Davao Region’s economy grows at 5.9% in 2021

DAVAO CITY, April 29 (PIA) – From a negative 7.5 percent economic growth in 2020 due to the pandemic, Davao Region bounced back and posted the biggest regional economy in the entire Mindanao with 5.9% as measured by the Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE).

This was announced in the News Conference held yesterday by the Philippine Statistics Authority (PSA) Davao Region reporting the region’s 2021 economic performance.

Davao Region’s economy in 2021 is valued as P882 billion, a big leap valued at P48 billion compared to 2020.

However, the PSA reported that it is still short of P18.5 billion compared to the region’s economy during pre-pandemic.

The Industry sector recorded a 9.9% growth with mining and quarrying posting the fastest growth at 21.9%.

The Services sector posted a 5.6% growth with human health and social work services gaining the fastest growth at 14.6%.

The agriculture sector, which posted a high growth during the onset of the pandemic, grew by 0.8%.

National Economic Development Authority (NEDA) Davao Region Assistant Regional Director Altura attributed the minimal growth in agriculture on the impact of the Swine Flu disease and the effects of Typhoon Odette that occurred in December 2021.

Even during a pandemic, services on trade and repair of motor vehicles and motor cycles accounted the biggest share with 40.8% as well as financial and insurance activities posting 12.0% growth.

Davao Region’s investment spending posted the highest growth in 2021 at 13.1%.

“ From fifth, Davao region has moved to the fourth biggest economy outside NCR and we remain the biggest regional economy in the entire Mindanao”, said NEDA XI regional director Ma. Lourdes Lim.

Davao Region is also among the nine regions in the country that posted higher rates compared to the rate recorded at the national level.

Among the 17 regions, Davao region ranked 5^th with the highest per capitaGRDP/GRDE at P164,214. (PIA XI/Frances Mae Macapagat)

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