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Soccsksargen economy grows slower in 2023

The economy of Soccsksargen grew slower last year, according to the Philippine Statistics Authority (PSA) report.

The region’s gross domestic product (GDP) or the total value of goods and services produced in a period, grew by 3.5%, a slowdown from the 6.6 percent acceleration in 2022.

PSA said the highest growth was recorded in accommodation and food service activities with 17.2 percent. On the other hand, manufacturing and agriculture, forestry, and fishing recorded contractions of 5.9 percent and 2.7 percent, respectively.

It added that the services and industry sector were the biggest contributors to the region’s 3.5 percent growth in 2023 at 3.9 percentage points and 0.3 percentage point, respectively.

On the other hand, agriculture, forestry, and fishing pulled down the growth by 0.7 percentage point.

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