By Zorayda Tecson and Froilan Magtoto/Philippine News Agency
CITY OF SAN FERNANDO, Pampanga — Central Luzon’s economy grew 7.1 percent in 2018, lower than the high 9.3 percent in 2017, the National Economic and Development Authority’s (NEDA) office in the region reported on Thursday.
NEDA Regional Director Leon Dacanay Jr. said that despite the slower performance of the region’s economy last year, Central Luzon remained the third fastest growing economy in the country with a 0.7 percentage point contribution to the country’s 6.2 percent growth in 2018.
“Central Luzon’s economy grew by 7.1 percent in 2018 as the basic sectors of the regional economy incessantly showed signs of unwavering vitality and dynamism,” Dacanay said during a press conference on the 2018 Report on the Regional Economy of Central Luzon held here.
Based on Philippine Statistics Authority data, industry continued to account for the largest share of the region’s economy with 48.6 percent in 2018, slightly higher than its 48.3 share in the previous year.
Meanwhile, services and agriculture, hunting, forestry and fishing accounted for 37.6 percent and 13.8 percent, respectively.
Industry grew by 7.6 percent in 2018, slower as compared with the 13.9 percent growth in 2017.
Manufacturing, the largest sub-industry in the region, grew at a slower rate of 5.5 percent from 13.3 percent in 2017.
Construction, on the other hand, slowed down to 18.4 percent from 22.0 percent in the previous year.
Meanwhile, electricity, gas and water supply accelerated to 9.9 percent as compared with the 8.5 percent growth in 2017.
Mining and quarrying likewise rebounded to a growth of 6.8 percent in 2018 from a contraction of 23.0 percent in 2017.
Services grew faster by 7.8 percent in 2018 from 5.6 percent in 2017, as all of its sub-sectors sped up, except real estate, renting and business activities.
Transportation, storage and communication grew by 4.6 percent; trade, 7.0 percent; financial intermediation, 8.5 percent; public administration and defense, 13.7 percent; and other services, 11.8 percent.
Activities, on the other hand, slowed down to 7.1 percent in 2018 from 7.4 percent in 2017.
Agriculture, hunting, forestry and fishing decelerated to 3.7 percent in 2018 from its previous year’s 3.9 percent growth.
Agriculture and forestry slowed down to 3.1 percent from 4.1 percent in 2017, while fishing grew at a faster rate of 6.7 percent from 2.9 percent in 2017.
Industry, meanwhile, contributed most to the region’s overall growth rate with 3.7 percentage points followed by services with 2.9 percentage points and agriculture, hunting, forestry and fishing at 0.5 percentage point.
For the latest updates about this story, visit the Philippine News Agency website
