Davao’s Region economy grew to 7.4% in 2012.
This was revealed during the presentation of the 2012 Economic Performance of the Davao Region held last July 25 in Davao City.
The 2012 increase in the Gross Regional Domestic Product (GRDP) is higher than the 2011 growth of 3.7%.
The acceleration was brought about by the surge in the industry sector and the sustained growth of the Services Sector.
The industry sector surged from 0.7% in 2011 to 8.9% in 2012. Construction, and Electricity, Gas and Water Supply (EGWS) had a 13.7% growth in 2012 as compared to -9.6% in 2011. The services sector sustained its high growth with 9.2% in 2012, last 2011 it grew by about 6.7%. Manufacturing sector grew by 14.0%.
National Economic Development Authority regional director Maria Lourdes Lim said region’s economic growth came from the expansion of the trade, real estate and finance sectors. Financial intermediation rose by 12.1%, real estate by 10.8% and Trade by 10.0%.
Lim said the region’s performance was better than the target set which was 6.8%. The region was fourth in Mindanao among growth rates. Western Mindanao buoyed by surge in the canning industry grew 12.4% while Caraga Region’s nickel mining industry contributed much to its 10.6% growth. Region XII followed with 8.1% growth.
However Davao Region still is the Mindanao’s economic powerhouse as it contributes 26.6% of Mindanao’s GRDP share.
The presentation of the region’s economic data was graced by the country’s top statisticians namely; Carmelita Ericta, administrator of the National Statistics Office (NSO), Dr. Jose Ramon Albert, secretary-general of the National Statistical Coordination Board and Gervacio Selda, executive-director of the Statistical Research and Training Center.