Sorsogon posts highest economic growth rate in Bicol
Sorsogon City- Sorsogon province’s economic growth slightly slowed down in 2024 but still posted the highest growth rate among the six Bicol provinces, the Philippine Statistics Authority (PSA) announced today.
In a press release posted on its website the PSA said Sorsogon “recorded a 6.0 percent growth in 2024, slower than the 6.2 percent growth posted in the previous year” but stilll way above the regional average of 4.9 percent.
Next to Sorsogon in terms of economic growth rate was Albay with 5.5 percent, Catanduanes at 5.4 percent, Camarines Sur with 4.9 percent, Camarines Norte at 4.1 percent and Masbate province with 3.2 percent. The regional average was pegged at 4.9 percent, the PSA said.
In terms of gross domestic product (GDP), Sorsogon posted an estimated P83.9 billion at constant 2018 prices, the fourth highest in the region. Topping the GDP record was Camarines Sur at P210.8 billion, followed by Albay with P162.2 billion and Masbate had P85.6 billion. Next to Sorsogon is Camarines Norte with 64.9 billion and Catanduanes trails at P32.6 billion.
However, in terms of growth rate of per capita GDP, Camarines Norte and Catanduanes posted the highest figures at 12.1 percent and 11.7 percent, respectively, followed by Camarines Sur at 8.1 percent, Albay at 7.5 percent, Sorsogon with 6.3 percent and Masbate posted the lowest at 4.4 percent.
Per capita GDP shows the average measure of economic output per person in a locality. It is determined by dividing the province GDP by the number of its population, the PSA explained.
Sorsogon’s economic growth found strength in financial and insurance activities with 11.8 percent which registered the fastest growth. “It was followed by wholesale and retail trade; repair of motor vehicles and motorcycle and accommodation and food service activities with 11.5 percent growth and 10.6 percent growth, respectively, manufacturing at 8.1 percent from negative one percent and electricity, steam, water and waste management at 8.2 percent”, the PSA reported.
The province’s economic performance failed in agriculture, forestry, and fishing as it continued to register a downward trend at negative 5.2 percent from negative 1.8 in 2023; education down to 2.5 percent from 4.4 percent and professional and business services at 7.7 percent from 12 percent.
The biggest reduction was noted in mining and quarrying at only 1.4 percent from 23.1 percent in 2023, accommodation and food services at 10.6 percent from 22.2 percent and construction at 13.3 in 2023 down to 7 percent growth last year.
Out of the P640.1 billion regional gross domestic product, Camarines Sur contributed 32.9 percent, followed by Albay with 25.3 percent contribution, Masbate with 13.4 percent, Sorsogon contributed 13.1 percent, Camarines Norte with 10.1 percent and Catanduanes chipped in 5.1 percent. Bicol Files Report