CL economic growth down by 4%

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    CITY OF SAN FERNANDO — The Philippine Statistics Authority (PSA) reported yesterday that Central Luzon’s economic growth has “decelerated from 9.3 to 5.3 percent arising from a slowdown in the industry sector.”

    In a news conference here, PSA reported, however, that services sector growth accelerated from 4.1 to 5.7 percent in the region.

    “Industry sustained the largest share in the region’s economy, accounting for 43.8 percent of the regional economy,” said PSA regional director Edgardo Pare.

    He noted that the industry sector growth decelerated from 15.9 percent to 6.7 percent of the regional economy.

    Pare attributed this to the decline of the local mining and quarrying industry which went down from negative 8.7 percent to negative 39.2 percent.

    “Likewise, electricity, gas and water supply sector decelerated from 7.2 to 1.9 percent,” he noted, also amid a slowdown from 17.1 percent to 16.4 percent in agriculture, hunting, forestry and fi shing sectors.

    Pare said, however, that the construction industry in Central Luzon grew from 6 to 11.1 percent.

    He also cited growth in the services sector from 4.1 to 5.7 percent “brought about by expansions in transportation, storage, ad communications, trade and repair of motor vehicles, personal and household goods trading, real estate, and renting and business activities.”

    Pare said transportation, storage and communications sector growth rose from 4.7 to 7.6 percent, trading from 1.3 to 4.4 percent, and motor vehicle- related services from 3.8 to 6.7 percent.

    “In addition, other services rebounded from negative 0.1 percent to 4.9 percent, contributing to the overall up-tick of the whole industry,” he added.

    Negative growth in the services industry in Central Luzon was also noted, including services for fi nancial intermediation and public administration and defense whose growth went down from 11.8 to 5.7 percent, and compulsory social security service which went down from 4.2 to 1.3 percent.

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