Zamboanga Peninsula’s Economy Grows at a Faster Pace in 2018

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Thursday, April 25, 2019

Zamboanga Peninsula’s economy posted an accelerated growth of 6.3 percent in 2018 from 2.4 percent in 2017. The faster performance of the regional economy was attributed to the expansion of all industries.

Services accounted for the largest share of the region’s economy at 46.3 percent in 2018 followed by Industry with 36.9 percent and Agriculture, Hunting, Forestry and Fishing (AHFF) with 16.8 percent.

Services accelerated to 9.8 percent in 2018 from 6.5 percent in 2017 as five (5) out of six (6) sub-industries grew faster during the period. Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods accelerated to 6.8 percent from 3.9 percent; Financial Intermediation, to 8.3 percent from 7.6 percent; Real Estate, Renting and Business Activities, to 6.1 percent from 1.8 percent; Public Administration and Defense, to 15.2 percent from 8.7 percent; and Other Services, to 15.9 percent from 10.7 percent. On the other hand, Transportation, Storage and Communication grew at a slower pace to 4.0 percent from 4.9 percent.

Industry rebounded in 2018 as it grew by 3.8 percent from a 0.8 percent decline in 2017 on account of the faster growth in Manufacturing. Accounting for 25.1 percent of the region’s total economy, Manufacturing accelerated to 5.2 percent in 2018 from   3.3 percent in 2017. Electricity, Gas and Water Supply grew by 6.2 percent in 2018 from 0.4 percent in 2017. Meanwhile, Construction turned around to 1.9 percent during the period from a decline of 9.6 percent in 2017. On the other hand, Mining and Quarrying contracted by 31.8 percent in 2018.

AHFF recovered as it grew by 2.4 percent in 2018 from a decline of 0.4 percent in 2017. This was due to the recovery of Fishing with its 1.1 percent growth in 2018 from a 9.4 percent decline recorded in the previous year. Meanwhile, Agriculture and Forestry managed to grow by 3.0 percent, slower as compared with the 3.8 percent in 2017.

Of Zamboanga Peninsula’s 6.3 percent economic growth in 2018, Services contributed the most with 4.4 percentage points. This was followed by Industry with 1.5 percentage points and AHFF with 0.4 percentage point.