Regional Economy of the National Capital Region (NCR) in 2018

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Thursday, April 25, 2019

NCR’s economy grows at a slower pace in 2018

The economy of National Capital Region grew at a slower pace to 4.8 percent in 2018 from 6.2 percent in 2017. The main drivers for growth in 2018 were Trade, Public Administration and Defense, Financial Intermediation, and Real Estate, Renting and Business Activities.

Services account the largest share of the region’s economy

The Services continued to account for the largest share of the region’s economy, with a share of 82.8 percent of the total domestic production.  Industry and Agriculture, Hunting, Forestry, and Fishing (AHFF) accounted for 17.0 percent and 0.2 percent of the region’s total output, respectively.

Services decelerate to 5.8 percent in 2018

Services decelerated to 5.8 percent in 2018 from 7.1 percent in 2017.  Public Administration and Defense, and Transportation, Storage and Communication grew faster to 16.1 percent in 2018 from 9.5 percent in 2017 and 2017 to 4.7 percent in 2018 from 2.2 percent in, respectively. Meanwhile, the following subsectors grew at a slower pace: Trade to 5.7 percent in 2018 from 8.2 percent in 2017; Financial Intermediation to 6.1 percent in 2018 from 7.4 percent in 2017; Real Estate, Renting and Business Activities to 4.0 percent in 2018 from 8.0 percent in 2017; and Other Services to 4.1 percent in 2018 from 4.5 percent in 2017.

Industry decelerates to 0.5 percent in 2018

Industry decelerated to 0.5 percent in 2018 from 2.0 percent in 2017. This was attributed to the contraction of Manufacturing to 3.4 percent decline in 2018 from 6.3 percent growth in 2017.  Manufacturing comprised more than two-thirds of the total Industry Sector.  On the other hand, Construction rebounded to 16.9 percent growth in 2018 from 16.2 percent decline in 2017.  Electricity, Gas and Water Supply accelerated to 3.5 percent in 2018 from 2.3 percent in 2017.

Agriculture, Hunting, Forestry and Fishing (AHFF) registers at 0.4 percent growth in 2018

AHFF slowed down to 0.4 percent growth in 2018 from 0.7 percent growth in 2017. Agriculture and Forestry decelerated to 0.4 percent in 2018 from 0.7 percent in 2017.  Fishing rebounded to 1.0 percent growth in 2018 from 0.3 percent decline in 2017.

Real per capita Gross Regional Domestic Product of NCR grows in 2018

With the region’s projected population of 13.0 million in 2018, the average real per capita gross regional domestic product of NCR grew by 3.8 percent or from ₱244,589 in 2017 to ₱253,893 in 2018.