economy expands by 5.9% in 2018
April 25, 2019
TACLOBAN CITY – The
economy of Eastern Visayas expanded by 5.9 percent in 2018 as
compared with the 1.8 percent growth in 2017. Top three (3)
industries that contributed to the growth were Construction, by 1.8
percentage points; Other Services, by 1.4 percentage points; and
Transportation, Storage and Communication by 1.0 percentage point.
Services accelerated to
10.5 percent in 2018 from 6.2 percent in 2017. All the
sub-industries grew faster: Transportation, Storage and
Communication grew by 9.6 percent from 2.3 percent; Trade and Repair
of Motor Vehicles, Motorcycles, Personal and Household Goods grew by
7.4 percent from 4.8 percent; Financial Intermediation went up by
10.8 percent from 10.3 percent, and Real Estate, Renting and
Business Activities grew by 6.3 percent from 6.2 percent. Public
Administration and Defense; Compulsory Social Security expanded by
14.2 percent from 7.7 percent and Other Services accelerated to 13.0
percent from 8.4 percent.
Industry rebounded from
1.8 percent contraction in 2017 to 3.5 percent growth in 2018.
Industries that recovered from contractions were: Mining and
Quarrying, which grew by 84.7 percent; Construction, 17.4 percent;
and Electricity, Gas and Water Supply, 6.3 percent. Meanwhile,
Manufacturing declined by 5.7 percent from the 13.3 percent growth
Forestry and Fishing (AHFF) declined by 0.5 percent in 2018 from the
0.1 percent growth in 2017. Agriculture and Forestry slowed down to
1.1 percent from the 2.8 percent growth in 2017. Meanwhile, Fishing
continued to decline by 7.4 percent, although at a slower rate than
the 10.1 percent contraction in 2017.
Services and Industry
shared the bulk of the region’s economy at 44.4 percent and 41.6
percent, respectively. AHFF had a share of 14.0 percent.
Among the three (3) major
industries, Services contributed most to the region’s overall growth
rate at 4.5 percentage points, followed by Industry at 1.5
percentage points. AHFF pulled down the region’s growth by 0.1
Download 2018 EV GRDP here