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Manila Bulletin devider Philippines devider National devider Aklan leads as fastest growing economy among provinces, cities


Aklan leads as fastest growing economy among provinces, cities


Published Feb 9, 2024 02:40 am
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Source: Philippine Statistics Authority (PSA)

The Philippine Statistics Authority (PSA) has reported that Aklan Province is the fastest-growing economy among provinces and highly urbanized cities in the country.

The Province of Aklan, known for being the home of Boracay Island, recorded a substantial gross domestic product (GDP) growth of 22.5 percent in 2022, far exceeding the national economic growth rate of 7.6 percent.

The province's GDP rose to P63.57 billion in 2022 from P51.89 billion the previous year

Services, which cover its tourism sector, dominated the province's economy, accounting for 75.4 percent of the total, while Agriculture, forestry, and fishing held a 12.7 percent share, and Industry comprised 11.9 percent.

Following Aklan, Puerto Princesa City posted an economic growth of 14.7 percent, while Tacloban City's GDP reached 13.8 percent.

Also included in the PSA's top 10 list are Lapu-Lapu City (13.2 percent), Nueva Vizcaya (13.1 percent), Davao Oriental (12.3 percent), Sorsogon (12.2 percent), Batanes (11.5 percent), Zambales (11.3 percent), and Baguio City (11.3 percent).

Related Tags

Boracay Island Philippine Statistics Authority (PSA) Aklan economy Philippine economy
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