ARMM’s economy grows by 7.2 percent in 2018
The economy of ARMM grew by 7.2 percent in 2018. This was slower as compared with the 7.5 percent growth recorded in the previous year.
Agriculture, Hunting, Forestry and Fishing (AHFF), which shared 55.6 percent to the region’s economy expanded by 5.8 percent, the fastest recorded growth in AHFF among all regions in 2018. However, this was slower than the 7.7 percent increase posted in 2017. Agriculture and Forestry grew by 5.3 percent, slower than the 8.7 percent growth in the previous year. On the other hand, Fishing accelerated to 7.3 percent in 2018 from the 4.5 percent growth in 2017.
Services, accounting for the 38.5 percent to the ARMM’s economy, grew by 9.4 percent, faster than the 6.7 percent in 2017. This was attributed to the growth of all sub-industries. Public Administration and Defense; Compulsory Social Security recorded the fastest growth at 13.2 percent. Transportation, Storage and Communication and Financial Intermediation expanded by 10.8 percent and 9.7 percent, respectively. On the other hand, slower growth was recorded by Other Services at 10.1 percent; and Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods at 4.3 percent. Real Estate, Renting and Business Activities was stable at 2.0 percent in 2018.
Industry, which shared 5.9 percent to the region’s economy, increased by 7.5 percent in 2018. Construction posted a double-digit growth of 16.4 percent while Manufacturing increased by 9.4 percent. Electricity, Gas and Water Supply grew at slower pace at 2.8 percent. On the other hand, Mining and Quarrying declined by 2.9 percent in 2018.
Services had the highest contribution to the 7.2 percent ARMM’s economic growth in 2018, with 3.5 percentage points. This was followed by AHFF with 3.3 percentage points and Industry at 0.4 percentage point.