By Nimfa Estrellado Airene Pucyutan, Chief Statistical Specialist of PSA Quezon, presents the 2023 Provincial Product Accounts, highlighting...
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| Airene Pucyutan, Chief Statistical Specialist of PSA Quezon, presents the 2023 Provincial Product Accounts, highlighting Quezon Province's 5.3% economic growth. (Photo from PSA Quezon) |
TAYABAS CITY, Quezon - With its economy surging forward, Quezon Province is making headlines today. The Philippine Statistics Authority (PSA) Provincial Statistical Offices in CALABARZON, hosted by PSA Quezon, officially released the 2023 Provincial Product Accounts (PPA) for Batangas, Cavite, Laguna, Quezon (excluding Lucena City), Rizal, and Lucena City.
The announcement was made during a simultaneous dissemination forum held on November 14, 2024 at the St. Jude Coop Hotel and Event Center in Tayabas City. This event drew significant attention to the impressive economic performance of the province and brought together representatives from the media, provincial line agencies, local government units, and other stakeholders.
The PPA provides a detailed picture of the economic performance of each province. Using the production approach, it compiles Gross Domestic Product (GDP) data, offering crucial information for economic planning, policy formulation, and evidence-based decision-making at the local level.
In Quezon Province, Airene A. Pucyutan, Chief Statistical Specialist of PSA Quezon, reported that the economy grew by 5.3 percent in 2023. This represents an increase in GDP from PhP 217.82 billion in 2022 to PhP 229.39 billion in 2023.
This impressive growth was driven primarily by the services sector. Within this sector, "Other services" recorded a remarkable 30.7 percent growth, while Accommodation and food service activities expanded by a significant 19.8 percent. The Construction sector also demonstrated strength with a robust growth rate of 13.6 percent.
However, the Agriculture, forestry, and fishing sector in Quezon experienced a decline of 4.5 percent. This contraction highlights the challenges faced by this sector and underscores the need for targeted interventions to support its recovery and growth.
In contrast to the agricultural sector's performance, Lucena City emerged as the top performer in CALABARZON, recording the highest economic growth rate for 2023. Cavite and Rizal also demonstrated strong economic performance, with growth rates of 6.7 percent and 5.7 percent, respectively.
Overall, Quezon, Cavite, Rizal, and Lucena City all surpassed the regional growth rate of 5.2 percent. This strong performance solidifies their roles as key contributors to the economic vitality of CALABARZON.
The PPA data will be a valuable resource for local governments in CALABARZON. By utilizing this data, they can effectively assess their economic strengths and weaknesses, track progress towards development goals, and make informed decisions that promote sustainable and inclusive growth.
The PPA is a mechanism to compile the Gross Domestic Product (GDP) of the provinces and Highly Urbanized Cities (HUCs) in the Philippines. It follows the System of National Accounts framework and provides a consistent and comparable measure of economic activity at the subregional level.
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