Central Visayas named as fastest-growing economy in Phl — PSA data

The Philippine Statistics Authority on Friday announced that Central Visayas has bested 17 regions in the country by naming it as the "fastest-growing" economy.

On 25 April, PSA- Central Visayas hosted the simultaneous data dissemination of the 2023 Regional Accounts of the Philippines which was attended by PSA chief Claire Dennis Mapa and other government executives from the National Economic and Development Authority (NEDA), Department of Labor and Employment, Department of Agriculture, and Department of Tourism,among others.

The PSA data also said that Central Visayas remained as the fourth-largest contributor to the overall growth of the Philippine economy and the highest contributor outside Luzon, with 6.6 percent share.

The largest contributor to the country's economy is the National Capital Region, with 31.2 percent, followed by CALABARZON with 14.7 percent, and Central Luzon with 11.0 percent.

The PSA said Central Visayas economy grew by 7.3 percent in 2023, with a Gross Domestic Product(GDP) growth to P1.381.2 trillion, higher than 2022's GDP.

The region's GDP (GRDP) for the past years has continued to increase . In 2022, the GDP was P1.287.4 trillion, and in 2021 it was P1.196.0 trillion.

PSA added that all regions in the country posted positive economic growth with Western Visayas placing second with 7.2 percent, followed by the Ilocos Region with 7.1 percent, then Cordillera Administrative Region with 6.9 percent and Davao Region with 6.7 percent.

The primary contributors to Central Visayas' economic growth in 2023 were wholesale and retail trade; repair of motor vehicles and motorcycles with 5.5 percent growth.

The second contributor was transportation and storage with 24.9 percent growth; then third was food service activities with 32.3 percent.

The three major sectors that contributed to the region's economy were Industry, Services, and Agriculture. Of these three, Services had the largest share with 70.0 percent in 2023. Industry followed with 23.4 percent and Agriculture, Forestry, and Fishing (AFF) with 6.6 percent.

Mapa said that PSA's data dissemination serves as an " important tool" for planning and policy formulation for the subnational level that will have a great impact to the residents in the regions.

Meanwhile, the economic performance of the provinces will be disseminated between November and December this year.

Central Visayas comprises the Provinces of Siquijor, Negros Oriental, Bohol, and Cebu.