BARMM’s economy grows at a slower pace in 2019
The economic performance of BARMM in 2019 expanded but at a slower rate of 5.9 percent as compared with the 7.7 percent increment in the previous year. The main growth drivers were: Public administration and defense at 16.1 percent; Manufacturing at 15.7 percent; Other services at 14.8 percent; Financial and insurance activities at 14.7 percent; and Accommodation and food services activities at 14.5 percent.
Agriculture, forestry and fishing with its 34.5 percent share to the region’s total economy inched up by 1.1 percent in 2019 compared to its robust increase of 8.7 percent in 2018. Industry’s share of 25.1 percent to the region’s economy expanded by 10.2 percent in 2019 compared to the 6.4 percent increase in the previous year. Services, which contributed the lion’s share to the BARMM’s economy at 40.4 percent, grew by 7.7 percent in 2019, a bit higher from its 2018 growth record at 7.6 percent. With the 6.0 percent GDP growth of the country in 2019, BARMM contributed 0.1 percentage point while its share to the total economy was 1.3 percent.
BARMM accelerates household spending
Household final consumption expenditure (HFCE) in BARMM expanded to 6.2 percent in 2019, compared with the 2.9 percent registered in 2018. Government spending in the region grew by 8.8 percent. Likewise, gross capital formation of the region grew by 11.7 percent in 2019.
Gross capital formation slowed down by 4.4 percent in 2019, which was slower than the 17.6 percent growth in 2018.
Total exports of goods and services to ROW posted double-digit growth of 69.5 percent in 2019. However, Total imports of goods and services from ROW declined by 37.7 percent.
Real per capita HFCE grew by 4.1 percent in 2019. The real per capita HFCE in the region was recorded at PhP 65,407 in 2019, lower than the national level which amounted to Php 130,743.