NorMin among top contributors to country's GDP in 2023

CAGAYAN DE ORO CITY – Northern Mindanao accounted for 4.7 percent of the country's gross domestic product (GDP) at 5.5 percent last year, a point less compared to the 5.6 percent in 2022, according to the Philippine Statistics Authority (PSA) report on Friday.

It ranked seventh among all regions in terms of GDP contribution, which the National Capital Region topped at 31.2 percent.

In terms of growth, Northern Mindanao ranked ninth nationwide and second among the regions in Mindanao, following Davao.

Central Visayas posted the fastest growth at 7.3 percent in 2023; Western Visayas ranked second at 7.2 percent; and Ilocos Region third at 7.1 percent.

"Region 10 expanded by 5.3 percent in 2023 with a 55.8 percent share of the GDP and the highest growth of 7.8 percent," Dr. Janith Aves, PSA Region 10 Officer-in-Charge, said in a statement Friday.

The PSA report also said the Region 10 industry sector grew by 3.8 percent in 2023 from the 6.6 percent growth in the previous year; services recorded a growth of 7.8 percent in 2023 from 10.1 percent in the previous year; and agriculture, forestry, and fishing grew by 0.3 percent from a 0.5 percent in 2022. (PNA)