The economy of the province of Iloilo grew faster in 2022, according to the Provincial Statistics Office (PSO).
The province posted a gross domestic product (GDP) growth of 8.5 percent in 2022, with an estimated value of P206 billion.
Last year’s growth was higher than the levels of growth recorded in 2021 (4.5 percent) and in 2020 (-6.0 percent).
GDP is the sum total of the monetary value of final goods and services produced in an economy.
“Among the major industries, Services and Industry accelerated by 14.0 percent and 7.0 percent, respectively. Meanwhile, Agriculture, forestry, and fishing went down by -0.5 percent,” PSO said.
“The fastest-growing industries in the province were Accommodation and food service activities with 36.7 percent; Other services with 33.8 percent, and Transportation storage with 27.1 percent.
The province’s GDP per capita was estimated at P98.190 last year, higher by 7.3 percent compared to the 2021 level.
According to PSO, GDP per capita is derived by dividing the GDP of the province at constant prices by the province’s population.
Iloilo province was the second biggest economy in Western Visayas (WV) accounting for 21.6 percent of the P955.02 billion value of the gross regional domestic product (GRDP) in 2022.
Negros Occidental had the highest share with 25.8%. Iloilo City came in third with 15.2 percent, followed by Bacolod City (13.9 prcent), Capiz (7.8 percent), Antique (7.4 percent), Aklan (6.7 percent) and Guimaras (1.7 percent).
Meanwhile, Aklan posted the fastest growth in the region at 22.5 percent, followed by Bacolod City (9.8 percent), Iloilo City (9.6 percent), Guimaras (9.0 percent), Capiz (8.8 percent), Antique (8.7 percent), and Negros Occidental (6.8 percent).
Overall, the region had a 9.26 percent GRDP growth last year.
PSO presented the latest Provincial Product Accounts (PPA) assessment on Wednesday, Nov. 29, at District 21 Hotel in Mandurriao district, Iloilo City.IMT
