Connect with us

Hi, what are you looking for?

Top Stories

Editor's Pick

Baguio City logs highest GDP per capita among provinces, HUCs

WORKERS transport crates at a food market in Baguio City, April 17, 2016. — REUTERS

THE CITY of Baguio posted the highest gross domestic product (GDP) per capita in 2022 among provinces and highly urbanized cities (HUCs) in the Philippines, according to the Philippine Statistics Authority (PSA).

The PSA published on Monday the results of the Provincial Product Accounts (PPA) of the 16 pilot regions outside Metro Manila which covered 82 provinces and 17 HUCs from November to December 2023.

The report showed most of the provinces and HUCs reported higher GDP per capita — the estimated average contribution of an individual to the GDP — in 2022.

The City of Baguio had the highest GDP per capita, which reached P420,016 or 2.3 times higher than the national average of P178,751.

This was followed by the City of Cagayan de Oro with P343,936 GDP per capita and the City of Lapu-Lapu with P313,039.

Completing the top 10 are the City of Iloilo (P306,444), Bataan (P297,930), Cebu (P293,426), Laguna (P287,280), City of Mandaue (P274,376), City of Davao (P258,811), and Batanes (P251,955).

The PSA noted that the rest of the top 10 had also reported GDP per capita higher than the national average of P178,751.

ING Bank N.V. Manila Senior Economist Nicholas Antonio T. Mapa said that Baguio had the highest GDP per capita in 2022 can be attributed to the boost in tourist activity as the city reopened.

“Reopening of the economy likely helped bolster economic activity,” he said in a Viber message.

The PPA also showed Aklan recorded the fastest annual growth rate in terms of GDP per capita at 21.5% in 2022.

This was followed by the City of Puerto Princesa with 12.8%, the City of Tacloban with 12.1%, Nueva Vizcaya with 12% and Sorsogon with 11.1%.

Rounding out the top 10 fastest-growing provinces and HUCs were Davao Oriental (11%), City of Lapu-Lapu (11%), Batanes (10.7%), City of Baguio (10.5%), and Zambales (9.6%).

“The top 10 provinces and HUCs recorded growths faster than the national per capita GDP growth rate of 6.2 %,” the PSA said.

The country’s economic output in 2022 stood at 7.6%, the fastest economic growth since the 8.8% expansion in 1976. However, in 2023, GDP was 5.6%, below the government’s full-year target of 6-7%.

In 2023, the Philippines GDP per capita growth stood at 4.3%, reaching P186,496. — Abigail Marie P. Yraola

You May Also Like

Forex

As the world seeks sustainable and energy-efficient solutions for heating and cooling, the heat pump market is experiencing a significant surge. According to the...

Forex

The introduction of aggressive climate objectives by global economies and growing prospects for reducing carbon emissions are driving the growth of the district heating...

Forex

In the dynamic automotive sector, consistent growth of the electric vehicle (EV) charging industry has become increasingly evident. Consumers and businesses alike are recognizing...

Forex

With a higher focus on sustainable living in modern architecture, the building automation systems (BAS) industry stands as a beacon of innovation. These systems...

Disclaimer: SecretsOfRichDads.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Secrets Of Richdads. All Rights Reserved.