CAGAYAN DE ORO CITY (MindaNews/ 28 July)- The total value of good and services produced in Northern Mindanao posted a slower growth last year, the regional office of the National Statistical Coordination Board (NSCB) said.
NSCB Region 10 data showed that the Gross Domestic Product (GDP) grew by just 2.5 percent from the 6.9 percent in 2010.
The slower growth performance brought the region six notches down from seventh to 13 in the ranking of regional economies based on the 2010 and 2011 growth rates.
The slower growth was mainly due to the decline in the industry sector.
Ma. Fe Tolentino, an NSCB senior specialist, said that also within the industry sector, one of the contributing factors to the decline of the GDP was the construction industry, which grew by 4.2 percent last year from 6 percent in 2010
“But it doesn’t mean that this is final. It [the figures] can still be subjected to re-evaluation,” she said, noting this was a result of their surveys.
Engr. Leon Dacanay, National Economic and Development Authority Region 12 director, said they will review the figures as the data seemed to be “missing something,” especially in the construction industry.
He pointed out that in Cagayan de Oro City alone, the construction industry was vibrant given the construction of a number of malls and other business establishments.
The regional NSCB and the NEDA both agreed that the key driver in the region’s growth last year was the Agriculture, Hunting, Forestry, and Fishing (AHFF) sectors.
The AHFF contributed 28 percent to the region’s economy, and the only one that showed an accelerated growth of 5.9 percent in 2011 from 2.9 percent in 2010.
Brenda Lynn Castro, NSCB-10 officer-in-charge, said that despite the decelerated economic growth, Northern Mindanao remained the second biggest economy among the Mindanao regions in 2011.
Its share to the Mindanao economy slightly decreased from 26.3 percent in 2010 to 26.1 percent in 2011.
“The region was also second to the Davao Region in the industry and service sectors, respectively,” she said.
Northern Mindanao topped the AHFF sector in Mindanao with a share of 26.8 percent. (Nef Luczon/MindaNews)