sectors: AFF, industry and services.
AFF sectors, accounting for 27.7 percent of the total output, grew by 5.3 percent in 2003. The increase in corn, banana, other crops and log production contributed to the sector's growth.
The services sector which contributed 41.3 percent to the total regional economy, accelerated by 6 percent in 203. Trade sector improved by 6.9 percent.
Transportation, communications and storage rose by 7.1 percent because of the substantial increases in the number of motor vehicles registrations.
The finance sector increased by 6.6 percent in 2003 due to the increase in total bank assets and deposits. While private services accelerated by 6.9 percent, because of the increase in medical services and hotel and restaurant services.
Meanwhile, ownership of dwellings and real estate grew by a modest 2.4 percent a result brought about by the increases in residential building construction.
The industry sector barely grew by 1.2 percent in 2003. Mining and quarrying continued to improve by 20.9 percent in 2003 mainly because of the growth in small scale gold panning. With the increase in the sales of electricity, the GVA of electricity, gas and water sector increased by 5.7 percent. Manufacturing grew by 4.9 percent, while construction sector dropped by 17.4 percent because of the delayed releases of project funds, problems in the acquisition of right-of-way (ROW), and inaccessibility of project sites during rainy days.
The 2002 revises estimates of the newly reconfigured Region 11 revealed that at least 75 percent of Southern Mindanao's GRDP was accounted for the DIDP areas, while nearly 25 percent were from Socsargen.
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