THE economies of all 17 regions grew in 2018, with the Bicol Region growing the fastest at 8.9 percent, followed by Davao Region and Mimaropa, with 8.6 percent.
Aside from Bicol Region and Mimaropa, regions with accelerated growth were Central Visayas (7.6 percent), Calabarzon (7.3 percent), Northern Mindanao (7.0 percent), Ilocos Region (6.5 percent), Zamboanga Peninsula (6.3 percent) and Eastern Visayas (5.9 percent).
Despite being among the fastest growing economies in 2018, the growth of Davao Region slowed down. The following regions’ economies also grew, but at a slower pace as compared with the previous year: Cordillera Administrative Region (CAR) grew by 7.3 percent, Autonomous Region in Muslim Mindanao (7.2 percent), Central Luzon (7.1 percent), Soccskargen (6.9 percent), Western Visayas (6.1 percent), National Capital Region (4.8 percent), Cagayan Valley (3.3 percent), and and Caraga (3.2 percent).
NCR continued to account for the largest share of the country’s gross domestic product (GDP), at 36.0 percent. It was followed by Calabarzon, with a share of 17.0 percent, and Central Luzon with a share of 9.8 percent
Similarly, NCR, Calabarzon and Central Luzon were the top three contributors to the 6.2 percent GDP growth, with respective contributions of 1.8 percentage points, 1.2 percentage points, and 0.7 percentage point.
The average real per capita GDP of the Philippines grew by 4.6 percent in 2018. Bicol Region registered the highest growth in per capita GRDP at 6.8 percent. It was followed by Davao Region at 6.6 percent and Mimaropa at 6.4 percent.
NCR had the highest per capita GRDP, which was nearly three times the national average. Aside from NCR, Calabarzon and CAR posted real per capita GRDP higher than the national average. (PR)