Negros Occidental and Bacolod City registered economic growth in 2024, although slower compared to their performance in 2023, data released on Tuesday, October 7, by the Philippine Statistics Authority (PSA) showed.

The economic data were presented by the PSA during the Provincial Product Accounts Dissemination Forum here.

PSA-Negros Occidental chief statistical specialist Diesah Biaco said the economy of Negros Occidental grew by 5.1 percent in 2024, valued at P277.19 billion.

However, the growth was slower than its seven percent in 2023, with a value of P263.76 billion.

Services contributed 51.8 percent share to the province’s economy; followed by industry, 30.2 percent; and agriculture, forestry and fishing, 18 percent.

Among the industries, the fastest growth was posted in construction with 20.3 percent, followed by other services, 12.4 percent; human health and social work activities, 10.9 percent; and accommodation and food services, 10.1 percent.

Industry sector posted the highest growth at 11.9 percent, while services followed, 7.6 percent.

Agriculture, forestry and fishing posted a decline of 10.1 percent.

“Our growth was driven primarily by the industry sector, which expanded by 11.9 percent, the fastest among all sectors. This was largely due to sustained construction activity, healthy manufacturing and continued infrastructure investments under the provincial government and our local government units,” the Provincial Planning and Development Office said in a statement.

Highlights of Bacolod’s economic performance presented by Ma. Goretti Novilla, chief statistical specialist of PSA-Negros Island Region, showed the city’s economy posted a 7.7 percent growth in 2024 valued at P157.37 billion.

Still, it was slower than the 10 percent growth in 2023, which was valued at P146.09 billion.

In terms of the industries, human health and social work activities recorded the fastest growth with 14.7 percent; followed by construction, 12.4 percent; and wholesale and retail trade, repair of motor vehicles and motorcycles at 11.24 percent.

The top three industries by percentage share to the economy were wholesale and retail trade, repair of motor vehicles and motorcycles, 21.6 percent; manufacturing, 12 percent; and financial and insurance activities, 10.8 percent. (PNA)