The economy of Albay posted a growth of 6.8 percent in 2022, which decelerated from 4.4 percent in the previous year. The Gross Domestic Product (GDP) of the province was valued at PhP 145.13 billion in 2022, higher by 1.00 percent compared to the 2019 pre-pandemic GDP level. (Figure 1).

Figure 1. Annual GDP of Albay, 2018 to 2022 Levels (in Billion PhP) 
and Growth Rates (in Percent) at Constant 2018 Prices

Source: Philippine Statistics Authority

In the province’s GDP, Services contributed more than half of the economy accounting 
55.1 percent followed by Industry with a share of 35.2 percent while Agriculture, forestry and fishing had a share of 9.7 percent.  

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 is a mechanism to measure the economic performance of provinces and highly urbanized cities (HUCs). The PPA compilation began in 2021, with three pilot regions, and expanded further to cover more ground as additional seven regions were included in the compilation, including Region V. These seven regions will compile the Gross Domestic Product of the provinces and HUCs for the period of 2018 to 2022.

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 (rsso05.psa.gov.ph/ppa).