Metro Manila growth slowed in 2011, says NSCB

Metro Manila’s economic growth slowed last year while Caraga in Mindanao had the most upbeat economy among all regions in the country, according to a report by the National Statistical Coordination Board (NSCB).

The National Capital Region’s economy grew by just 3.5 percent in 2011, slower than the 7.6 percent recorded in 2010 as dips were reported in all sectors, with the most notable slowdown seen in the industry sector.

However, NCR still made up the bulk of the country’s 3.9 percent growth last year, contributing 1.3 percentage points and recording the highest gross regional domestic product (GRDP) per capita at P175,064 in 2011, up from P171,849 in 2010.

Metro Manila’s GRDP per capita was about three times the national GDP per capita of P62,902, the NSCB noted.

Caraga’s economic growth, meanwhile, was the fastest of the 17 regions at 9.6 percent in 2011 from 7.4 percent in 2010.

“The region’s impressive growth was fueled by the 9.7 percent expansion of its service sector and the rebound of its agriculture, hunting, forestry and fishing sector to a growth of 3.4 percent in 2011 from a decline of 9.6 percent in 2010,” the NSCB said.

Other regions that recorded faster growth in 2011 were Central Visayas (7.9 percent), Central Luzon (7.5 percent), Western Visayas (5.5 percent) and Cagayan Valley (5.4 percent).

Meanwhile, economic growth in Autonomous Region in Muslim Mindanao slowed last year to 1 percent from 2.3 percent in 2010.

Of the five regional economies that recorded accelerated growth in 2011, Cagayan Valley registered the biggest jump from a decline of 1.1 percent in 2010 to a growth of 5.4 percent last year.

Next is Caraga (9.6 percent from 7.4 percent), followed by Soccsargen (4 percent from 2 percent), Western Visayas (5.5 percent from 3.7 percent), and Mimaropa (2.5 percent from 1.1 percent).

Calabarzon, on the other hand, posted the most significant slowdown to 2.6 percent in 2011 from 11.1 percent in 2010.