Davao Oriental emerged as the province with the fastest-growing economy in the Davao Region, achieving a notable 12.3 percent growth in 2022, according to the Philippines Statistics Authority-Davao Region (PSA-Davao).
Wholesale, retail trade, and hardware for vehicles were identified as the primary drivers of this economic upswing.
This substantial economic expansion significantly bolstered the Davao Region's overall economy, reaching an estimated P954.1 billion last year. The region's economy experienced an 8.1 percent increase from the P882.2 billion recorded in 2021.
Projections from the National Economic Development Authority-Davao Region (NEDA-Davao Region) anticipate continued economic vibrancy this year, fueled by ongoing discussions about infrastructure-related projects.
Davao Oriental is positioned as a key contributor to this positive outlook.
During a virtual press briefing on Monday, December 3, Randolph Anthony Gales, the regional director of PSA-Davao, disclosed a detailed breakdown of the economic growth achieved by Davao Oriental.
Key contributors to the province's growth include wholesale and retail trade, repair of motor vehicles and motorcycles (5.6 percentage points), agriculture, forestry, and fishing (2.0 percentage points), and construction (1.5 percentage points).
Davao Oriental's estimated economy in 2022 amounted to P55.45 billion, constituting 5.8 percent of the Davao Region's gross regional domestic product (GRDP). This figure represents a notable increase from the P49.39 billion recorded in 2021.
Notably, Davao Oriental secured the highest percentage in major industries within Davao Region, showcasing a 13.8 percent increase in services, a 12.6 percent rise in other industries, and an 8.2 percent growth in agriculture, forestry, and fishing from 2021 to 2022 (constant 2018 prices).
In terms of GRDP output, the province contributed 9 percent to the region's agriculture, forestry, and fishing industries, 5.9 percent to services, and 3.5 percent to other industries’ output.
The overall GRDP growth of 8.1 percent in Davao Region was primarily driven by Davao City, contributing 4.8 percentage points, followed by Davao del Norte at 3.2 percent, Davao del Sur with 0.8 percent, Davao Oriental with 0.7 percent, Davao de Oro with 0.6 percent, and 0.3 percent for Davao Occidental. DEF