By Ben Serrano
Caraga region’s economy grew 2.5% percent in 2016, government data showed Thursday amid a slowdown in mining and quarrying sector.
In a press conference on the 2016 Economic Performance of Caraga, Philippine Statistics Authority Caraga director Rosalinda Celeste-Apura, said the region’s gross regional domestic product (GRDP) grew slightly slower by 2.5 in 2016, with the service sector contributed the biggest at 48.4% to the GRDP growth.
Apura said the contraction in mining and quarrying activities slowed Caraga’s economic growth with the
industry sector suffered reversal from 10.5% in 2015 to negative 3.3% in 2016 .
She said the service sector continued to expand from 5.5% in 2015 to 8.7% in 2016.
She added other growth drivers include the subsector on financial intermediation, trade and repair, transportation, storage, public administration and defense, real estate, renting and business activities.
However, Apura said the agriculture, fishing and forestry sectors posted a decline by 2.3% and 3.3%, respectively .
Also, the manufacturing, construction, electricity, gas and water services sectors slightly contracted driven mainly by the loss of jobs in mining and quarrying sector.