The economy of Eastern Visayas (EV Economy) recovered from a contraction of 2.4 percent in 2014 to a growth of 3.9 percent in 2015 due to the improved performance of all its industries.
Services accounted for the largest share of the region’s economy at 41.9 percent, followed closely by Industry at 41.4 percent, while Agriculture, Hunting, Forestry and Fishing (AHFF) had the smallest share at 16.7 percent.
Services accelerated from 4.0 percent in 2014 to 6.8 percent in 2015. Among its sub-industries, Trade and Repair turned around from negative 2.8 percent in 2014 to 7.2 percent growth in 2015.
Transportation, Storage and Communication (TSC) accelerated from 6.3 percent in 2014 to 10.9 percent in 2015; Other Services, from 3.2 percent to 7.0 percent; and Financial Intermediation, from 7.2 percent to 8.7 percent.
Meanwhile, Real Estate, Renting and Business Activities (RERBA) and Public Administration and Defense (PAD) registered decelerated growths, from 4.3 percent to 1.2 percent and 5.5 percent to 2.6 percent, respectively.
Industry rebounded from negative 3.3 percent in 2014 to 4.4 percent growth in the previous year.
This was attributed to the improved performance of the Manufacturing from negative 16.0 percent to negative 3.0 percent, the biggest contributor among the sub-industries in the region.
Electricity, Gas and Water Supply (EGWS) turned around from negative 0.05 percent to 10.5 percent. On the other hand, Mining and Quarrying (MAQ) and Construction slowed down from 25.6 percent to 16.8 percent, and 27.4 percent to 10.1 percent, respectively.
AHFF continued to decline but at a slower rate, from 12.7 percent in 2014 to 3.5 percent in 2015.
Agriculture and Forestry recovered from negative 11.2 percent to negative 3.6 percent. Fishing also managed to improve from negative 18.2 percent to negative 3.2 percent.
Services contributed the largest to Eastern Visayas’ economic performance (EV Economy) in 2015 at 2.8 percentage points.
Industry accounted for the 1.8 percentage points. AHFF, on the other hand, pulled down the growth by 0.6 percentage point. (Sinirangan NewsPlus)