The economy of Northern Mindanao posted an economic growth of 7.2 percent, faster than the recorded 6.3% in 2021. The 7.2 percent economic growth translated to an increase of PhP 62.49 billion in the Gross Domestic Product (GDP) of the region. Industries with the highest growth rates were: Accommodation and food service activities which grew by 35.2 percent; Transportation and storage with 21.6 percent; and Other services, 10.7 percent.
In 2022, the top five contributors to the growth of the regional economy with their corresponding percentage point contribution:
- Wholesale and retail trade; repair of motor vehicles and motorcycles (2.7 percentage point);
- Construction (0.7 percentage point);
- Manufacturing (0.6 percentage point);
- Accommodation and food service activities (0.6 percentage point); and
- Transportation and storage (0.5 percentage point).
Of the 7.6 percent economic growth of the country in 2022, Northern Mindanao contributed 0.3 percentage point while accounting for 4.7 percent share in the national GDP.
Compared with other regions of the country, Northern Mindanao ranked 3rd with the highest per capita Gross Regional Domestic Product (GRDP), next to the National Capital Region and Cordillera Administrative Region.
Here’s the region’s performance compared to the other regions of the country in 2022:
- 3rd highest per capita GRDP of PhP 182,356;
- 7th biggest regional economy sharing 4.7% of the Philippine GDP; and
- 7th biggest contributor of 0.34 percentage point to the Philippine GDP growth.
National Economic and Development Authority (NEDA)-X Regional Director Mylah Faye Aurora B Cariño stated that the expansion of Northern Mindanao’s economy in 2022 is a telling sign of the region’s further recovery from the pandemic, and its resilience amid external headwinds.
Out of the 7.2 percent economic growth of the region in 2022, Services contributed the most with a contribution of 5.3 percentage points. Industry contributed 1.7 percentage point while Agriculture, Forestry, and Fishing contributed 0.2 percentage point.
In 2022, the top five fast growing industries in the region with their corresponding growth rates:
- Accommodation and food service activities (35.2%);
- Transportation and storage (21.6%);
- Other services (10.7%);
- Construction (10.1%); and
- Wholesale and retail trade; repair of motor vehicles and motorcycles (10.0%).
Looking at the shares of expenditures in 2022, household final consumption expenditure had the biggest share of 55.8 percent to the total expenditure.
At the demand side, all expenditure items showed increases in 2022 except Valuables, and Breeding stocks and orchard development which posted declines of 11.2 and 11.6 percent, respectively.
The top increases of spending were recorded on Exports of services to Rest of the World, 58.0 percent; Durable equipment, 30.8 percent; and Imports of goods from rest of the world, 29.8 percent.
The economy of the region in 2022 was predominantly Services-based with 54.5 percent share to the economy of the region, followed by Industry sharing 25.5 percent. Meanwhile, Agriculture, forestry, and fishing had a share of 20.0 percent of the region’s GDP.
images/text by PSA RSSO-10, PIA-10
http://rsso10.psa.gov.ph/article/northern-mindanao-posts-faster-economic-growth-72-percent-2022
