DAVAO CITY—The domestic economy of Davao del Norte rebounded by a huge leap from a negative growth at the onset of the Covid-19 pandemic, the latest Philippine Statistical Authority (PSA) release of the Provincial Product Accounts (PPA).
The province posted a growth of 6.7 percent in 2022, a further increase from the 5.1 percent growth in the previous year, PSA Davao del Norte Chief Statistical Specialist Pepito D. Amoyen said in a Philippine Information Agency dispatch this week.
The successive growth allowed the province to recover what it lost at the onset of Covid-19 when it registered negative 4.5 percent in 2019-2020.
At this growth last year, it was estimated that Davao del Norte has a Gross Domestic Product (GDP) reaching P168.61 billion.
In the previous decades during the heydays of small-scale mining in Diwalwal in Monkayo and Boringot in Pantukan, both of Davao de Oro (formerly Compostela Valley), Davao del Norte was the direct beneficiary from the windfall of extracted gold because its capital city of Tagum became a trading center for gold exchange.
The province is also home to the first plantations of the exported Cavendish variety of banana.
“Contrary to what most perceived of Davao del Norte as an agri-based province, the PPA of PSA shows that the services sector shared a bulk, or 49.8 percent, to the GDP of the province,” Amoyen said.
Services expanded by 10.3 percent in 2022, from 6.8 percent growth in 2021, fueled by the operation of more shopping malls and motels and inns.
He said the fastest-growing industries under services sector were the accommodation and food service activities, which contributed 36.0 percent, transportation and storage, 18.3 percent and other services, 15.3 percent.
But the agriculture-forestry-fishing sector still came in second, with 30.2 percent.
The industry sector shared a far 19.9 percent to the GDP, due to the decline of growth in mining and quarrying, manufacturing, electricity, steam, water and waste management and construction. This sector posted a sharp decline to 3.7 percent from 12.1 percent in 2021.
The agriculture sector however, rebounded to three percent from the negative 1.4 percent slump in 2021.