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Davao Region’s Economy Records Fastest Growth

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Davao Region recorded an accelerated GDP growth of 9.4% last year, up from 6.7% in 2013. It is recorded as the fastest growth in the country.

davao economy

According to the National Statistical Coordination Board, services’ making up 52.2% of the region’s Gross Domestic Product (GDP). Industry shared 33.3%, which was higher compare to last year’s 31.8%. AHFF contributed 14.4%, which was higher from last year’s 15.4%.

Services posted 8.3% in 2014 than last year’s 6.6%. The acceleration was caused by increases in the following subsectors: TSC, trade, other services, and PAD. RERBA’s growth remained at 10.4%. Finance however slowed down to 9.8% from from 14.3%.

The industry decelerated from 16.0% in 2013 to 14.7 % in 2014, due to slower growths in Construction and EGWS. Manufacturing and MAQ however increased by 18.8%.

AHFF rebounded from negative 8.1% in 2013 to 2.4% in the previous year.

It is said that this industry was the major contributor to the region’s GDP with 4.7 percentage points. Services and AHFF contributed 4.4 percentage points and 0.4 percentage point, respectively.