Services spurs Cagayan Valley’s economic growth in 2022

Cagayan Valley’s economy grew by 8.0 percent in 2022, an acceleration from the 5.1 percent growth the previous year. The uptick was mainly brought about by the upsurge in: Wholesale and retail trade, repair of motor vehicles and motorcycles which grew by 12.6 percent; Construction at 11.9 percent; and Mining and quarrying by 71.0 percent.

Among the major industries, Services, which contributed 44.3 percent share to the regional economy, accelerated by 11.0 percent, boosted by Wholesale and retail trade; repair of motor vehicles and motorcycles, Transportation and storage, and Education. Industry, which accounted for 27.9 percent share, grew faster by 11.5 percent, boosted by Construction, and Mining and quarrying. Likewise, Agriculture, forestry, and fishing, which accounted for 27.9 percent share, grew at a slower pace by 0.5 percent.

Of the 7.6 percent economic growth in the country, Cagayan Valley contributed 0.2 percentage point, accounting for 2.1 percent of the total GDP.

Household spending in Cagayan Valley increases further in 2022

Cagayan Valley household spending, which grew by 6.9 percent, had the largest share to the region’s spending in 2022. Spending on Exports of goods and services to the rest of the world grew the fastest at 90.3 percent, followed by Gross capital formation, and Imports of goods and services from the rest of the world which grew by 39.6 percent and 22.4 percent, respectively.

Real per capita HFCE increased by 5.9 percent in 2022. The real per capita HFCE in the region was recorded at Php 96,059, lower than the national level per capita HFCE of Php 130,590.

ENGR. GIRME M. BAYUCAN

Chief Statistical Specialist

Officer-in-Charge, PSA RSSO II

//EMdP/SESRE