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Central Visayas is the fastest-growing among regional economies in the country with 7.3 percent growth in 2023

Release Date:
Reference Number: 2024-PR07-009

The economy of Central Visayas grew by 7.3 percent in 2023, the fastest among all regions in the country during the period. This was estimated at PhP 1.38 trillion from PhP 1.29 trillion in 2022 (Figure 1). The main contributors to the 2023 growth were: Wholesale and retail trade; repair of motor vehicles and motorcycles, 5.5 percent growth; Transportation and storage, 24.9 percent growth; and Accommodation and food service activities, 32.3 percent growth.

Among the 16 industries, Accommodation and food service activities posted the fastest growth with 32.3 percent. This was followed by Transportation and storage with 24.9 percent, and Other services with 18.0 percent. (Figure 2)

Among the three major sector, Services accounted the largest share of the region’s total GRDP in 2023 with 70.0 percent share. This was followed by Industry with 23.4 percent share, and Agriculture, forestry, and fishing (AFF) with 6.6 percent share.

In 2023, the growth of AFF rebounded to 8.0 percent from a decline of 4.7 percent in 2022. Industry and Services grew by 4.1 percent and 8.3 percent, respectively. Of the 7.3 percent growth in the country’s economic performance, Central Visayas remained to be the fourth largest economy with 6.6 percent share to the total GDP in 2023.

Central Visayas’ Exports of goods and services registers the fastest growth in 2023

In 2023, all major expenditure items posted growth. Exports of goods and services had the fastest growth with 14.6 percent, posting the highest contribution to the growth of the regional economy from the demand side. This was followed by Gross Capital Formation with 6.1 percent growth. (Figure 3)

The region’s per capita GRDP increased to PhP 167,741 in 2023, a 6.1 percent growth from PhP 158,025 posted in 2022. Per capita GRDP of Central Visayas was 10.0 percent lower than national per capita GRDP of PhP 186,476. Meanwhile, per capita Household Final Consumption Expenditure (HFCE) was recorded at PhP 119,371 in 2023, higher by PhP 5,481 or 4.8 percent than the PhP 113,890 recorded per capita HFCE in 2022. The real per capita HFCE in the region was a 12.4 percent lower than the national level of PhP 136,247. (Figure 4)


Regional Director