All Economies of 17 Regions Grew in 2019 with Bicol Region as the Fastest Growing Region at 7.4 Percent
All regional economies registered positive growth in 2019. Bicol Region posted the fastest growth at 7.4 percent in 2019. National Capital Region (NCR) and Davao Region are the next regions with high positive growth at 7.2 percent and 7.0 percent, respectively.
Other regions with accelerated growth above the national level are Ilocos Region at 6.9 percent, Cagayan Valley at 6.7 percent, and Western Visayas at 6.4 percent. In 2019, the country posted a 6.0 percent growth.
Main contributors to the national level growth are: Wholesale and retail trade; Repair of motor vehicles and motorcycles at 8.1 percent; Financial and Insurance Activities at 11.9 percent; and Manufacturing at 3.2 percent.
On the expenditure side, contributors to growth are: Household Final Consumption Expenditure, 5.9 percent; Gross Capital Formation, 2.5 percent; and Government Final Consumption Expenditure, 9.6 percent.
Source: PSA