Laguna’s economy hits P1-T mark, leads provinces in GDP

CALAMBA CITY, Laguna – Laguna emerged as the top provincial contributor to the country’s gross domestic product (GDP) in 2023, the Philippine Statistics Authority (PSA)-Calabarzon reported on Thursday.

Among the country’s 82 provinces, Laguna accounted for the largest share of the GDP.

At the Provincial Product Accounts (PPA) Dissemination Forum held at Hotel Marciano in Calamba City, PSA Laguna Provincial Statistical Office chief statistical specialist, Magdalena Serqueña, said Laguna’s economy expanded by 3.9 percent, rising from P990.44 billion in 2022 to P1.029 trillion last year.

READ: Laguna: PH’s largest provincial economy

Serqueña said the growth across major sectors — agriculture, forestry, and fishing (AFF)– grew by 7.3 percent; industry by 0.4 percent; and services by 9.8 percent.

“All three sectors recorded positive growth from their 2022 levels,” she said, with the industry sector dominating at 60 percent; of Laguna’s economic structure, followed by services at 38.5 percent; and AFF at 1.5 percent.

Among the province’s production industries, 15 out of 16 sectors contributed to the economy’s growth. Leading contributors included wholesale and retail trade, which added 0.89 percentage points; financial and insurance activities, with 0.51 points; and real estate and ownership of dwellings, contributing 0.47 points to Laguna’s 3.9 percent growth rate.

The top three growth industries were Other Services (26.3 percent); Construction (23.9 percent;), and Accommodation and Food Services (17.7 percent).

Laguna also held a substantial share in Calabarzon’s regional economy, contributing 33.3 percent of the P3.1 trillion output, and led with 40.3 percent of the regional industrial output. The service sector had a 27.8 percent share.

Although it ranked third in AFF within the region, Laguna’s economic impact across sectors demonstrated its role as a crucial driver in regional development.

Laguna was the top provincial contributor to the country’s GDP last year, with a 4.9 percent share. It ranked first in industry at 10.1 percent and also led in services among all provinces with a 3 percent share.

In per capita terms, Laguna’s GDP contribution was P294,388 in 2023, up 2.5 percent from P287,210 in 2022, and surpassing Calabarzon’s regional average of P182,731.

“The PPA offers a localized approach to compiling GDP, aligned with the System of National Accounts framework,” Serqueña said, adding the data aids economic planners, policymakers, and stakeholders in evaluating local economies, formulating policies, and conducting impact analyses for informed decision-making. (PNA)