NCR economy grows at faster pace in 2022

MANILA, Philippines, May 6 ----- Metro Manila’s economy grew at a faster pace in 2022 than in the previous year, but remained below the national growth rate, according to the Philippine Statistics Authority (PSA).

Data released by the PSA yesterday showed the National Capital Region (NCR) grew by 7.2 percent last year. This is higher than the 4.4 percent growth posted in 2021. NCR’s growth rate, however, was lower than the 7.6 percent average national growth rate a year ago.

In 2021, NCR’s growth rate was also below the 5.7 percent average growth rate in the country. “All economies of 17 regions continued to record positive growths in 2022,” the PSA said. Among the country’s regions, Western Visayas posted the fastest growth at 9.3 percent last year.

The Cordillera Administrative Region placed second at 8.7 percent, while Davao Region came third at 8.15 percent. Other regions that posted growth above the national level were Central Luzon at 8.11 percent, Bicol Region at 8.06 percent, Cagayan Valley at eight percent, Calabarzon at 7.8 percent, Central Visayas at 7.64 percent and Ilocos Region at 7.60 percent. Meanwhile, those with growth rates below the national average aside from NCR are Zamboanga Peninsula at 7.5 percent, Northern Mindanao at 7.16 percent, Eastern Visayas at 6.8 percent, Bangsamoro Autonomous Region in Muslim Mindanao at 6.61 percent, Soccsksargen at 6.59 percent, MIMAROPA at 6.3 percent and Caraga at 5.9 percent.

When it comes to contribution to services last year, NCR had the biggest share at 42 percent, followed by Calabarzon at 10.7 percent and Central Luzon at 8.3 percent. In terms of contribution to industry, Calabarzon accounted for the largest share at 25.3 percent, while NCR came in second with 19 percent and Central Luzon placed third with 15.7 percent. As for agriculture, forestry and fishing, Central Luzon topped the regions as it accounted for a 13.7 percent share, followed by Northern Mindanao and Western Visayas at 10.5 percent and 9.4 percent, respectively.

Source: philstar.com