Eastern Visayas’ economy slows down to 5.3% in 2019

By PSA-8
November 24, 2020

TACLOBAN CITY – The economy of Eastern Visayas grew by 5.3 percent in 2019, albeit, slower than the 7.0 percent growth recorded in 2018. The economic growth in 2019 was driven by the Financial and Insurance Activities (FIA), Education, Manufacturing, Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles, and Electricity, Steam, Water Supply and Waste Management (ESWW).

Services sustained its 9.1 percent growth in 2019. Among its sub-industries, Financial and Insurance Activities (FIA), as well as Information and Communication (IAC) posted accelerated growths at 19.3 percent from 12.1 percent, and 11.0 percent from 7.2 percent, respectively. Public Administration and Defense; Compulsory Social Security (PAD) sustained its 14.1 percent growth in 2019.

Other sub-industries grew at a slower pace: Wholesale and Retail Trade; Repair of Motor Vehicles and motorcycles slowed down to 6.0 percent from 7.6 percent; Transportation and Storage decelerated to 5.3 percent from 12.7 percent; Accommodation and Food Service Activities (AFSA) decelerated to 1.8 percent from 19.9 percent; Real Estate and Ownership of Dwellings (REOD) slowed down to 3.0 percent from 6.1 percent.

Professional and Business Services (PBS) decelerated to 4.0 percent from 4.9 percent; Education decelerated to 13.5 percent from 14.2 percent. Meanwhile, Other Services (OS) rebounded from 4.0 percent contraction in 2018 to 16.2 percent growth in 2019. Human Health and Social Work Activities (HHSWA) continued to decline at a slower rate to 0.7 percent in 2019 from 7.3 percent contraction in 2018.

Industry decelerated to 2.2 percent in 2019 from 7.7 percent in 2018. Electricity, Steam, Water Supply and Waste Management slowed down to 7.1 percent from 7.4 percent. Manufacturing recovered from 6.6 percent contraction in 2018 to 6.0 percent growth in 2019. Meanwhile, Mining and Quarrying (MAQ), and Construction contracted to 6.0 percent and 1.8 percent in 2019, respectively.

Meanwhile, Agriculture, Forestry and Fishing (AFF) recovered from 0.8 percent contraction in 2018 to 2.1 percent growth in 2019.

Services and Industry shared the bulk of the region’s economy at 46.8 percent and 39.7 percent, respectively. AFF had a share of 13.5 percent.

Among the three (3) major industries, Services contributed most to the region’s overall growth rate at 4.1 percentage points. Industry shared 0.9 percentage point, followed by Agriculture, Forestry and Fishing at 0.3 percentage point.