Rizal’s Economy Records a 5.7 Percent Growth in 2023

The economy of City of Lucena grew by 8.9 percent in 2023 from its level in 2022, a continuous increase from the 7.7 percent growth in 2022 and 4.3 percent growth in 2021.

The economy of Quezon grew by 5.3 percent in 2023 from its 2022 level, slower than the 7.7 percent growth in the previous year. This represents an increase in the value of Gross Domestic Product (GDP) from PhP 217.82 billion in 2022 to PhP 229.39 billion in 2023.

Of the five provinces in CALABARZON, Cavite registered the fastest growth rate in 2023 with 6.7 percent.

The economy of Batangas grew by 4.9 percent in 2023 from its 2022 level, slower than the 7.6 percent growth in the previous year.

Philippine Statistics Authority Provincial Statistical Offices in CALABARZON will officially release the 2023 Provincial Product Accounts (PPA) of Batangas, Cavite, Laguna, Quezon (excluding City of Lucena), Rizal, and City of Lucena through the simultaneous conduct of the provincial dissemination…

The Gross Domestic Product (GDP) of Lucena City increased from 43.28 billion pesos in 2021 to 46.62 billion pesos in 2022. This translates to a 7.7 percent growth in 2022, from the 4.3 percent growth in 2021.

The Gross Domestic Product (GDP) of Quezon Province increased from 202.30 billion pesos in 2021 to 217.84 billion pesos in 2022. This translates to a 7.7 percent growth in 2022, from 6.0 percent growth in 2021.

The Gross City Domestic Product (GCDP) of the City of Lucena increased from 41.5 billion pesos in 2020 to 43.3 billion pesos in 2021. This translates to a 4.3 percent growth in 2021, a rebound from the -10.3 percent decline in 2020.

The Gross Provincial Domestic Product (GPDP) of Quezon Province increased from 190.8 billion pesos in 2020 to 202.3 billion pesos in 2021. This translates to a 6.0 percent growth in 2021, from the -6.2 percent decline in 2020.