Western Visayas economy yields robust growth of 7.7% in 2007
by A. Lumaque
Roxas City (21 August) -- The Western Visayas economy has impressively improved in 2007 yielding a robust growth of 7.7 percent from the 4.9 percent in 2006 based on the Gross Regional Domestic Product (GRDP) measurement.
This was revealed in a factsheet dated July 31 posted at the National Statistical Coordination Board (NSCB) website.
"Western Visayas is the 4th largest contributor to the country's total Gross Domestic Product (GDP) contributing 7.2 percent and the 5th fastest growing region in per capita GRDP posting a 5.7 percent growth among the 17 regions last year," the NSCB Factsheet noted.
The National Capital Region (NCR) continued to account for the biggest share of 32.6 percent followed by CALABARZON (12.1%) and Central Luzon (8.3%).
For three consecutive years, the region has posted a slight fluctuating trends in per capita index, 89.6 percent in 2005, 89.2 percent in 2006, and 89.7 percent in 2007 relative to the national average, the factsheet added.
The major contributors to the region's economy came from the service, industry and agriculture, fishery and forestry sectors.
The GRDP measures the goods and services produced in each of the geo-political regions of the country. It provides for an analysis of the region distribution of the country's GDP, the industries and factors that contribute to the regional economies, and the pace at which these economies are moving on an annual basis.
The NSCB compiles annually the GRDP. (NSCB/PIA) [top]