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Davao Region’s 2021 economy spikes to 5.9 percent 

 

By Stephanie Sabio Ateneo Intern- Davao Region’s economic performance rose by 5.9% in 2021, posing a significant increase from the negative 7.5 percent in 2020.

As measured through Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE), the economy of the said region was worth 882 billion pesos, with a reported 48.8 billion peso increase.

The Gross Domestic Product total market value of all final goods and services provides a measure of the performance of the economy. This is done by getting the total market value of all final goods and services produced within the economy in a given time. In the country, GDP is reported quarterly by the Philippine Statistics Authority, where data from surveys, administrative records, and financial statements are compiled.

However, the level still falls short of PHP18.5 billion compared to the one recorded in 2019, during the pre-pandemic period.

PSA Regional Director Ruben Abaro Jr., CESE, stated during the News Conference on the 2021 Economic Performance of Davao Region on April 28 that the industry and service sectors grew the most at 9.9% and 5.6 percent, respectively.

“However, the agriculture, forestry, and fishing decelerated by 0.8 percent,” Abaro said in a 

In a news conference that was also broadcasted live on PSA Region 11’s Facebook page, Abaro noted that the business has taken the brunt of pandemic-related limitations, and diminished resources as a result of African swine fever, Avian influenza, as well as typhoons that devastated agricultural areas in Luzon and Mindanao.

Growth rates of the 16 sub-industries

In 2021, all 16 of GRDP’s major sub-industries experienced positive growth. 

 At 21.0 percent, mining and quarrying had the fastest growth rate among Industry subsectors. Construction came in second with 12.5 percent, while manufacturing came in third with 8.9 percent. The Services sector, on the one hand, grew by 5.6 percent. Human health and social work activities led the list of Service sectors with the highest increase at

14.6 percentage points. It was followed by events including accommodation and food service, with 10.8 percent, and 8.6 percent for information and communication.

Davao Region ranked fifth among 17 regions, with the greatest per capita Gross Regional Domestic Product and Gross Regional Domestic Expenditure (GRDP/GRDE) at P164,214. NCR still tops as the highest per capita at P418,530. The least was Bangsamoro Autonomous Region for Muslim Mindanao (BARMM) at P64,535. 

In terms of contributions to Philippine GDP development, Abaro said that the Davao Region was the sixth-largest contributor, accounting for 0.28 percentage points of the country’s 5.7 percent increase.

Infographic Material by Stephanie Sabio

 

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