Saturday, July 16, 2005
Davao has Mindanao's fastest growing economy
AMONG the six regions in Mindanao, Davao Region registered the highest regional economic growth in 2004, with a 6.9 percent increase of its gross regional domestic product (GRDP), a notable improvement from its 4.7 percent growth in 2003.
All the major sectors in the region posted remarkable performances. Following Davao Region are Socsksargen, with 6.4 percent; Northern Mindanao, with 6 percent; Caraga Region, with 5.8 percent; Autonomous Region in Muslim Mindanao, with 5.4 percent and Zamboanga Peninsula, with 4.9 percent.
Corn, banana and sugarcane production posted the most substantial increases in 2004.
Fishery expanded due to the increased production of cultured ponds while forestry grew by 16.4 percent in 2005 as compared to the 30.4 percent growth in 2003.
Services, which contributed 42.2 percent to the region's economy, accelerated from 6 percent in 2003 to 7.6 percent in 2004. The growth of the services sector was brought about by the positive developments in all its sub-sectors except for the finance sector.
Telecom services grew by 17.3 percent compared to 7.1 percent in the previous year because of the increase
in telephone subscribers in the region.
The entry of new key players in the wholesale and retail industry, and an increase in the number of convenience stores further boosted the trade sub-sector from 6.9 percent in 2003 to 7.4 percent in 2004.
The industry sector, which accounted for 31 percent the total region's economy, registered a 5.4 percent growth in 2004 from 2.4 percent in 2003.
This was brought about by the increase in the manufacturing and construction sub-sectors. The infusion of foreign and domestic investments in seaweed processing industry, wood chips factory and construction materials industry contributed to the steady growth of the manufacturing sub-sector.
Construction, on the other hand, rebounded from a 15.2 percent contraction in 2003 to 10.8 percent growth to 2004 due to increased private construction activities and the completion of major public construction projects.
For Bisaya stories from Davao. Click here. (July 16, 2005 issue)
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