NCR economy grows at slower pace in 2023

MANILA, Philippines — Metro Manila’s economy grew at a slower pace of 4.9 percent in 2023 from 7.2 percent in 2022, according to the Philippine Statistics Authority (PSA).

Data released by the PSA yesterday showed the gross domestic product (GDP) expansion of the National Capital Region (NCR) was lower than the national growth rate of 5.5 percent in 2023.

“All economies of 17 regions continued to record positive growth in 2023,” the PSA said.

According to the PSA, Central Visayas posted the fastest growth rate at 7.3 percent, followed by Western Visayas at 7.2 percent and Ilocos Region at  7.1 percent.

“These three regions exhibited higher growths than the national level growth rate,” the PSA said.

Other regions that posted faster growth rate than the national level in 2023 were the Cordillera Administrative Region with 6.9 percent, Davao Region with 6.7 percent, Eastern Visayas with 6.4 percent, Cagayan Valley with 6.2 percent and Central Luzon with 6.1 percent.

In terms of contribution to services in 2023, the PSA said NCR had the biggest share at 41.4 percent, followed by Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) at 10.8 percent and Central Luzon at 8.3 percent.

As for the share to industry, Calabarzon accounted for the largest share at 25 percent, followed by NCR with 18.6 percent and Central Luzon with 16 percent.

For agriculture, forestry and fishing, Central Luzon had the largest contribution through its 13.9 percent share.

Northern Mindanao  ranked second with a 10.4 percent share and Western Visayas with 8.9 percent.