Economic Performance of Central Luzon
Central Luzon’s economy decelerates as Industry and Services slow down
Central Luzon’s economy grew by 5.6 percent in 2019, slower than its 6.9 percent growth in 2018. The region’s growth in 2019 was mainly driven by: Manufacturing, which registered at 4.2 percent; and Construction, by 8.3 percent.
Services, which accounted for 45.1 percent of the region’s total economy, decelerated to 7.3 percent from its 8.0 percent growth in the previous year. Likewise, Industry and Agriculture, forestry and fishing slowed down to 5.5 percent and 0.4 percent, respectively.
Among the industries, Information and communication recorded the fastest growth in 2019, with 15.9 percent. This was followed by Financial and insurance activities, with 10.3 percent. On the other hand, Mining and quarrying was the only industry which posted a contraction, by 13.0 percent, pulling down the growth of the total Industry.
Of the 6.0 percent economic growth of the country, Central Luzon remained the third top contributor with 0.6 percentage point while accounting for 11.2 percent of the total Gross Domestic Product.
Central Luzon’s expenditure grows at a slower pace in 2019
Among the expenditure items, Household final consumption expenditure (HFCE) remained the highest contributor which grew by 5.5 percent in 2019. This was followed by Gross capital formation and Government final consumption expenditure with 3.8 percent and 9.3 percent, respectively.
Gross fixed capital formation in the region grew by 6.5 percent in 2019, slower than the 9.1 percent in 2018.
Total exports of goods and services to ROW and Total imports of goods and services from ROW registered declines of 5.6 percent and 10.1 percent, respectively.
Real per capita HFCE grew by 3.6 percent in 2019. The real per capita HFCE in the region was recorded at PhP 156,498 in 2019, higher than the national level which amounted to Php 130,743.
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