All 18 regions posted economic growths in 2024, with Central Visayas expanding the fastest at 7.3 percent in 2024 at constant 2018 prices, the Philippine Statistics Authority (PSA) said Tuesday.
Caraga ranked second at 6.9 percent, followed by Central Luzon at 6.5 percent. These three regions exhibited higher growths than the national level growth rate of 5.7 percent.
Four other regions also posted growths faster than the national including Davao Region, 6.3 percent; Eastern Visayas, 6.2 percent; Northern Mindanao, 6.0 percent; and the newly created Negros Island Region, 5.9 percent.
The Philippines’ gross domestic product (GDP) grew by 5.7 percent in 2024, an acceleration from the 5.5 percent growth in 2023.
Data showed that in terms of regional performance for services in 2024, the National Capital Region (NCR) registered the biggest share at 41.1 percent. This was followed by CALABARZON and Central Luzon at 10.9 percent and 8.3 percent, respectively.
CALABARZON constituted the largest share of industry at 24.7 percent, followed by NCR at 18.3 percent; and Central Luzon at 16.3 percent.
For Agriculture, forestry and fishing (AFF), Central Luzon topped the share at 14.0 percent, followed by Northern Mindanao and Davao Region at 10.5 percent and 8.3 percent, respectively.
Household spending in 2024 increased across all regions, with Central Visayas posting the highest growth rate of 7.7 percent. This was followed by Eastern Visayas, 6.8 percent; and Zamboanga Peninsula, 6.4 percent.
