CENTRAL Visayas topped as the economic performer among all regions in the country with a growth in gross regional domestic product (GRDP) of 7.3 percent, according to the Philippine Statistics Authority-Central Visayas (PSA 7).
GRDP is a measure of the economic performance of a specific region. It calculates the total value of all goods and services produced within that region over a certain period, usually a year.
GRDP shows how economically active and productive a region is.
“In 2023, Central Visayas is the fastest economy among the 17 regions at 7.3 percent,” said PSA 7 Director Ariel Florendo during the “Kapihan sa Bagong Pilipinas” hosted by the Philippine Information Agency on Tuesday, July 23, 2024.
“What an accomplishment, sa una dili ta mo-top (we don’t get the top-most rank), this is a rare occasion,” Florendo said.
The region also remained to be the fourth largest economy in the country, valued at P1.38 trillion in 2023 that is also constant since 2018.
“We are number four. Grabe ang contribution sa Region 7 to the national account. (Region 7’s contribution to the national economy is significant),” Florendo said.
Florendo noted that Central Visayas is predominantly in the services industry, which accounts for 70 percent of the region’s GRDP.
Central Visayas, along with Mimaropa and Northern Mindanao, was one of the pilot regions for the compilation of the Provincial Product Accounts (PPA) in 2021.
The PPA aims to provide timely and reliable data on the economic performance of provinces and highly urbanized cities in the country for more evidence-based local-level planning and policy interventions.
In 2022, Lapu-Lapu City recorded the fastest growth at 13.2 among highly urbanized cities in the province. Mandaue City came second with nine percent followed by Cebu City with 8.4 percent; Negros Oriental with 7.6 percent; Bohol with 7.1 percent; Siquijor with 5.6 percent; and Cebu Province with five percent.
Central Visayas grew 7.6 percent in 2022 with an economy valued at P1.29 trillion. Cebu Province’s share stood at 30.1 percent. (CDF)