PSA-13 Regional Director Rosalinda Apura. (Photo courtesy of PSA-13)
BUTUAN CITY – Caraga Region's economy grew by 4.9 percent in 2023, the regional office of the Philippine Statistics Authority (PSA-13) reported Thursday.
Caraga's per capita Gross Domestic Product (GDP) also increased to PHP119,691 last year compared to PHP115,247 in 2022, the agency added.
"Three major industries, including the services, industry, and the agriculture, forestry and fishing had contributed to the region's economic growth last year," PSA-13 Director Rosalinda Apura said during a press conference here.
Among the three industries, Apura said the services sector provided the biggest share, with PHP188.72 billion, followed by the industry sector, with PHP113.56 billion, and agriculture, forestry, and fishery with PHP37.36 billion.
The report also showed the steady increase in the gross value added of the services and industries in the region from 2021 until last year.
Services gross value added rose by 7.6 percent last year from 2022, or PHP188.72 billion from PHP175.44 billion.
Likewise, the industry sector also logged a 2.3 percent increase in 2023 from 2022, or PHP113.56 billion from PHP111.03 billion.
The report said the agriculture, forestry, and fishery industry posted a downtrend rate since 2021, with a gross value of PHP37.36 billion in 2023 compared to PHP37.42 billion in 2022.
Fastest growing industries
Meanwhile, the fastest growing industries in Caraga during the period included other services, which experienced a 25.4 percent rate increase; accommodation, food, and food services activities (14.8 percent); and transportation and storage (14.5 percent).
"The economy of Caraga increased by 4.9 percent in 2023, but lower than the national GDP of 5.5 percent. Overall, the region ranked 12th in economic growth among the 17 regions in the country," Apura said.
She said the region's per capita GDP, recorded at PHP119,691 in 2023, was also lower compared to the national per capita GDP of PHP186,476, which placed Caraga in 11th place among the other regions in the country.
Last year, the region's per capita household final consumption expenditure was logged at PHP91,407, which was lower than the national estimate of PHP136,247. (PNA)
