Quezon City has the Largest Share to Philippine Economy; Three Economies Record Trillion Pesos GDP in 2023

The Philippine Statistics Authority (PSA) has successfully released the Provincial Product Accounts (PPA) for all 82 provinces and 33 Highly Urbanized Cities (HUCs) in the Philippines. Among the provinces and HUCs, Quezon City’s economy accounted for the largest share to the Philippine economy in 2023 at 6.0 percent. This was followed by the City of Makati and Laguna, with shares of 5.6 percent and 4.9 percent, respectively. These three economies recorded trillion-peso Gross Domestic Product (GDP) amounting to P1.27 trillion, P1.18 trillion, and P1.03 trillion, respectively.

Moreover, four HUCs included in top 10 largest economies were part of the National Capital Region, while three provinces were from Region IV-A (CALABARZON) and two provinces from Region III (Central Luzon). Meanwhile, the City of Davao was the only economy outside the Luzon Island group included in the top 10. ​

In terms of economic performance, all 82 provinces and 33 HUCs posted economic growth in 2023 from their levels in 2022. Batanes recorded the fastest economic growth at 14.5 percent. This was followed by Camiguin at 11.0 percent, City of Puerto Princesa at 10.6 percent, City of Iloilo at 10.5 percent, and City of Bacolod at 10.0 percent. Of the top 10 fastest growing economies, three were provinces while seven were HUCs. Moreover, the top 10 provinces and HUCs recorded economic growth faster than the 2023 national GDP growth rate of 5.5 percent. ​