MIMAROPA - Economy

Economy

In 2007, MIMAROPA's economy surged by 9.4%, making it the fastest growing region in the country in that year. It was aided by robust growth in the industrial sector which grew by 19.1% from -6.1% in 2006.

MIMAROPA experienced a big slowdown in 2006, posting a decelerated growth of 2.3% from a 6.4% increase in 2005. This resulted mainly from the slump in the industry sector, which shrunk by 5.4% in 2006 from its 10.8% increase in 2005.

The agriculture, forestry, and fishing sector, which contributed 42.1% to the total regional economy, grew by 9.1% in 2006, accelerating from 3.2% the previous year. The higher production of palay, corn, other crops, livestock and fishery resulted in the accelerated growth in the total agriculture and fishery sector.

The industry sector, which contributed 38.3% to the region’s total economy, was the second largest contributor next to agriculture. Its decline of 5.4% was largely attributed to the decrease in the mining and quarrying subsector, which went down by 15.4% due to the reduced production of natural gas in Palawan. Mining and quarrying contributed 16.6% to the total regional economy. The positive growth in the electricity and water, construction and manufacturing subsectors were not able to compensate to the drop in the mining and quarrying subsector.

The service sector, on the other hand, posted an accelerated growth of 5.1%, which was attributed to the increase in the TCS, finance, private services, government services and trade subsectors, which managed to post accelerated growths of 6.0%, 5.5%, 5.1%, 5.1% and 4.7%, respectively. The other subsector, however, had a decelerated growth due to the slowdown in the ownership of dwelling.