PHILIPPINES - The Northern Mindanao economy has posted a 5.6 per cent growth in 2013, according to the National Statistical Coordination Board (NSCB), due in part to a growth in the fisheries sector.
However, the growth was lower than the 7.2 per cent growth recorded by the region in 2012, Brenda Lynn M. Castro, Statistical Coordination Officer IV of the NSCB-10, said in a news conference.
Ms Castro said the slowdown was attributed to the decelerated growths in the Industry and Service sectors.
Although the Agriculture, Hunting, Forestry and Fishing (AHFF) sector experienced acceleration with a growth of 3.2 per cent from 2.5 per cent in 2012, she said its improved performance was not enough to sustain the region’s economic growth as the two major sectors showed decelerated growths.
The improved performance of AHFF was attributable to the accelarated growth in the fishery sector which is three times faster than its growth in 2012. Ms Castro said this was due to the increase in production of tiger prawns.
The performance of the AHFF was not also largely affected by the 1.9 per cent decelerated growth of the Agriculture and Forestry sector. The decelerated growth of this subsector was due to the decline in production of sugarcane and corn.
TheFishSite News Desk