CALABARZON’s economy grows by 5.2 percent in 2023

The economy of CALABARZON grew at 5.2 percent in 2023. This was slower than the 7.8 percent growth recorded in 2022. In terms of levels, the size of CALABARZON’s economy continued to increase to 3.10 trillion pesos in 2023 from 2.94 trillion pesos in 2022 and 2.73 trillion pesos in 2021.

The top three fastest growing industries were: Other Services which include Arts, culture and recreational activities, personal services among others with 22.9 percent; Accommodation and food service activities with 19.5 percent, and Construction with 14.8 percent. Conversely, Mining and quarrying declined by 0.3 percent, the only industry which recorded a decline in 2023. (Figure 1)

The main contributor to CALABARZON’s economic growth was Wholesale and retail trade; repair of motor vehicles and motorcycles which contributed 0.9 percentage point to the regional growth, posting a 6.832 percent growth. This was followed by Manufacturing which grew by 1.7 percent; and Financial and insurance activities with 13.8 percent growth.

CALABARZON is the only predominantly Industrial region in the country. Among the major economic sectors of the region, Industry had the largest share with 49.6 percent. This was followed by Services with 46.0 percent share and AFF with 4.5 percent share.

Of the 5.5 percent growth in Philippines’ GDP in 2023, CALABARZON contributed 0.8 percentage point, the second highest next to NCR among the 17 regions. Moreover, the region also ranked second in terms of share, accounting for 14.7 percent of the total GDP.

CALABARZON’s Gross capital formation records highest growth in the region. Among the major expenditure items, Gross capital formation recorded the highest growth of 9.6 percent but slower than the 17.3 percent growth in 2022. It was followed by Household final consumption expenditure, 6.0 percent and Government final consumption expenditure, 0.8 percent which were also slower compared to their growths in 2022. In contrast, Imports of goods and services from ROW and Exports of goods and services to ROW declined by 2.4 percent and 8.7 percent, respectively. (Figure 2)

The per capita HFCE in the region was estimated at PhP 152,754 which grew by 4.3 percent, from PhP 146,502 in 2022.  It was higher by 12.1 percent than the national level which was estimated at PhP 136,247. (Figure 3)

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

Complete statistical tables, charts, and data visuals on the regional accounts of CALABARZON can be accessed in the PSA website (https://psa.gov.ph/statistics/regional-accounts).

(SGD.)
CHARITO C. ARMONIA
Regional Director