Central Visayas leads economy with 7.3% GRDP growth

The Central Visayas region in the Philippines was the fastest-growing regional economy in 2024, with a gross regional domestic product (GRDP) growth of 7.3%, surpassing the national GDP growth rate of 5.7%.

Central Visayas has maintained its position as the country's leading economic region for two consecutive years, comprising Cebu, Bohol, Negros Oriental, and Siquijor provinces.

CARAGA was the second-fastest growing region with a GRDP growth of 6.9%, followed by Central Luzon (6.5%), Davao Region (6.3%), Eastern Visayas (6.2%), Northern Mindanao (6%), and Negros Island Region (5.9%).

Central Visayas also recorded the highest household expenditure growth at 7.7% and the fastest GRDP per capita growth.

The region's economic success is attributed to its thriving tourism sector, with accommodation and food services growing by 14.6%, driven by a significant increase in tourist arrivals.