Regional Economic Situationer

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Economic Situationer
Central Visayas
2012
SECTORAL SHARE OF GRDP
2012 Performance
Central Visayas economy grew faster in
2012 with impressive performances of key
industries:
• tourism
• business process outsourcing
• retail trade
• construction
… and positive performance of exports
Central Visayas is among the fastest growing
regions in PHL
fastest in 2010
12.5 %
14
12
fastest in 2011
9.6 %
10
second fastest in 2011
GRDP Growth Rate
7.9 %
8
6
4
2
0
-2
Top 5 in 2010
1.Central Visayas (VII) – 12.5%
2.CALABARZON (IVA) – 11.1%
3.Central Luzon (III) – 10.7 %
4.Metro Manila (NCR) – 7.6%
5. CARAGA (XIII) – 7.4%
2010
2011
Top 5 in 2011
1.CARAGA (XIII) – 9.6 %
2.Central Visayas (VII) – 7.9%
3.Central Luzon (III) – 7.5 %
4.Western Visayas (VI) – 5.5 %
5. Cagayan Valley (II) – 5.4 %
Tourism expanded further
Percentage Increase in Total Visitor Arrivals: Central Visayas
2006- 2012
20
18
16
14
12
10
8
6
4
2
0
Global
Financial
Crisis
ASEAN
Summit
2006
2007
Source: DOT Regional Office 7
2008
2009
2010
2011
2012
Revenues in BPO surged
Amount (In Million US$)
600
516.8 M
424.2 M
500
21.8 %
400
333.6M
27.2 %
300
200
100
0
2010
2011
2012
Retail trade benefited from booming
tourism & BPO industries
• Opening up of new shopping malls
• Manila-based retailers setting up shop
(i.e. Seven-eleven and Mini Stop)
• Expansion projects of SM and Ayala
Center
Construction sector upbeat
Number of New Construction Projects
2011- 2012
Number of Projects
Indicator
Total
Bohol
Cebu
Negros
Or.
Siquijor
2011
13,097
3,702
6,222
3,037
136
2012
13,139
3,304
6,375
3,314
146
42
(398)
153
277
10
Net
Addition
Source: National Statistics Office
Exports turned in positive performance
Value of Exports and Imports
January to July: 2011 & 2012
Value (FOB in Million US Dollars)
Trade Indicator
2011
TOTAL
2012
Percent
Inc/(Dec)
2,213.54
3,855.68
74.2
Import
1,012.39
1,649.62
62.9
Export
1,201.15
2,206.06
83.7
188.76
556.44
Balance of Trade
Source: National Statistics Office
-
Challenges
• Agriculture was not able to sustain growth in
2011
• Better performance of the economy did not
make a significant impact on labor market
 employment rate lower for most part of 2012
 underemployment slightly up; breaching
20 percent mark in 2012
• Central Visayas’ inflation rate was highest
among the regions in the country at 5.1%
Good Day!
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