Bicol Region's Economy Grows by 5.1 Percent in 2017

Release Date: 

Thursday, April 26, 2018

The economy of the Bicol region posted a 5.1 percent growth in 2017, albeit slightly slower than
the 5.5 percent growth recorded in 2016 ..
Services and Agriculture, Hunting, Forestry and Fishing contributed mainly to the growth of the
region in 2017.
Services remained to account the largest share to the region's economy at 57.6 percent
followed by Industry at 22. 7 percent and Agriculture, Hunting, Forestry and Fishing at 19.6
Agriculture, Hunting, Forestry and Fishing rebounded to 2.6 percent growth in 2017 from a 0.1
contraction in 2016 due to the 6.5 percentage points expansion in Fishing. Moreover,
Agriculture and Forestry accelerated to 2.8 percent from 1.4 percent in 2016.
Industry slowed down to 3.6 percent in 2017 from 7.4 percent in 2016. Except for Electricity,
Gas and Water Supply which contracted by 0.2 percent, all subsectors posted decelerated
growth. Mining and Quarrying grew by 5.5 percent in 2017. Meanwhile, Construction posted 5.1
percent growth from 5.5 percent in 2016 and Manufacturing slowed down 12.1 percent in 2016
to 3.3 percent in 2017.
Services decelerated to 6.5 percent in 2017 from 6.9 percent in 2016. Other Services grew by
10.4 percent in 2017 from 9.3 percent in the previous year. Public Administration and Defense
accelerated to 6. 7 percent from 6.0 percent growth in 2016. Likewise, Real Estate, Renting and
Business Activities grew faster at 5.4 percent from 1.9 percent growth in the previous year.
Meanwhile, Financial Intermediation posted a 7.0 percent growth, a slowdown from 11 .2
percent recorded in the previous year. Trade as well as Transportation, Storage and
Communication also slowed down to 4.2 percent and 4.0 percent in 2017 from 6.7 percent
growth both in 2016.
Services was the biggest contributor to the Bicol Region's economic performance in 2017
accounting to 3.7 percentage points of the total 5.1 percent growth. Meanwhile, Industry and
Agriculture, Hunting, Forestry and Fishing contributed 0.8 percentage point and 0.5 percentage
point, respectively.