Northern Mindanao Economy on an Upswing as Industry and Services Improve. The Gross Regional Domestic Product (GRDP) of Northern Mindanao expanded at a faster pace from 5.3 percent in 2013 to 7.2 percent in 2014. The expansion was attributed to the accelerated growth in the Industry and Service sectors. Among the three major economic sectors, Services was the most improved sector which grew from 5.5 percent to 8.0 percent in 2014. Meanwhile, the Industry sector accelerated from 6.8 percent to 9.0 percent. AHFF, on the other hand, grew at a steady rate of 3.2 percent.
The accelerated growth in Services was mainly attributed to the improved performance of all of its subsectors except TSC and Financial Intermediation. Tr ade and repair of motor vehicles, which comprised 36.3% of the Service sector, expanded by 10.2 percent in 2014 due to the improved performance in both wholesale and retail. Likewise, RERBA improved from 7.7 percent to 12.0 percent due to the expansion of renting and business activities; Other Services also grew further from 4.4 percent to 6.0 percent and so did PAD from 5.3 to 6.2 percent.
The improved performance in the Industry sector was mainly attributed to the upsurge of Construction which accelerated from 5.8 percent in 2013 to 29.3 percent in 2014.
|Source Institution||National Statistical Coordination Board|
|Place of Publication||Cagayan de Oro City|
|Original Publication Date||July 30, 2015|