Region 1 experienced negative growth in 2104
SAN FERNANDO CITY–The economy in the region posted a decelerated growth of 5.7 percent in 2014 from 6.8 per cent in 2013 due to the slower growth of the industry and services sectors.
This was bared by Socrates L. Ramores, interim regional director of the Philippine Statistics Authority (PSA).
The services sector, Ramores said, accounted for the biggest share of the region’s output at 50.2 percent. The industry sector followed with a share of 26.0 percent and agriculture, hunting, forestry and fishing (AHFF), 23.8 percent.
The services sector, however, showed a slow down from 7.5 percent in 2013 to 5.7 percent in 2014 along with all its sub-sectors, except public administration and defense, compulsory social security (PAD).
The biggest deceleration was recorded by the financial intermediation, from 13.1 percent to 5.6 percent.
On the other hand, trade and repair of motor vehicles, motorcycles, personal and household goods also posted a slower growth, from 8.0 percent a year ago to 7.3 percent in 2014.
Similarly, real estate, renting and business activities (RERBA), other services (OS) and transportation, storage and communication (TSC) posted lower growths at 7.0 percent, 5.1 percent and 4.7 percent, respectively, 6.
On the other hand, PAD experienced a faster growth, from 2.0 percent in 2013 to 4.2 percent in 2014.
The industry sector posted a decelerated growth–from 10.2 a year ago to 6.9 percent in 2014 as well as its sub-sectors, except mining and quarrying (MAQ), experienced lower growths.
Construction recorded the biggest deceleration of 4.4 percentage points–from 17.6 percent to 13.2 percent.
Both manufacturing and electricity, gas and water supply (EGWS) also decelerated from 11:2 to 8.9 percent in 2013 to 7.9 percent in 2014.
Meanwhile, the performance of AHFF sector improved from 2013 to 2014 due to the faster growth of the agriculture and forestry, and fishing sub-sectors which accelerated from 0.9 to 2.2 percent and 7.3 to 14.4 percent, respectively.
The service sector recorded the biggest contribution to the region’s economic growth in 2014 at 2.8 percentage points. The industry sector and AHFF sectors also contributed 1.8 and 1.1 percentage points, respectively.
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