Aklan was fastest growing economy in Western Visayas in 2022

The economy of the province of Aklan posted a growth of 22.5 percent in 2022, the fastest among the provinces in the region.

The Gross Domestic Product (GDP) of the province was valued at PhP63.57 billion in 2022 from PhP51.89 billion in 2021. (Figure 1)

Among the three major industries, Services had the largest share to the total economy of the province with 75.4 percent, followed by Agriculture, forestry and fishing with 12.7 percent, and Industry with 11.9 percent.

Services went up by 29.2 percent in 2022 from 5.0 percent growth in the previous year. Industry, and Agriculture, forestry and fishing also increased by 8.7 percent and  2.9 percent, respectively.

Among the 16 industries, Transportation and storage recorded the fastest growth rate of 148.9 percent, followed by Accommodation and food service activities with 63.0 percent, and Other services with 60.6 percent. All the other industries also posted positive growths in 2022. (Table 1)

The GDP per capita of Aklan in 2022 was estimated to be at Php 103,192. This was lower compared to the per capita GDP of Western Visayas valued to Php 118, 886. The GDP per capita is derived by dividing the GDP at constant prices by the population of the province. (Figure 2)

Aklan shared 6.7 percent to the total economy of the region, which was valued at PhP 955.02 billion in 2022. Of the six provinces and two highly urbanized cities (HUCs) in Western Visayas, Negros Occidental had the biggest share to the Gross Regional Domestic Product (GRDP), with 25.8 percent. (Figure 3)

The Philippine Statistics Authority (PSA) established through Republic Act No. 10625, otherwise known as the Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and subnational level.

The Provincial Product Accounts or PPA has been the mechanism of the PSA to compile the annual estimates of Gross Domestic Product by province/HUC, consistent with the National and Regional Accounts of the Philippines.  As of 2023, there are a total of 82 provinces and 17 HUCs compiling the PPA.

Full data series, charts, and data visuals of PPA Western Visayas can be accessed at the PPA landing page of the PSA (psa.gov.ph/statistics/ppa), and the PSA Regional website (rsso06.psa.gov.ph/statistics/ppa).