The Philippine economy grew by 7.2 percent in the last three months of 2022, bringing…
The economy of the Caraga Region to grow by 5.9% in 2022
The robust performance in the building, lodging, and food service industries and other sectors, like transportation, contributed to the Caraga Region’s economy expanding by 5.9 percent in 2022.
“Of the 7.6 percent economic growth of the country, Caraga’s contribution to the increase was estimated at 0.1 percentage point while accounting for 1.6 percent of the total gross domestic product,” the region’s Philippine Statistics Authority (PSA-13) stated in a report on Friday.
The growth in construction last year was 19.3 percent, followed by increases in lodging and food services (19.2 percent) and other services (16.8 percent).
The other sectors, which comprised wholesale and retail commerce and transportation and storage, energy, steam, water, and waste storage, recorded strong economic growth of 14.7%.
The organization reported a 38.7 percent increase in imports of products and services in 2022.
The PSA-13 also noted that the mining and quarrying, forestry, fishing, and agriculture industries all saw declines in their economic performance in 2017.
Fishing, forestry, and agriculture all saw declines of 2.8 percent, while the mining and quarrying sector experienced a 15.3 percent decline.
Furthermore, PSA-13 data revealed that the government’s consumption spending in the area increased by 2.7% in the previous year.
“The region’s household final consumption expenditure, which accounted for 77.8 percent of the Caraga’s economy, increased by 7.4 percent in 2022,” the agency reported.
It was also mentioned that the region’s exports of products and services fell by -6.3 percent in 2017.
The provinces of Agusan del Norte, Agusan del Sur, the Dinagat Islands, Surigao del Norte, and Surigao del Sur make up the Caraga Regions.
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