Friday, September 17, 2021

NorMin economy down by 1.5% for 2015

NORTHERN Mindanao's economy grew at a slower pace from 7.1 percent in 2014 to 5.51 in percent in 2015, according to figures released by the Philippine Statistics Authority(PSA)-Northern Mindanao.

In a report dated July 28, PSA-Northern Mindanao noted the deceleration was due to the slowdown in industry and services sectors.

Industry posted the biggest deceleration rate by 4.2 percentage points at 4.3 percent in 2015 from its recorded growth in 2014 at 8.5 percent.

Services decelerated by 0.9 percentage points at 8.3 percent in 2015 from 8.3 percent in the previous year.

Agriculture, hunting, forestry, and fishing (AHFF) sectors, meanwhile, managed to grow at a faster rate from 3.2 percent in 2014 to 3.9 percent last year accelerating by 0.7 percentage point.

The deceleration of the economic growth of services was largely because its sub-industries suffered major declines in growth.

Trade and repair, which accounted for the biggest share in the total output of Services, decelerated from 10.2 percent in 2014 to 6.6 percent last year.

Moreover, real estate, renting, business activities and public administration and defense decelerated from 11.9 percent to 5.6 percent and from 5.4 percent to 2.5 percent respectively.

Transport, storage and Communication, however, posed a faster growth in 2015 from 4.6 in 2014 to 8.7 in 2015. Similarly, Financial Intermediation grew from 6.7 percent to 6.9 percent.

The same can be said of Industry with its sub-industries posting decelerated growths for the past year.

Manufacturing, which is the biggest chunk of the total output in the Industry sector, decelerated from 5.8 percent in 2014 to 3.2 percent in 2015.

Construction also slowed down from 26.2 percent to 10.8 percent and Mining and Quarrying decelerated from 16.7 percent to 15.2 percent.

The electricity, gas, and water supply sub-industry had a steady decline of 0.1 percent due to the drop of power generation of power plants.

The AHFF growth rate however improved from the years 2014 to 2015 largely because of the rebound of Fishing from negative 0.7 percent in 2014 to 11.7 percent in the past year.

The Agriculture and Forestry sub-industry on the other hand slowed down from 3.8 percent to 2.8 percent.

PSA-Northern Mindanao also noted the structure of Northern Mindanao economy for the past year was still predominantly services-based.

The services sector accounted for 42.9 percent of the region's total output, followed by industry at 34.1 percent, and AHFF or Agriculture, Hunting, Forestry, and Fishing at 23.0 percent.

As compared to year 2014, the percent share of services for the year 2015 increased from 42.1 percent to 42.9 percent.

The percent share of Industry and AHFF both decreased with Industry from 34.5 percent down to 34,1 and AHFF from 23.4 to 23.0 percent.

Among the sub-industries, the three biggest in 2015 were manufacturing which accounted for 20.6 percent, followed by agriculture and forestry at 20.0 percent, and trade with 15.4 percent.
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