ZAMBOANGA City — The Philippine Statistics Authority (PSA) has reported that the Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) 2023 economic performance surged by 4.3 percent with a P11.9 billion increase in the region’s estimated gross domestic product (GDP).
Philippine Statistics Authority-BARMM regional director Engr. Akan Tula reported yesterday the region’s GDP grew from P280.3 billion in 2022 to P292.2 billion in 2023. Although lower than the 6.6 percent growth recorded in 2022, it remains a positive indication of the region’s economic performance.
Tula also disclosed that the region’s 2023 economy is predominantly service-based, ranking 16th among the 17 regions in the country.
“The main driver of our economy right now is our services. We shifted from being agriculture-based to being service-based. Second to this is agriculture, while industry is in third,” Tula explained.
The 2023 gross regional domestic product (GRDP) of the region was mainly driven by the Gross Value Added of three major sectors, primarily services at P119.9 billion, followed by agriculture, forestry, and fishing at P101.8 billion, and industry at P101.8 billion, Tula continued.
Consequently, the growth in the region’s GRDP resulted in an increase of per capita GRDP by 2.2 percent which is estimated at P58,217, compared to the previous year’s record at P56,970.
Out of the 4.3 percent growth, services comprised 2.7 percent share, agriculture, forestry, and fishing with 1.0 percent share, and industry with 0.6 percent share.
GRDP is a tool to monitor and assess a specific region’s economic performance and development and is pivotal in economic measurement, quantifying the total value of all goods and services within an area over a specific period.
A growing GDP translates into increased employment opportunities, higher incomes, improved public services, and enhanced infrastructure, contributing to overall prosperity and well-being within the region.
BARMM’s Gross Regional Domestic Expenditure (GRDE) increased by 4.3 percent in 2022-2023, slower than the growth in 2021-2022. GRDE represents the expenditure of residents of the region in the domestic territory plus their expenditures in other regions, including the rest of the world.
Of this, Household Final Consumption Expenditure has the highest contribution to growth in expenditure items to the regional economy at 8.3 percent, followed by Government Final Consumption Expenditure at 1.1 percent and Net Exports to the rest of the world at 1.0 percent.
“This report can be used by our regional planners to plan whatever interventions they can make to our Bangsamoro constituents for the betterment of our economy here in the Bangsamoro region,” Tula shared, emphasizing the regional planners’ crucial role in utilizing the report.