The Davao Region exhibited widespread economic expansion in 2024, recording a collective regional economic growth rate of 6.3 percent, according to the latest data from the Philippine Statistics Authority (PSA).
PSA noted that the growth was uniformly positive, with all provinces and the Highly Urbanized City (HUC) of Davao reporting higher economic output compared to their 2023 levels.
The City of Davao was the leading driver of this strong regional performance, registering the fastest growth rate at 7.9 percent. This figure significantly outpaced the regional average, highlighting the city’s role as the primary economic engine.
The economic expansion was broad, with the provinces posting the following growth rates:
Davao del Norte: 5.4 percent
Davao del Sur: 4.9 percent
Davao Oriental: 4.0 percent
Davao Occidental: 3.9 percent
Davao de Oro: 3.1 percent
Notably, the City of Davao was the only economy that recorded a growth rate faster than the overall regional average of 6.3 percent.
The data confirms the structural shift of the Davao Region towards a Services-based economy. Every economy in the region is now classified as Services-based, indicating the sector is the dominant contributor to the Gross Domestic Product (GDP).
The services sector, which encompasses crucial areas like wholesale and retail trade, transportation and storage, financial and insurance activities, real estate, and professional and business services, accounted for the largest share of GDP across all areas. The City of Davao showed the highest concentration, with Services contributing 70.3 percent to its economy.
Other notable Services contributions include:
Davao Oriental: 63.8 percent of GDP
Davao del Norte: 51.8 percent of GDP
Davao Occidental: 50.3 percent of GDP
Davao del Sur: 46.9 percent of GDP
Davao de Oro: 45.4 percent of GDP
The sustained and widespread growth, particularly within the Services sector, underscores the region’s economic resilience and its evolving profile as a regional center for trade, finance, and supporting industries.
