Economic growth in the Cordillera slowed down in 2019 compared to the regional growth in 2018.
Data released by the Philippine Statistics Authority showed that the economic growth rate in the region was only 4.3 percent compared to the 5.7 percent growth in 2018.
The PSA said this is due to the negative growths in manufacturing at 4.9 percent and construction at 1.7 percent in sub-industries.
Financial and insurance activities are the biggest contributor in the region’s growth at 22.5 percent, followed by other services at 15.0 percent or those that are not classified in the agriculture, manufacturing, transportation, information, communication, retail, real estate sectors, followed by public administration and defense; and compulsory social activities at 11.8 percent.
The industry sector that contributed 24.1 percent share to the regional economy declined by 2.5 percent in 2019 compared to the 7.7 percent growth in 2018.
The agriculture, forestry, and fishing industries on the other hand, rebounded from a negative growth of 3.5 percent to positive growth of 4.2 percent in 2019.
The Cordillera is also one of the regions with the least domestic expenditures in 2019 with 1.7 percent share to the national Gross Domestic Expenditure (GRDE).
The PSA said the spending of the region increased by 4.3 percent, slower than the 5.7 percent growth in 2018.
Imports of goods and services from the rest of the world at 25.6 percent, exports of goods and services to the rest of the world at 24.0 percent, and government final consumption expenditure at 6.6 percent were the main contributors to the growth of GRDE of the region in 2019. – Rimaliza A. Opiña