The economy of Davao Region grew by 8.1 percent in 2022, as measured by the Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE). It was valued at 954.1 billion pesos in 2022 from about 882.2 billion pesos in 2021, an estimated increase of 71.9 billion pesos comparing the two periods. The 2022 level had already surpassed the pre-pandemic level in 2019 by 53.2 billion pesos.

 

 

All major industries of GRDP, except Electricity, steam, water and waste management (ESWW) posted growths in 2022. 

 

Accommodation and food service activities recorded the fastest among industries at 35.6 percent, which was followed by Transportation and storage at 28.7 percent and Mining and Quarrying at 27.6 percent. Meanwhile, only ESWW posted a decline of -2.0 percent.

Of the region’s total Services, which was estimated at 571.1 Billion Pesos, Wholesale and Retail Trade and Repair of motor vehicles and motorcycles Industry accounted for the biggest share with 40.3 percent; followed by Financial and insurance activities with 12.0 percent share. Other services accounted for the least share with only 1.9 percent.

Meanwhile, of the total Industry estimated at 236.6 Billion Pesos, Manufacturing had the biggest share, with 44.1 percent; followed by Construction, which accounted for 41.3 percent share; Electricity, steam, water, and waste management accounted for 10.6 percent share; and Mining and Quarrying contributed the least with only 4.0 percent share.

During the pandemic in 2020, all industries declined except Agriculture, forestry, and fishing, Electricity, steam, water and waste management, Information and communication, Financial and insurance activities, and Public administration and defense; compulsory social activities.

 

In 2022, 11 of 16 industries have already surpassed its pre-pandemic levels. This includes Agriculture, forestry, and fishing, Mining and quarrying, Manufacturing, Electricity, steam, water and waste management, Wholesale and retail trade; and repair of motor vehicles and motorcycles, Information and communication, Financial and insurance activities, Professional and business services, Public administration and defense;  compulsory social activities, Education, and Human health and social work activities. 

 

Five industries have yet to recover from the pandemic. Among these industries are Construction, Transportation and storage, Accommodation and food service activities, Real estate and ownership of dwellings, and Other services.

With the recorded increase in Davao Region’s GRDP, almost all of the expenditure items recorded an increase in 2022. Imports of services from the rest of the world posted the highest growth, with 25.6 percent. It was followed by Exports of services to the Rest of the World, with 21.4 percent; and Breeding stocks and orchard development, with 13.7 percent. On the other hand, bottom expenditure items in terms of growth were Exports of goods to Rest of the World with -5.6 percent, Durable equipment with -2.6 percent, and Valuables with 1.5 percent.

The Philippine economy grew by 7.6 percent in 2022. Nine out of 17 regions nationwide have posted higher rates compared to the rate recorded at the national level. Davao Region was one of these nine regions.

 

At 8.1 percent growth, Davao Region ranked 3rd with the fastest growing economy among the 17 regions in the country in 2022.

Examining the structure of the Regional Economies, no region is predominantly agricultural. One region is predominantly Industrial, that is, Region IV-A CALABARZON. The rest of the regions, including Davao Region are predominantly Services-based.