Western Visayas economy posts bullish growth

THE economic growth of Western Visayas continues to grow from 6.2 percent in 2011 to 7.5 percent in 2012 fueled by the Industry and Service sectors.

A report from the National Statistical Coordination Board (NSCB) showed the bullish and steady economic growth of the region topped by the Service sector comprising the bulk of the region’s economy with 57.1 percent, followed by the Agriculture, Hunting, Forestry and Fishing (AHFF) sector with 25.4 percent and Industry sector with 17.5 percent.

Under the sector, subsectors Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods posted a double digit growth, while the Financial Intermediation, Transport, Storage and Communication posted accelerated growth from the 2011 level.

Public Administration and Defense, Real Estate, Renting and Business Activities posted growth in 2012.

The AHFF sector suffered a decline from a double digit growth in 2011 to a dismal negative in 2012. The decrease in livestock, sugarcane and fishery production pulled down the total performance of AHFF, according to the NSCB report.

The Industry sector rebounded from the negative growth in 2011 to a higher growth in 2012 brought about by the huge performance of Manufacturing and Construction subsectors. Manufacturing posted an impressive growth in 2012 and attributed to the high performance of private and public construction.

Electricity, gas, and water jumped its performance in 2012 but Mining and Quarrying registered slower growth.

Among the three major sectors, the Service sector was the largest contributor to the overall economic growth of the region contributing 4.4 percentage points, followed by the Industry sector with 3.1 percentage points. The AHFF pulled down the economic performance of the region, but by a meager 0.02 percentage.
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