The economic performance of the region is measured annually using production (Gross Regional Domestic Product or GRDP) and expenditure (Gross Regional Domestic Expenditure or GRDE) approaches. The GRDE is defined as the sum of all the final uses of goods and services by residents of the region in the domestic territory plus their expenditures in other regions including the rest of the world and rest of the Philippines.
The economy of Western Visayas grew by 7.2 percent in 2023, bringing the total value of the economy at Php 1.024 trillion. The 2023 growth is slower than the 9.3 percent recorded in 2022.
The growth was fueled by the positive performances of all industries, except for Agriculture, forestry, and fishing (AFF) which registered a contraction of 3.7 percent. The following industries posted double-digit growths in 2023: Accommodation and food service, 37.0 percent, Other services, 24.6 percent, Transportation and storage, 16.9 percent, Construction, 15.8 percent, Public administration and defense, compulsory social activities, 11.2 percent, Financial and insurance activities, 10.2 percent, and Electricity, steam, water and waste management, 10.1 percent.
On 01 February 2024, at SM City Iloilo, Jaro West Diversion Road,
Mandurriao District, Iloilo City, the 34th Civil Registration Month unfolded as a joint endeavor led by the Philippine Statistics Authority Regional Statistical Services Office VI (PSA RSSO VI), headed by Officer-in-Charge Nelida C. Amolar.
The Philippine Statistics Authority (PSA) convened the Regional Community-Based Monitoring System Coordinating Board (RCCB) on 09 January 2024 to update its members on the preparation for the 2024 CBMS roll-out in the region.
