ARMM’s economy expands by 7.3 percent in 2017
The economy of ARMM accelerated to 7.3 percent in 2017 from the 0.4 percent growth in 2016. The improved performance of the region’s economy was mainly due to the recovery of the Agriculture, Hunting, Forestry and Fishing.
Agriculture, Hunting, Forestry and Fishing continued to account the largest share to the region’s economy at 56.4 percent. Services and Industry accounted for 37.7 percent and 5.9 percent, respectively.
The Agriculture, Hunting, Forestry and Fishing rebounded to 7.7 percent from the 2.9 percent contraction in 2016. Agriculture and Forestry recovered from a 0.9 percent decline in 2016 to 8.7 percent growth in 2017. Similarly, Fishing turned around from 8.7 percent drop in 2016 to 4.5 percent growth in 2017.
Services grew faster from 5.5 percent in 2016 to 6.3 percent in 2017. All subsectors contributed positively to the entire sector. Transportation, Storage and Communication grew by 3.8 percent; Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods by 6.0 percent; Financial Intermediation by 8.7 percent; Real Estate, Renting and Business Activities (RERBA) by 2.0 percent; Public Administration and Defense by 5.9 percent; and Other Services by 12.1 percent.
Industry registered a 10.8 percent growth in 2017 faster than the 2.5 percent growth in 2016. Mining and Quarrying and Electricity, Gas and Water Supply posted a double-digit growth of 31.9 percent and 16.3 percent, respectively. Likewise, Manufacturing and Construction contributed positively to the growth but at a slower pace of 4.0 percent and 2.5 percent, respectively.