Imports of goods and services and Gross capital formation posted the biggest growth

SOCCSKSARGEN’s Imports of goods and services from the Rest of the World posted the highest growth among the expenditure items with 12.1 percent, followed by Gross capital formation with 7.9 percent. Exports of goods and services to Rest of the World with 7.6 percent, Household final consumption expenditure (HFCE) with 6.0 percent, and Government final consumption expenditure with 1.3 percent.

SOCCSKSARGEN’s economy expanded by 6.6 percent in 2022 from 5.2 percent in 2021.

In 2022, the total value of the final goods and services produced in the SOCCSKSARGEN Region, as measured through the GRDP, was valued at P503.64 billion at constant 2018 prices, higher than the P472.51 billion recorded the previous year.

YEAR-ON-YEAR INFLATION RATES

Headline inflation rate or the annual rate of change on the prices of goods and services in the market basket for all income households in SOCCSKSARGEN Region decreased by 5.8% in April 2023 from 7.3% the previous month. This is 0.8 percentage point lower than the 6.6% national headline inflation for the current month under review.

Headline inflation rate or the annual rate of change on the price of goods and services in the market basket in Cotabato Province slowed down further to 5.8 percent in April 2023 from 7.7 percent in March 2023. This was the same with regional but lower than the national level at 5.8 percent and 6.6 percent respectively.