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Bicol economy up by 8.1 % in 2022

LEGAZPI CITY, Albay (PIA)—The economy of Bicol region accelerated to 8.1 percent in 2022 compared to the 4.3 percent increase in 2021.

A report of the regional office here of the Philippine Statistics Authority (PSA-5) said the top three growing industries were transportation and storage with 3.4 percent, accommodation and food service activities got 25.9 percent, and other services with 18.5 percent increase.

Services remained the largest contributor to the 2022 growth with a 48.3 percent growth rate, followed by industry with 35.9 percent  and agriculture, forestry and fishing with 15.8 percent share.

It is also reflected in the recent economic research of PSA Bicol that all of the major economic industries posted positive growths, with services by 9.4 percent, industry by 8.9 percent, while agriculture, forestry  and fishing  rebounded from a decline of 3.1 percent to an increase of 2.5 percent in 2022.

 The PSA noted that of the 7.6 percent economic growth of the country, Bicol region contributed up to 0.2 percentage point.

On expenditure, the regional expenditure statistics presented by PSA-5 showed that Bicol increased in its gross capital formation by 28.8 percent in 2022. This was followed by exports of goods and services at 23.5 percent and imports of goods and services at 17.7 percent.

The per capita household final consumption expenditure in Bicol increased by 3.6 percent in 2022 while the real per capita HFCE in the region was recorded at P96,966 in 2022, which was lower tha the national per capita level of P130.590. (PIA 5)

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Marlon Atun


Region 5

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