All provinces in Bicol Region posted positive economic growths in 2023 from their levels in 2022. Catanduanes registered the fastest growth at 7.6 percent. This was followed by Sorsogon and Albay with growths of 6.2 percent and 5.9 percent, respectively. These three economies registered growths faster than the regional growth rate of 4.6 percent. (Figure 1)

Figure 1. Economic Performance of Provinces in Bicol Region 
Growth Rate (in Percent), 2022 to 2023 
At Constant 2018 Prices 

Five of the six economies in Bicol Region were predominantly Services-based in 2023, with Services in Albay accounting for 56.3 percent of its total Gross Domestic Product (GDP), Camarines Norte with 46.8 percent share, Camarines Sur with 51.4 percent share, Masbate with 41.7 percent share, and Sorsogon with 46.5 percent share. On the other hand, only Catanduanes was predominantly Industry-based with Industry accounting for 47.3 percent of its total GDP. (Figure 2)

Figure 2. Economic Structure of Provinces in Bicol Region 
In Terms of Share of Major Industries to GDP (in Percent), 2023 
At Constant 2018 Prices 

Complete statistical tables, charts, and data visualizations on the PPA results of Bicol Region can be accessed at psa.gov.ph/statistics/ppa. Results of the PPA are also released by the respective provincial offices of the PSA through rsso05.psa.gov.ph/statistics/ppa.

DIVINA GRACIA L. DEL PRADO, PhD 
Assistant Secretary 
Deputy National Statistician 
Sectoral Statistics Office