Cebu has sustained its economic growth in Central Visayas in the 2023 Provincial Product Accounts (PPA) from the Philippine Statistics Authority regional and provincial offices.

PSA-7 chief statistical specialist Engr. Leopoldo P. Alfanta Jr. and Cebu province’s Melchor Bautista revealed that the province and the three highly urbanized cities in Cebu posted a positive economic performance in the 2023 PPA.

Cebu province grew by 6.0 percent while the cities of Cebu with 8.3 percent, Lapu-Lapu with 9.4 percent, and 7.6 percent for Mandaue. The three major sectors that contributed to the region’s economy were industry, services, agriculture, forestry, and fishing (AFF).

Bautista cited Cebu province still had the largest economy with a 29.8 percent share of the total economy in Central Visayas. From P388.06 billion in 2022 to P411.32 billion in 2023.

Meantime, Cebu City was the second-largest economy with 22.6 percent. Bohol is third with 13.2 percent. Negros Oriental at fourth with 12.9 percent, Lapu-Lapu City in fifth spot with 12.0 percent, then Mandaue City at sixth with 8.5 percent, and seventh is Siquijor with 0.9 percent.

The services sector had the largest share with 62.0 percent, followed by industry with 29.1 percent and AFF with 8.9 percent and the PSA-7 said that gross domestic product or GDP of Cebu City was estimated to have reached P312.71 billion in 2023 compared to 2022’s P288.77 billion. Lapu-Lapu City had P165.61 billion from P151.44 billion in 2022.

Mandaue City, on the other hand, had P117.99 million in 2023 compared to P109.62 billion in 2022.

Alfanta said the services sector had a large share in Cebu and Mandaue economies with 89.7 percent and 68.3 percent, respectively. Lapu-Lapu City had a 49.2 percent share.

In the industry sector, Lapu-Lapu City had the largest share with 50.5 percent while Cebu City shared 9.8 percent and Mandaue City had 31.7 percent.

The AFF sector had the lowest share among the HUCs with Cebu City logging 0.5 percent, Lapu-Lapu City with 0.3 percent, and Mandaue with 0.03 percent.

The financial and insurance activities, wholesale and retail trade and repair of motor vehicles and motorcycles; and accommodation and food service activities were the major industries that contributed to Cebu City’s economic growth.

Lapu-Lapu City had transportation and storage, accommodation and food service activities and construction.

Meantime, Mandaue City had wholesale and retail trade and repair of motor vehicles and motorcycles; accommodation and food service activities; and transportation and storage.