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PIA Press Release

Services sector biggest contributor to 2006 NorMin GDP

by Rutchie Cabahug-Aguhob

Cagayan de Oro City (25 September) -- The services sector (SS) posted the highest share of 40.90% in the gross domestic products (GDP) of Northern Mindanao, last year, up by 0.51% compared to 39.39% in 2005.

This was followed by the industry sector (IS) which also increased from 30.73% to 32.81% and the agri, fishery and forestry sector (AFFS) which dropped from 29.88% to 26.29%, Regional Director Myra V. Balandra of the National Economic and Development Authority, region 10 said.

"The GDP is the market value of all production for final demand within a given country for a given period estimated through the expenditure and income approaches considered the most comprehensive of output measures," Balandra who is also the Chairperson of the Regional Statistical Coordination Committee (RSCC) in region 10, said.

Posting increases in the SS are the GDP on dwellings and real estate, from 6.44% to 8.52%, private services from 5.10% to 5.12%, government services, from 4.76% to 4.78% and finance services, from 0.59% to 0.65%.

Those on transportation, communication and storage services, however, dropped from 3.64% to 3.56% and those on trade from 22.78% to 18.25%.

From the IS, the GDP which posted increases are those on electricity and water, from 3.61% to 3.83% and mining and quarrying, from 0.6% to 0.34% but those on construction and manufacturing dropped from 4.35% to 4.21% and from 24.66% to 24.43%, respectively.

Likewise, from the AFFS, only the GDP from the forestry sector posted an increase, from 0.36% to 0.55% but those from the agriculture and fishery sector dropped, from 26.595 to 25.85%.

In terms of growth at constant 1985 prices, the GDP of the region posted an average of 6.8% distributed as follows: SS, 3.1%, IS, 2.1% and AFFS, 1.6%.

Moreover, in terms of growth at current prices, the GDP of the region posted an average of 11.5%, i.e., SS, 5.4%, IS, 3.7% and AFFS, 2.4%. (PIA 10) [top]

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