CITY OF SAN FERNANDO, Pampanga — Central Luzon’s economy grew by 7.1 percent in 2018, maintaining its rank as the third largest contributor to the Philippine economy.
In a news conference, Philippine Statistics Authority Regional Director Edgardo G. Pare said the industry sector topped the economic expansion that grew by 7.5%.
“Industry remained to have the largest share to the 48.6% regional output. Services had shares of 37.6% while Agriculture, Hunting, Forestry and Fishing (AHFF) had 13.8%,” Pare said.
For his part, National Economic and Development Authority Regional Director Leon M. Dacanay Jr. said the Gross Regional Domestic Product (GRDP) of Central Luzon is unceasingly showing signs of unwavering vitality and dynamism. This figure stands comparable to 2011 level.
Services grew faster by 7.8% from 5.6% in 2017. All of its subsectors sped up except for Real Estate, Renting and Business Activities.
Generally, AHFF decelerated to 3.7% in 2018 from its previous 3.9%. Agriculture and Forestry slowed down to 3.1% from 4.1%, while Fishing grew at a rate of 6.7% from 2.9% in 2017.
Industry contributed greatly to the region’s overall growth rate with 3.7% followed by Services with 2.9% and AHFF with 0.5%.
“These strong macroeconomic fundamentals and mature economic forts have managed to suppress inflation in 2018. It also sustained the expansion of the regional economy and achieved a desirable level of economic growth close to the target set in the Central Luzon Regional Development Plan 2017-2022,” Dacanay added.
GRDP measures the economic performance of a specific region, covering value of goods and services produced therein.