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  • Writer's pictureZiggurat Realestatecorp

Regions show positive economic growth in 2022

The economies of 17 regions in the Philippines continued to record positive growths in 2022, with Western Visayas having the fastest expansion at 9.3 percent, the Philippine Statistics Authority said.

The second fastest was that of the Cordillera Administrative Region at 8.7 percent, followed by Davao Region at 8.15 percent.

The other six regions with growth rates above the national level were Central Luzon, 8.11 percent; Bicol Region, 8.06 percent; Cagayan Valley, 8.0 percent; Calabarzon, 7.8 percent; Central Visayas, 7.64 percent; and Ilocos Region, 7.60 percent.

At the national level, gross domestic product (GDP) grew by a 46-year high of 7.6 percent in 2022, an improvement from previous year's growth of 5.7 percent, with all 16 industries recording positive growths.

The top industries with the highest growths were accommodation and food service activities, 32.1 percent; other services, 28.4 percent; and transportation and storage, 23.9 percent.

In terms of expenditures, the ones with the highest growths were imports of goods and services, 13.9 percent; gross capital formation, 13.8 percent; and exports of goods and services, 10.9 percent.

For regional performance of services in 2022, the National Capital Region (NCR) posted the biggest share at 42.0 percent, followed by Calabarzon and Central Luzon at 10.7 percent and 8.3 percent, respectively.

On the share of each region to the whole Industry, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) has the largest share at 25.3 percent, followed by NCR, 19.0 percent; and Central Luzon, 15.7 percent.

For agriculture, forestry and fishing, Central Luzon is first at 13.7 percent, followed by Northern Mindanao and Western Visayas at 10.5 percent and 9.4 percent, respectively.

Household spending in 2022 increased for all regions with Western Visayas posting the highest growth rate at 12.2 percent. The NCR, Zamboanga Peninsula and Northern Mindanao followed at 10.2 percent, 9.6 percent and 8.39 percent, respectively.

On government spending, all regions posted positive growths. The NCR is first at 7.4 percent, followed by Ilocos Region at 4.5 percent, Central Luzon at 4.23 percent and Mimaropa (Mindoro, Marinduque, Romblon and Palawan) at 4.16 percent.

Gross Capital Formation posted growth rates in all regions. Cordillera Administrative Region posted the fastest growth at 71.2 percent, followed by Cagayan Valley at 39.6 percent and Bicol Region at 28.8 percent.

Western Visayas topped the regional economies with 8.4 percent per capita growth rate. This was followed by Cordillera Administrative Region at 7.8 percent, Bicol Region at 7.1 percent and Cagayan Valley at 7.0 percent.

Source: Manila Times

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