Western Visayas grows by 7.2 percent in 2023; hits one trillion pesos in economic value
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.