DAVAO City placed fifth among the 10 fastest-growing highly urbanized cities in terms of annual Gross Domestic Product (GDP) growth rates.
This was revealed in the 2024 economic performance of the 33 highly urbanized cities conducted by the Philippine Statistics Authority, released on November 18.
The city’s GDP was valued at Php 574.72 billion in 2024, marking an increase of Php 42.19 billion from Php 532.52 billion in 2023.
The City of Davao was in the top five with a 7.9 percent annual growth, surpassing Bacolod, which posted 7.7%; Makati (7.35%); Malabon (7.27%); Iloilo (7.1%); and Cebu with 7.0%.
Puerto Princesa, on the other hand, recorded the fastest annual growth at 9.8 percent, which was followed by the City of Iligan (8.8%); City of Butuan (8.7%); and City of Tacloban at 8.2%.
In the same report, Davao City ranked fifth among highly urbanized cities in terms of level and percent share of the national GDP for the year 2024, with Php 574.72 billion or a 2.6% share of the total national GDP in 2024.
The city surpassed the cities of Pasig, which posted Php 513.24 billion (2.3% share); Paranaque with Php 366.44 billion (1.65% share); Pasay with Php 359.09 billion (1.61% share); Cebu with Php 334.48 billion (1.5% share); and Mandaluyong with Php 320.43 billion (1.4% share).
On the other hand, Davao City was behind Quezon City, with the largest share at 6.0 percent, posting Php 1.33 trillion; followed by the City of Makati and the City of Manila, and the City of Taguig with 5.4 percent, 4.7 percent, and 3.0 percent shares, respectively.
In October, the PSA also revealed that Davao City recorded the fastest economic growth in the Davao Region, outpacing the regional average of 6.3 percent.
The city’s growth surpassed all provinces in the region, with Davao del Norte at 5.4 percent, Davao del Sur at 4.9 percent, Davao Oriental at 4.0 percent, Davao Occidental at 3.9 percent, and Davao de Oro at 3.1 percent.
This was revealed in the 2024 economic performance of the 33 highly urbanized cities conducted by the Philippine Statistics Authority released on November 18.
The city’s GDP was valued at Php 574.72 billion in 2024, marking an increase of Php 42.19 billion from Php 532.52 billion in 2023.
The City of Davao was in the top five with 7.9 percent annual growth surpassing Bacolod which posted 7.7%; Makati (7.35%); Malabon (7.27%); Iloilo (7.1%) and Cebu with 7.0%.
Puerto Princesa on the other hand recorded the fastest annual growth at 9.8 percent, which was followed by City of Iligan (8.8%; City of Butuan (8.7%), and City of Tacloban at 8.2%.
In the same report, Davao City ranked fifth among highly urbanized Cities in terms of level and percent share to the national GDP for the year 2024 with P574.72 billion or 2.6% share to the total national GDP in 2024.
The city surpassed cities of Pasig which posted P513.24 billion (2.3% share); Paranaque with P366.44 billion (1.65% share); Pasay with P359.09 billion (1.61% share); Cebu with P334.48 billion (1.5% share);and Mandaluyong with P320.43 billion (1.4% share).
On the other hand, Davao City was behind Quezon City with the largest share at 6.0 percent posting P1.33 trillion; followed by City of Makati and City of Manila, City of Taguig with 5.4 percent, 4.7 percent, and 3.0 percent shares, respectively.
In October, the PSA also revealed that Davao City recorded the fastest economic growth in the Davao Region, outpacing the regional average of 6.3 percent.
The city’s growth surpassed all provinces in the region, with Davao del Norte at 5.4 percent, Davao del Sur at 4.9 percent, Davao Oriental at 4.0 percent, Davao Occidental at 3.9 percent, and Davao de Oro at 3.1 percent.
