NEDA says Caraga’s economy grew by 9.6% in 2011

BUTUAN CITY — National Economic Development Authority-Caraga has said the region's economy posted the highest growth among the country’s 17 regions with 9.6 percent in 2011, fueled by a 14 percent growth in the industry sector.

NEDA Assistant Regional Director Mayla Faye Aurora B. Cariño told business leaders at the recently-concluded conference in Surigao City that the region’s economic growth “is much higher than the country’s GDP growth of only 3.9 percent” in that year. 

Also, she said that for two consecutive years, the region displayed strong economic performance with 7.4 percent growth in 2009 and 2010.

Citing data from NEDA, Cariño said Caraga exceeded its growth targets by 2.6 percent in 2011 and 1.4 percent in 2010 based on the gross regional domestic products (GRDP) targets identified in the 2011-2016 Regional Development Plan.

She also pointed out that the growth performance is higher than the neighboring Regions X and XI for the same year.

Cariño added that as of 2011, Caraga’s per capita GRDP stood at P27, 790, growing at an annual average of 7.02 percent from 2009 to 2011, while the national average was at 3.98 percent.

The region’s economic growth, she said, was driven mainly by the industry sector that grew by 14.0 percent.  

Cariño added that the mining and quarrying subsector continued to lead with 28.4 percent growth.

NEDA records show that the service sector also grew by 9.7 percent while the transport, storage and communication subsector posted 18.4 percent.

Also, it said agriculture, hunting, forestry, and fishing sector, which for years had continuously declined, rebounded with the positive growth of agriculture and forestry (A & F) subsector at 4.3 percent.

The service sector had the biggest share to the GRDP with 47.2 percent growth, the NEDA said.

Data from the NEDA regional office also shows that Caraga region contributed 8.24 percent to the total Mindanao output and 1.6 percent to the national GDP. — Alden Pantaleon Jr /LBG, GMA News