BAGUIO CITY — The economy of the Cordillera Administrative Region (CAR) grew by 4.8% in 2024, marking a slowdown compared to the region’s 6.9% growth in the previous year and the target which is 5.5-7.0%, according to the Philippine Statistics Authority (PSA).
The PSA emphasized that while growth slowed, the region’s expansion remains broad-based, driven largely by services and resilient consumer demand.
The major contributors to the region’s growth are the Financial and Insurance Activities sector, Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles, and Professional and Business Services.
Among industries, Professional and Business Services posted the highest growth at 12.1%, followed by Other Services (10.0%), and Human Health and Social Work Activities (9.9%).
However, Construction and Mining and Quarrying were notable laggards, contracting by 2.7% and 2.1%, respectively.
In terms of expenditures, Household Final Consumption Expenditure (HFCE) surged by 7.6%, affirming strong consumer demand. Imports of goods and services from the rest of the world spiked by 22.9%, the fastest-growing expenditure component, while Gross Capital Formation dropped by 3.6%.
The per capita HFCE in the region rose to ₱144,230 in 2024, up from ₱138,911 in 2023, reflecting a 3.8% increase in average household spending.
Despite being one of the smaller contributors to the national GDP, CAR maintained a strong services sector base, which comprised 63.4% of the regional economy. The Agriculture, Forestry, and Fishing sector remained the smallest contributor, with only 7.4% share. By Blessah Joy Manuel
