Bicol Region Records Fastest Economic Growth in 2013

Bicol Region’s economy expanded by 9.4 percent in 2013, the fastest growth among regions of the country. All sectors performed well with Services turning in the strongest performance.

Services remained the biggest contributor to Bicol’s economy accounting for 57.0 percent of the region’s output. The share of Agriculture, Hunting, Forestry and Fishery (AHFF) slightly decreased from 24.4 percent in 2012 to 23.4 percent while Industry’s contribution stood at 19.6 percent.

The growth of the Service sector accelerated from 6.2 percent in 2012 to 11.0 percent in 2013. Except for Transportation, Storage and Communication (TSC), all subsectors recorded improved growths. Growth of TSC slowed down from 10.2 percent a year ago to 5.0 percent in 2013. Trade and Repair on the other hand grew 1.1 percentage points faster than the 9.7 percent growth recorded in 2012. Finance continued to surge with a 14.4 percent growth in 2013, still an improvement from the 10.9 percent expansion in 2012. The growth of Real Estate, Renting and Business Activities (RERBA) soared from 2.8 percent in the past year to 17.1 percent, the biggest improvement among the subsectors of the region’s economy. Public Administration and Defense’s (PAD’s) performance improved from 4.7 percent to 8.2 percent while growth in Other Services swelled from 2.2 percent in 2012 to 11.4 percent in 2013.

Industry expanded at a slower 10.8 percent pace in 2013 compared to the fast 14.6 percent in 2012. Growth in Construction slowed down from 22.4 percent in the past year to 14.2 percent. Electricity, Gas and Water Supply (EGWS) posted an accelerated 13.4 percent growth from 9.3 percent in 2012 while growth in Manufacturing almost doubled from 5.0 percent a year ago to 9.6 percent. Mining and Quarrying, on the other hand, contracted by 4.2 percent, a reversal from the 11.8 percent expansion in 2012.

The performance of AHFF improved from 2.9 percent in 2012 to 4.5 percent in 2013. Agriculture and Forestry’s growth improved from 3.1 percent the previous year to 5.4 percent in 2013 while Fishery decelerated from 2.5 percent to 2.0 percent.

The Service sector was the largest contributor to the economic performance of Bicol Region in 2013 accounting for 6.2 percentage points of the 9.4 percent growth. Industry followed with a 2.1 percentage point contribution, while AHFF accounted for 1.1 percentage points. 

Gross Regional Domestic Product by Industrial Origin
Growth Rates, Region V: 2011 - 2013
(In Percent, At Constant Prices)

Source: Philippine Statistics Authority