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Reference Number :
SR-2025-004
CAPIZ’S ECONOMY RECORDS A 6.8 PERCENT INCREASE IN 2023
The economy of Capiz grew by 6.8 percent in 2023 from its 2022 level. This represents an increase of PhP 5.09 billion in the Gross Domestic Product (GDP) from PhP 74.38 billion in 2022 to PhP 79.47 billion in 2023. (Figure 1)
The estimated Gross Domestic Product (GDP) of the province in 2023 continued to surpass the pre-pandemic level by PhP 9.53 billion.
The economy is comprised of three major industries namely: Agriculture, forestry, and fishing; Industry and Services. Among these, Services had the biggest share, accounting for 59.3 percent of the total economy of Capiz. Agriculture, forestry and fishing followed, with share of 27.4 percent. Meanwhile, Industry had a share of 13.3 percent. (Figure 2)
In 2023, the Agriculture, forestry, and fishing experienced a slight decline of 0.8 percent, decreasing from Php 21.94 billion in 2022 to Php 21.77 billion. In contrast, both the Industry and Services demonstrated positive growth. Industry expanded by 10.6 percent, increasing from Php 9.55 billion in 2022 to Php 10.56 billion in 2023. Similarly, the Services experienced growth of 9.9 percent, rising from Php 42.90 billion in 2022 to Php 47.14 billion in 2023.
In terms of contribution to the 6.8 percent growth rate of the province, Services remained to be the main driver of the economy contributing 5.7 percentage points. Industry further accelerated the city’s economy by 1.4 percentage points. Meanwhile, Agriculture, forestry, and fishing slowed down the economy by 0.2 percentage points.
SERVICES DRIVE CAPIZ’S ECONOMY
In terms of the performance of 16 production industries, all contributed positively to the growth of the economy except for Agriculture, forestry and fishing. Major contributors to the 6.8 percent growth of the province in 2023 were: Wholesale and retail trade; repair of motor vehicles and motorcycles, which contributed 1.85 percentage points; Transportation and storage, with 1.10 percentage points contribution; and Manufacturing which contributed 0.73 percentage points.(Figure 3)
Meanwhile, the top 3 fastest growing industries were: Accommodation and food service activities with 20.8 percent growth, followed by Other Services and Transportation and Storage with 19.6 and 19.0 percent growth, respectively.
Of the 59.3 percent share of Services, Wholesale and retail trade; repair of motor vehicles and motorcycles accounted for the largest share with 20.3 percent. This was followed by Financial and insurance activities with 7.3 percent, Education with a 6.7 percent share, Transportation and storage with a 6.5 percent share, and Public administration and defense; compulsory social security with an 4.56 percent share to total Services. On the other hand, Industry was comprised of Manufacturing with 7.1 percent share, Construction with 4.6 percent, Electricity, steam, water, and waste management with 1.4 percent and Mining and quarrying with a 0.2 percent share. (Figure 4)
CAPIZ PER CAPITA BREECHES THE PHP 95,000 MARK
Per capita GDP measures how much an individual contributes to the provincial/highly urbanized city economy. At constant 2018 prices, the per capita GDP of the province of Capiz, or the total provincial GDP levels divided by the projected mid year population of the reference year, was estimated at Ph 95,744 in 2023. This was 5.7 percent higher than the PhP 90,609 per capita GDP estimated in 2022. (Figure 5)
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