Cebu’s economy increases by 5.9% in 2024

Local

CEBU’S economy grew by 5.9 percent in 2024, buoyed by solid performance in services and industry, data from the Philippine Statistics Authority (PSA) revealed.

According to the Provincial Product Accounts (PPA) released by the PSA Cebu Provincial Statistical Office, the province’s gross domestic product (GDP) rose to P441.14 billion in 2024, an increase from P411.12 billion in 2023 and P388.06 billion in 2022, all measured at constant 2018 prices.

PSA Cebu Chief Statistical Specialist Melchor B. Bautista presented the report during the Provincial Product Accounts Dissemination Forum, highlighting Cebu’s sustained post-pandemic recovery and the continued expansion of key industries such as trade, manufacturing, and professional services.

The PSA said Cebu’s growth, while slightly slower than the previous year’s 7.3 percent, reflected a stable performance that kept the province as the largest economy in Central Visayas, accounting for 34.6 percent of the region’s P1.28-trillion GDP in 2024.

It was followed by the City of Cebu (26.2 percent), Bohol (15.5 percent), Lapu-Lapu City (13.8 percent), and Mandaue City (9.9 percent).

The services sector continued to drive Cebu’s overall economic output, contributing 62.3 percent of the province’s GDP.

It grew by 7.8 percent between 2023 and 2024, led by wholesale and retail trade, real estate and ownership of dwellings, and professional and business services.

Other service-related industries such as financial activities, education, information and communication, and transportation and storage also posted positive gains.

The industry sector, which made up 29.3 percent of Cebu’s economy, expanded by 7.9 percent in 2024.

This growth was attributed mainly to improvements in manufacturing, construction, and electricity, steam, water, and waste management.

Meanwhile, agriculture, forestry, and fishing (AFF) grew modestly by 2.0 percent during the same period and contributed 8.5 percent to the province’s total economic output.

Despite being the smallest of the three major sectors, agriculture remained crucial to rural employment and food production.

Across all industries, wholesale and retail trade remained Cebu’s single largest contributor, accounting for 15.2 percent of total economic activity.

It was followed by manufacturing (15.1 percent), professional and business services (12.7 percent), and real estate and ownership of dwellings (10.7 percent).

Other key sectors included construction (9.1 percent), agriculture (8.5 percent), education (4.8 percent), and financial and insurance activities (4.5 percent).

The PSA also reported that Cebu contributed the largest share to Central Visayas’ agriculture output, with 59.0 percent of the region’s total P63.31 billion agricultural gross value added.

It was followed by Bohol (37.3 percent), while the highly urbanized cities of Cebu (2.8 percent), Lapu-Lapu (0.8 percent), and Mandaue (0.1 percent) had smaller shares.

In the industry sector, Cebu’s share reached 40.5 percent of the regional total valued at P318.43 billion, the highest among all economies in Central Visayas.

The cities of Lapu-Lapu (27.4 percent) and Mandaue (12.7 percent) followed, with Cebu City and Bohol contributing 10.2 percent and 9.2 percent, respectively.

For services, Cebu accounted for 30.7 percent of the region’s P894.60-billion total, second only to Cebu City, which made up 33.6 percent.

Bohol contributed 16.3 percent, followed by Lapu-Lapu (9.9 percent) and Mandaue (9.6 percent).

The per capita GDP for the Province of Cebu in 2024 stood at P129,727, the lowest among the major Central Visayas economies.

In comparison, Lapu-Lapu City recorded the highest per capita GDP at P354,267, followed by Cebu City (P346,491), Mandaue City (P345,904), and Bohol (P140,363).

The PSA noted that the Provincial Product Accounts are

compiled using data from multiple national and local agencies.

This includes Bangko Sentral ng Pilipinas, Department of Trade and Industry, Department of Agriculture, Department of Tourism, Department of Public Works and Highways, Philippine Ports Authority, and Mactan-Cebu International Airport Authority, among others.

The PPA aims to provide a more localized and accurate picture of economic performance to support evidence-based policy and investment decisions across provinces and cities.(MyTVCebu)