Caraga: The economy of Caraga Region expanded by 6.9 percent in 2024, a significant increase from the 4.8 percent growth recorded the previous year, according to the Philippine Statistics Authority (PSA).

According to Philippines News Agency, in a report released Thursday, PSA 13 (Caraga) valued the region's economy at PHP362.8 billion in 2024. The growth was primarily driven by the professional and business services sector, which contributed 14.5 percent to the region's growth. Accommodation and food service activities followed closely, contributing 13.6 percent, while the construction industry added 11.9 percent.

'This growth positioned Caraga as the second fastest-growing regional economy among the country's 18 regions,' the PSA-13 stated. Services remained the largest sector, accounting for 56.2 percent of the region's economy. Industry comprised 33.2 percent, and agriculture, forestry, and fishing made up 10.6 percent.

Caraga also contributed 0.1 percentage point to the Philippines' overall economic growth of 5.7 percent last year. The region accounted for 1.6 percent of the national total in terms of gross domestic product (GDP).

Among key spending items, the fastest growth was recorded in the import of goods and services from abroad, which surged by 40.6 percent in 2024, up from 22.6 percent in 2023. Gross capital formation increased by 11.7 percent, government final consumption expenditure rose by 7 percent, and household final consumption expenditure climbed by 4.6 percent. However, the export of goods and services declined by 1 percent during the same period.

The region's per capita household final consumption expenditure stood at PHP92,829 in 2024, which is lower than the national average of PHP142,837, as reported by PSA-13.