Caraga Region economy up 5.9% in 2022

By Alexander Lopez

April 28, 2023, 4:44 pm Updated on April 28, 2023, 4:46 pm

BUTUAN CITY – Caraga Region's economy grew by 5.9 percent in 2022, brought about by the strong performance in construction, accommodation and food service activities, and other services like transportation.
 “Of the 7.6 percent economic growth of the country, Caraga’s contribution to the increase was estimated at 0.1 percentage point while accounting for 1.6 percent of the total gross domestic product,” the region’s Philippine Statistics Authority (PSA-13) said in a report Friday.

Construction logged a 19.3 percent increase last year, followed by accommodation and food services at 19.2 percent, and other services at 16.8 percent.
The other industries, which included transportation and storage, electricity, steam, water, and waste storage, posted high economic performances at 14.7 percent, while wholesale and retail trade pitched in a 13.5 percent increase.

On imports of goods and services, the agency noted a 38.7 percent growth in 2022.

Moreover, the agriculture, forestry and fishing, as well as the mining and quarrying industries suffered decreases in economic performance last year, the PSA-13 said.
Agriculture, forestry and fishing were down by 2.8 percent, and the mining and quarrying industry at -15.3 percent.
In addition, PSA-13 data showed that the government's consumption expenditures in the region grew by 2.7 percent last year.
“The region’s household final consumption expenditure, which accounted for 77.8 percent of the Caraga’s economy, increased by 7.4 percent in 2022,” the agency said.

It added that the exports of goods and services in the region suffered a decline of -6.3 percent last year.

Caraga Regions is composed of the provinces of Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte and Surigao del Sur. (PNA)