All economies of 18 regions continued to record annual positive growths in 2024. Central Visayas posted the fastest growth of 7.3 percent in 2024 at Constant 2018 Prices. Caraga ranked second at 6.9 percent, followed by Central Luzon at 6.5 percent. These three regions exhibited higher growths than the national level growth rate of 5.7 percent.
Other four (4) regions with growths faster than the national level were Davao Region, 6.3 percent; Eastern Visayas, 6.2 percent; Northern Mindanao, 6.0 percent; and the newly created Negros Island Region (NIR), 5.9 percent. (Figure 1)
Figure 1. Performance of Regional Economies, Growth Rates, 2023-2024
At Constant 2018 Prices (in Percent)
Source: Philippine Statistics Authority
At the national level, the Gross Domestic Product (GDP) grew by 5.7 percent in 2024, an acceleration from the 5.5 percent growth in 2023. The top industries with the highest growths were Human health and social work activities, 10.9 percent; Accommodation and food service activities, 10.4 percent; and Construction, 10.2 percent. (Figure 2)
Figure 2. GDP by Industry, Growth Rates, 2023-2024
At Constant 2018 Prices (in Percent)
Source: Philippine Statistics Authority
At the expenditure side, the expenditure items with the highest growths were Gross capital formation, 7.7 percent; Government final consumption expenditure, 7.3 percent; and Household final consumption expenditure, 4.9 percent. (Figure 3)
Source: Philippine Statistics Authority
In terms of regional performance for Services in 2024, the National Capital Region (NCR) registered the biggest share at 41.1 percent. This was followed by CALABARZON and Central Luzon at 10.9 percent and 8.3 percent, respectively. (Figure 4)
Source: Philippine Statistics Authority
On the share of each region to the whole Industry, CALABARZON constituted the largest at 24.7 percent, followed by NCR, 18.3 percent; and Central Luzon, 16.3 percent. (Figure 5)
Source: Philippine Statistics Authority
For Agriculture, forestry and fishing (AFF), Central Luzon topped the share at 14.0 percent, followed by Northern Mindanao and Davao Region at 10.5 percent and 8.3 percent, respectively. (Figure 6)
Source: Philippine Statistics Authority
Household spending in 2024 increased for all regions with Central Visayas posting the highest growth rate of 7.7 percent. This was followed by Eastern Visayas, 6.8 percent; and Zamboanga Peninsula, 6.4 percent. (Figure 7)
Figure 7. Household Final Consumption Expenditure, Growth Rates, 2023-2024
At Constant 2018 Prices, (in Percent)
Source: Philippine Statistics Authority
On government spending, NCR grew the fastest among the regions at 9.9 percent, followed by Cordillera Administrative Region (CAR) at 7.6 percent, Western Visayas at 7.5 percent, NIR at 7.2 percent, and Cagayan Valley at 7.05 percent. (Figure 8)
Figure 8. Government Final Consumption Expenditure, Growth Rates, 2023-2024
At Constant 2018 Prices, (in Percent)
Source: Philippine Statistics Authority
Gross Capital Formation in Davao Region posted the fastest growth of 17.0 percent, followed by Central Visayas, 13.8 percent; and Zamboanga Peninsula, 13.4 percent. (Figure 9)
Figure 9. Gross Capital Formation, Growth Rates, 2023-2024
At Constant 2018 Prices, (in Percent)
Source: Philippine Statistics Authority
At the national level, per capita GDP growth rate in 2024 was registered at 4.8 percent. Central Visayas topped the regional economies with 6.2 percent per capita growth rate. This was followed by Caraga at 5.8 percent, Central Luzon at 5.6 percent, NIR at 5.5 percent, and Eastern Visayas at 5.4 percent. (Figure 10)
Figure 10. Per Capita GDP by Region, Growth Rates, 2023-2024
At Constant 2018 Prices, (in Percent)
Source: Philippine Statistics Authority
The 2024 Regional Accounts of the Philippines (RAP) is consistent with the revised annual estimates released on 03 April 2025. Complete time series tables, charts, and data visuals on the RAP can be accessed at https://psa.gov.ph/statistics/regional-accounts.
CLAIRE DENNIS S. MAPA, PhD
Undersecretary
National Statistician and Civil Registrar General
