Release Date :
Reference Number :
2018-16
The 2017 Gross Regional Domestic Product (GRDP) of Ilocos Region grew by 5.8 percent in2017, but at slower rate compared to the 8.5 percent growth in 2016. The region’s outputreached 272.3 Billion Pesos in 2017. This was 15 Billion Pesos higher than in 2016.
Figure 2 shows that from 6.4 percent growth rate in 2014, the economy of Ilocos Region slowed down by 5.4 percent in 2015. Meanwhile, from the accelerated growth of 8.5 percent in 2016, the economic performance of the region decelerated by 5.8 percent in 2017.
Growth Rates by Industry/Subsector
The Region I’s Agriculture, Hunting, Forestry and Fishing (AHFF) rebounded from a contraction of 1.7 percent in 2016 to 2.4 percent in 2017. Its sub-sectors, Agriculture and Forestry and Fishing turned around from corresponding contractions of 1.6 percent and 2.3 percent in 2016 to 2.3 percent and 2.9 percent in 2017.
The Industry on the other hand, decelerated to 6.5 percent in 2017 from 16.9 percent in 2016. The Manufacturing posted an expansion of 5.3 percent, faster than 2.7 percent growth recorded in 2016, while the rest of the sub-sectors under Industry slowed down. Construction, contributing 41.8 percent to the total Industry sector, grew slower at 11.8 percent as compared to its 41.3 percent growth in 2016.
Similarly, Services slowed from 8.5 percent in 2016 to 6.8 percent in 2017. All sub-sectors under Services had slower growths except Public Administration and Defense which accelerated from 6.2 percent in 2016 to 6.8 percent in 2017. The rest of its sub-sectors contributed positively to the growth but at a slower pace.
Percent Distribution by Industry/Subsector
The share of Services remained the largest among the three major sectors. In 2017, itaccounted 51.9 percent of the region’s economy from 51.4 percent in 2016. The share ofIndustry slightly grew from 28.5 percent in 2016 to 28.7 percent in 2017. On the other hand, AHFF’s share to the region’s economy continued to decrease from 20.1 percent in 2016 to 19.4 percent in 2017.
For AHFF, Agriculture and Forestry contributed 80.0 percent in 2017, while Fishing, 20.0 percent.
Meanwhile, Construction shared the largest in the Industry with 41.8 percent in 2017. Electricity, Gas, and Water Supply (EGWS) followed with 35.8 percent share. Manufacturing, meanwhile, shared 16.3 percent and Mining and Quarrying with 6.1 percent.
Other Services (OS) which include Education, Health and Social Work, Hotels and Restaurants and Sewage, Recreation, and Other Service Activities shared the largest in Services with 26.6 percent in 2017. Meanwhile, 20.1 percent came from Transportation, Storage and Communication (TSC).
Contributions to Growth by Industry/Subsector
Service Sector contributed the biggest share to the region’s growth in 2017 with 3.5percentage points. On the other hand, Industry and AHFF contributed 1.8 percentage points and 0.5 percentage point, respectively.
Construction contributed the highest among the sub-sectors at 1.3 percentage points of thetotal 5.8 percent growth of the region’s output in 2017. It was followed by Other Services at1.1 percentage points, Trade at 0.7 percentage point, Financial Intermediation and Real Estate, Renting, and Business Activities (RERBA) at 0.5 percentage point, and Agriculture and Forestry at 0.4 percentage point
Per Capita GRDP
In terms of per capita GRDP, the share of each population to the total GRDP of the region in 2017 was 51,728 Pesos. This was 4.6 percent higher than that in the previous year. The 2017 per Capita Index of Ilocos Region to the National Average was 62.6 percent.
Performance of Region I vis-à-vis the other Regions
Region 1 ranked 12th in terms of GRDP growth in 2017 at 5.8 percent. CAR was the fastest at 12.1 percent followed by Davao Region at 10.9 percent.
Region 1 is among the 8 regions with predominantly services-based economy. Meanwhile, ARMM is predominantly agricultural-based economy, while economies of CAR, Region III, IVA and VII are predominantly industrial-based.
In terms of per capita per GRDP, the share of each population to the total GDP in 2017 was 82,592 Pesos while the per capita GRDP in Ilocos Region was lower at 51,728 Pesos, which was ranked 8th among the 17 regions in 2017. Meanwhile, NCR had the highest per capita GRDP among the regions followed by CALABARZON.
TECHNICAL NOTES
Gross Domestic Product – the value of all goods and services produced domestically; the sum of gross value added of all resident institutional units engaged in production (plus any taxes, and minus any subsidies, on products not included in the values of their outputs).
Gross Regional Domestic Product - aggregate of the gross value added or income from each industry or economic activity of the regional economy.
Gross Value Added – the difference between gross output and intermediate inputs. Gross outputs of a production unit during a given period is equal to the gross value of the goods and services produced during the period and recorded at the moment they are produced, regardless of whether or not there is a change of ownership. Intermediate inputs refer to the value of goods and services used in the production process during the accounting period.
Constant Prices (at constant prices) – valuation of transactions, wherein the influence of price changes from the base year to the current year has been removed.
