CITY OF SAN FERNANDO— Central Luzon’s rank as the third largest contributor to the Philippine economy grew by 7.1 percent in 2018 maintaining its hold on the position.
Edgardo G. Pare, Philippine Statistics Authority (PSA) regional director, said the industry sector topped the economic expansion that grew by 7.5 percent.
“Industry remained to have the largest share to the 48.6 percent regional output. Services had shares of 37.6 percent while agriculture, hunting, forestry and fishing (AHFF) had 13.8 percent,” Pare said.
National Economic and Development Authority (NEDA) regional director Leon M. Dacanay Jr. said the Gross Regional Domestic Product (GRDP) of Central Luzon is “unceasingly showing signs of unwavering vitality and dynamism.” This figure stands comparable to 2011 level.
Services grew faster by 7.8 percent from 5.6 percent in 2017. All of its subsectors increased except for real estate, renting and business activities, he added.
Generally, AHFF decelerated to 3.7 percent in 2018 from its previous 3.9 percent, he reported. Agriculture and forestry slowed down to 3.1 percent from 4.1 percent while fishing grew at a rate of 6.7 percent from 2.9 percent in 2017, he said.
Industry contributed greatly to the region’s overall growth rate with 3.7 percent followed by services with 2.9 percent and AHFF with 0.5 percent.
“These strong macroeconomic fundamentals and mature economic forts have managed to suppress inflation in 2018. It also sustained the expansion of the regional economy and achieved a desirable level of economic growth close to the target set in the Central Luzon Regional Development Plan 2017-2022,” Dacanay said.
GRDP measures the economic performance of a specific region, covering value of goods and services produced therein.