Camiguin’s economy soars with 11% growth in 2023

Visitors from other countries purchase local products in Mambajao Pasalubong Center. (Photo courtesy of LGU Mambajao)

CAMIGUIN (PIA) — The province’s economy experienced growth of 11 percent in 2023, continuing its upward trend from previous years, with growth rates of 4.7 percent in 2021 and 8 percent in 2022.

The estimated Gross Domestic Product (GDP) of the province is P12.33 billion.

“In terms of economic size, Camiguin was the smallest economy in the region, contributing 1.3 percent to Northern Mindanao’s PhP 984.75 billion Gross Regional Domestic Product,” Chief Statistical Specialist Francisco Galagar said.

Visitors from other countries purchase local products in Mambajao Pasalubong Center. (Photo courtesy of LGU Mambajao)
Visitors from other countries purchase local products in Mambajao Pasalubong Center. (Photo courtesy of LGU Mambajao)

He added that this economic performance highlights Camiguin’s potential as a growing contributor to the region while presenting opportunities for stakeholders to harness the province’s strengths in tourism, agriculture, and other emerging sectors.

Full data series, charts, and data visualizations of the results of the Provincial Product Accounts (PPA) of Camiguin can be accessed at the PPA landing page of the Philippine Statistics Authority (PSA) (psa.gov.ph/statistics/ppa) and the PSA regional website (rsso10.psa.gov.ph/statistics/ppa). (PSA Camiguin/PIA-10/Camiguin)

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