27.2 C
Cagayan de Oro
Saturday, July 13, 2024
HomeAdvertisementsNorthern Mindanao’s economy expands by 7.2% in 2022

Northern Mindanao’s economy expands by 7.2% in 2022

As reported by the Philippines Statistics Authority Regional Office X (PSA-X), the region’s economy expanded by 7.2 percent in 2022, equivalent to PHP935 billion (at constant 2018 prices). Said growth is faster than the 2021 growth rate of 6.3 percent, and within the region’s target for the year.

“This is a telling sign of the region’s further recovery from the pandemic, and its resilience amid external headwinds,” said Dir. Mylah Faye Aurora B. Cariño, CESO III, in her statement during the News Conference on the 2022 Report on the Economic Performance of Northern Mindanao on 27 April 2023.

Agriculture, forestry, and fishing (AFF) grew by 0.5 percent in 2022, a slow growth mirroring country figures. While it missed its plan target of 2.5 to 3.5 percent, the region remains as the second biggest contributor to the country’s total agricultural output in 2022, next to Central Luzon. Slowdown in the manufacturing of food products, beverage, and chemical and chemical products moderated industry growth from 8.7 percent in 2021 to 6.6 percent in 2022.

The services sector’s accelerated growth of 10.1 percent signals the recovery of the sector from the pandemic. This growth more than offset the slower growth performance of the AFF and industry sectors.

The region is now -pursuing the second base camp toward AmBisyon Natin 2040, and the end goal is to achieve economic and social transformation for a prosperous, inclusive, and resilient society. The Northern Mindanao Regional Development Plan (NMRDP) 2023-2028 lays down the region’s strategies and priority programs and projects that will steer the region to a higher growth trajectory.

Other highlights worth noting:

  • Total output in 2022 was valued at 935 million pesos at constant 2018 prices from 873 million pesos a year ago. In nominal terms, Region X joined the ranks of trillion peso regional economies;
  • The region’s per capita GRDP in real terms increased by 6.0 percent to 182 thousand pesos – the third highest in the country, next only to the NCR and CAR, and higher than the national average; and
  • The region contributed 0.3 percentage point to the Gross Domestic Product or GDP growth in 2022, and accounted for 4.7 percent share of national output – the seventh largest among the regions. (report courtesy of RDC-10/NEDA-10)



Most Popular

Recent Comments