NSCB conducts presscon on 2009 economic performance of Region 8

By Philippine Information Agency (PIA 8)
August 1, 2010

TACLOBAN CITY  –  The National Statistical Coordination Board is scheduled to conduct a press conference on the 2009 Economic Performance of Eastern Visayas Region on August 5, Thursday, 10:00 o'clock in the morning at Gerry’s Grill Tacloban along Burgos Street.

NSCB Region 8 Head Evangeline M. Paran informed that the forum will focus on the 2009 Gross Regional Domestic Product of Eastern Visayas Region.

NSCB 8 head Ms. Paran who will make the presentation, disclosed that NEDA Region 8 Director Buenaventura C. Go-Soco, Jr. will be present as resource person during the press conference.

The Gross Regional Domestic Product or GRDP is a quantitative measure of the economic performance of the Region. It shows the major sectors contributing to the growth of the regional economy, Ms. Paran said.

The Gross Regional Domestic Product is the value of the final goods and services produced within the region for a particular year. It is the sum of the value added across all sectors in the economy.

There are three major sectors that contribute to the economy, namely, agriculture, fishery and forestry; industry; and service. Each of these sectors are further broken down into sub-sectors like agriculture and fishery; and forestry for the first sector.

For the industry sectors, the sub-sectors are mining, manufacturing, construction, and electricity and water.

For the services sector, the sub-sectors are transport, communication and storage; trade; finance; dwellings and real estate; private services and public services.

As far as Region VIII is concerned, these sectors contribute almost equally to the regional economy.

Ms. Paran said that the GRDP is usually presented in nominal and real terms. Nominal GRDP measures the value of the outputs of the economy at current prices. Real GRDP referred to as GRDP at constant prices, measures the value of an economy's output using the prices of a fixed base year.

The real GRDP is useful in capturing real output growth since inflationary effects have been removed. It is therefore, the most widely used measure of real income.

The GRDP is computed annually by the National Statistical Coordination Board. It is usually released in the second week of July of the following year.

Meanwhile, Philippine Information Agency Regional Director Olive Tiu informed that the weekly PIA Harampang which is held every Thursday at the same time and at the same venue, will give way for this very important press conference.