25 April 2024 – ZAMBOANGA CITY. Zamboanga Peninsula’s economy grew by 4.6 percent in 2023, slower than the recorded economic growth of 7.5 percent in 2022. The growth in the region’s economy in 2023 was attributed to the expansion of all industries except for Manufacturing.

The fastest growth was registered in Other Services with 24.4 percent. This was followed by Construction, 17.2 percent; and Transportation and storage, 16.5 percent. (Figure 1)

Figure 1. Zamboanga Peninsula, Growth Rates by Industry:
2022-2023
At Constant 2018 Prices, in percent

Among the three major industries, Services accounted for 54.1 percent share to the total regional economy. This was followed by Industry with 28.8 percent share, and Agriculture, forestry, and fishing with 17.1 percent share.

Services increased by 7.0 percent in 2023, a slower growth from the 10.3 percent in 2022. This was attributed to the growth observed in all its sub-industries. Wholesale and retail trade; repair of motor vehicles and motorcycles, with 22.9 percent share to the regional economy, grew by 5.8 percent in 2023, a slower growth from the 10.6 percent in 2022.

Of the 5.5 percent economic growth of the country in 2023, Zamboanga Peninsula contributed 0.1 percentage point, accounting for 2.1 percent share to the national Gross Domestic Product (GDP).

MEWCHUN WS. PAMARAN 
Regional Director

MFET/jbg