Oro GDP grows 6.8% in 2024, driven by services sector

CAGAYAN DE ORO City’s economy expanded by 6.8% in 2024, fueled largely by the services sector, according to data from the Philippine Statistics Authority (PSA).

The city’s Gross Domestic Product (GDP), measured at constant 2018 prices, reached P295.57 billion, up from P276.80 billion in 2023. At current prices, GDP totaled P353.45 billion, reflecting a nominal growth of 10.4% year-on-year.

The services sector continued to dominate the city’s economy, accounting for 76.5% of total output in 2024. It grew by 7.3%, led by strong gains in accommodation and food services (up 9.4%), human health and social work (12.1%), and professional and business services (12.5%).

“The sustained rebound in tourism and business activity after the pandemic has strengthened Cagayan de Oro’s role as Northern Mindanao’s service hub,” the PSA report reads in part.

Wholesale and retail trade — the single largest industry — also expanded by 6.2%, contributing nearly 41% of total GDP. Financial and insurance activities climbed by 8.8%, reflecting continued growth in banking and digital financial services.

The industry sector grew by 5.3%, driven by a 14.2% surge in construction and steady gains in manufacturing and utilities. Industry accounted for 22.9% of the city’s GDP in 2024, totaling P67.6 billion at constant prices.

“Private investments in housing and commercial infrastructure helped sustain construction momentum,” PSA-10 officials said.

Meanwhile, agriculture, forestry, and fishing — the smallest contributor at 0.7% — posted a 0.9% growth rate, up slightly from 2023’s 1%.

“The agricultural sector remains relatively stable but limited in scale, reflecting Cagayan de Oro’s urbanized economy,” the report noted.

Overall, the PSA said Cagayan de Oro’s 2024 performance reflects steady post-pandemic recovery and resilience in consumer-driven sectors.

“The 6.8% growth demonstrates the city’s strong service economy and improving investment climate,” said PSA-10 Regional Director Dr. Janith Aves.

She added: “We expect continued expansion as infrastructure and commercial activities intensify across the metropolitan area.”

Cagayan de Oro maintained its position as Northern Mindanao’s leading urban economy, with total output surpassing P350 billion in 2024.