Davao ranks 5th fastest growing economy in PH

Drone shot by Mark Perandos
Drone shot by Mark Perandos

The 2023 economic performance of Davao Region posted 6.7 percent growth to P1.02 trillion from P954 billion in 2022, with services-based business dominating the positive growth rate.

The region’s growth rate is higher than the national growth rate at 5.5 %. It gained an estimated increase of P63.97 billion.

Currently, the region emerged as the fifth fastest growing economy among the 17 regions and ranks sixth biggest economy in the country as measured by the Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE), the Philippine Statistics Authority - Davao Region (PSA-Davao) revealed in a news conference, at the Seda Abreeza Hotel in Davao City, Thursday morning, April 25, 2024.

GRDE refers to the entire amount of money spent on goods and services within an area, including government spending, investments, consumption, and net imports and exports, while the GRDP is the total value of all goods and services produced within a certain region in a given period.

As the only region in Mindanao to have reached a trillion peso economy, Davao has now joined the top big economies in the country such as the National Capital Region (NCR), Calabarzon, Central Luzon, Central Visayas, and Western Visayas. 

The National Capital Region (NCR), also known as Metro Manila, has the highest GDP in the country, with an estimated P6.57 trillion in 2023. 

This is followed by Region IV-A, also known as CALABARZON, at P3.10 trillion; Region III, also known as Central Luzon, at P2.32 trillion; Central Visayas at P1.38 trillion; and Western Visayas at P1.03 trillion.

PSA-Davao OIC director Randolph Anthony Gales said that all industries last year saw a significant increase.

Services accounted for 60.9 percent or about P620.08 billion. Industry shared 24.6 percent at P250.94, while agriculture, forestry, and fishing had the least share with 14.5 percent or P147.18 billion.

“Of the overall 6.7 % economic growth of the region, 5.1 % came from Services, 1.5 % from Industry, and 0.1 % was contributed by Agriculture, forestry, and fishing,” Gales said.

For the last two decades, the economic performance of Davao region was recorded the lowest in 2021 at negative 7.5 percent while it peaked in 2016 at 9.2 percent. DEF

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