Oro has fastest-growing economy in Northern Mindanao

Oro has fastest-growing economy in Northern Mindanao

CAGAYAN de Oro emerged as the fastest-growing economy in Northern Mindanao in 2022, achieving a notable 9.4 percent growth rate, the Philippine Statistics Authority (PSA) Northern Mindanao reported.

This is higher than the regional average growth rate which is at 7.2 percent.

According to PSA, Cagayan de Oro contributed to the region's overall economy by 2.6 percent due to the city's substantial economic expansion.

The economy of Cagayan de Oro in 2022 amounted to P261.8 billion, constituting 28 percent of Northern Mindanao's gross regional domestic product which is recorded at P935.50 billion.

While all major industries contributed positively to the economic growth of Cagayan de Oro, Services got the most at 7.6 percent. This is followed by Industry with 1.8 percentage points and Agriculture, Forestry and Fishing with 0.05 percentage points.

Meanwhile, in terms of share, Misamis Oriental accounted for 26.8 percent and Cagayan de Oro contributed 26.2 percent. This totaled to 53 percent of the industry output from the said province and city.

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