Caraga achieves 6.9% economic growth in 2024
The Caraga Region saw its economy expand by 6.9% in 2024, a significant rise from the 4.8% growth recorded the previous year, according to the Philippine Statistics Authority (PSA).
In a report released Thursday, PSA 13 (Caraga) stated that the region’s economy reached a total value of PHP362.8 billion in 2024.
Top-Performing Industries
Key contributors to Caraga’s growth included professional and business services (14.5%), accommodation and food services (13.6%), and construction (11.9%). “This growth positioned Caraga as the second fastest-growing regional economy among the country’s 18 regions,” PSA-13 reported.
Sector Breakdown
The services sector remained dominant, comprising 56.2% of the economy, followed by industry (33.2%), and agriculture, forestry, and fishing (10.6%).
Caraga’s Contribution to National Growth
The region contributed 0.1 percentage point to the Philippines’ overall economic growth of 5.7% in 2024, accounting for 1.6% of the national GDP.
Spending Highlights
Among spending items, the import of goods and services from abroad saw the fastest growth, surging by 40.6% in 2024 compared to 22.6% in 2023. Other key spending increases included:
- Gross capital formation: up by 11.7%
- Government final consumption expenditure: up by 7%
- Household final consumption expenditure: up by 4.6%
However, the export of goods and services declined by 1% during the same period.
Per Capita Expenditure
Caraga’s per capita household final consumption expenditure stood at PHP92,829 in 2024, falling below the national average of PHP142,837.
The region’s impressive growth reflects its status as an emerging economic driver, bolstered by diverse industries and increased spending.
Image: HYWARDS/Canva
