SOCCSKSARGEN’S ECONOMY SLOWS DOWN AS AFF SLUMPS

Reference Number: 

20R12-PR-008

Release Date: 

Monday, 9 November 2020

The economy of SOCCSKSARGEN grew by 3.5 percent in 2019, a slowdown from 6.9 percent recorded in the previous year. This was largely attributed to the slump in Agriculture, Forestry, and Fishing (AFF), and the slower growth in Industry and Services.

Services decelerated posting a growth of 7.1 percent in 2019 from 8.6 percent in 2018. Transportation and storage declined by 1.0 percent, and Human health and social work activities recorded faster contraction by 7.1 percent in 2019. Meanwhile, Public administration and defense continued to post double-digit growths at 15.0 percent in 2019, from 13.5 percent in 2018.

Industry decelerated by 0.5 percent from 9.3 percent as reversals were recorded in Mining and quarrying at -32.1 percent from 3.3 percent in 2018, Construction at -13.4 percent from 9.4 percent in the previous year, and Manufacturing at -0.7 percent from 10.0 percent. Only Electricity, steam, water and waste management managed to expand, faster by 13.1 percent from 7.6 percent in 2018.

Meanwhile, AFF plunged by -0.03 percent in 2019, from 2.3 percent growth recorded in the previous year.

Services was the largest contributor to the region’s growth in 2019, contributing 3.4 percentage points. Industry contributed 0.01 percentage point while AFF pulled down the economic performance of the region by 0.01 percentage point.

 

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