SOCCSKSARGEN’s economy expands by 3.5 percent in 2023

The economy of SOCCSKSARGEN expanded by 3.5 percent in 2023, a slowdown from the 6.6 percent acceleration in 2022. The highest growth was recorded in Accommodation and food service activities with 17.2 percent. On the other hand, Manufacturing and Agriculture, forestry, and fishing recorded contractions of 5.9 percent and 2.7 percent, respectively. 

Among the three major industries, Services, which contributed 51.0 percent to the regional economy, recorded the fastest growth at 7.9 percent. Industry, with 24.3 percent share, expanded by 1.3 percent, while Agriculture, forestry and fishing shared 24.8 percent after a 2.7 percent contraction in 2023.

Services and Industry were the biggest contributors to the region’s 3.5 percent growth in 2023 at 3.9 percentage points and 0.3 percentage point, respectively. On the other hand, Agriculture, forestry, and fishing pulled down the growth by 0.7 percentage point.