The economy of Province of Cebu grew by 6.0 percent in 2023 from its 2022 level, faster than the 5.0 percent growth posted in the previous year. This represents an increase in the value of Gross Domestic Product (GDP) from PhP 388.06 billion in 2022 to PhP 411.32 billion in 2023. (Figure 1)

Figure 1. Gross Domestic Product of the Province of Cebu1 
In Term of Level (in Billion PhP) and Growth Rate (in Percent)
At Constant 2018 Prices, 2021 to 2023

1/ Excluding City of Cebu, City of Lapu-Lapu and City of Mandaue
Source: Philippine Statistics Authority

Among the 16 industries, the fastest growth were observed in Accommodation and food service activities with 18.6 percent, followed by Other services with 
16.7 percent growth, and Transportation and storage with 13.3 percent growth.
(Figure 2)

Figure 2. Economic Performance of the Province of Cebu, by Industry
In Terms of Growth Rate (in Percent); 2022 to 2023
At Constant 2018 Prices
 

Source: Philippine Statistics Authority

The province of Cebu remained the largest economy among the provinces and Highly Urbanized Cities in Central Visayas, contributing about 29.8 percent share to the total Gross Regional Domestic Product of PhP 1.38 billion in 2023.

Full data series, charts, and data visuals of the results of the Provincial Product Accounts (PPA) of the Province of Cebu can be accessed at the PPA landing page of the Philippine Statistics Authority (PSA) (psa.gov.ph/statistics/ppa) and the PSA Regional website (rsso07.psa.gov.ph/statistics/ppa).
 

MELCHOR B. BAUTISTA
Chief Statistical Specialist